Core Principles For Effective Waqf Operation And Supervision
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Core Principles For Effective Waqf Operation And Supervision
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Author : A Joint Initiative of BI, BWI & IRTI-IsDB
language : en
Publisher: A Joint Initiative of BI, BWI & IRTI-IsDB
Release Date : 2019-07-29
Core Principles For Effective Waqf Operation And Supervision written by A Joint Initiative of BI, BWI & IRTI-IsDB and has been published by A Joint Initiative of BI, BWI & IRTI-IsDB this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-29 with Business & Economics categories.
Background 1. In the Arabic language, the word waqf or habs means preventing something from movement. In Shari’ah terminology, waqf refers to making a property invulnerable to disposition that leads to a transfer of ownership, and donating the usufruct, or the fruit of the asset, to beneficiaries. Waqf is permissible in Shari’ah, as has been emphasized by the Sunnah (Prophetic traditions) and Ijma’ (consensus of Fuqaha). Waqf is also a binding commitment; therefore, the declaring of a property as waqf would simultaneously deprive its donating owner of the right of ownership.1 2. There are several types of waqf, the most important being charitable waqf (al-waqf al-khayri), family waqf (al-waqf al-ahli), joint waqf (al-waqf al-mushtarak), and self-dedicated waqf (al-waqf’ala al-nafs). The basic elements of waqf include: the form of the donation, the waqif (the donor), the beneficiary, and the donated property. Waqf is permissible in the form of real estate along with permanent furniture and fittings, movable assets, money, shariah compliant shares and sukuk. Regulators and Supervisors will observe all of the regulations, including Shari’ah-related regulation, to ensure the compliance of all related parties. 3. The core principles of waqf, as part of Islamic finance, embrace the principle of altruism, which promotes or maximizes the benefits to others, inclusively for all humans and living beings. The principles emphasize the importance of maintaining or keeping public confidence high since the system is fully dependent upon the public’s propensity to donate. 4. A well-organized waqf system supported by information technology and compatible with other programs can be expected to serve as an additional vehicle of fund mobilization to support and significantly contribute to government economic development programs, particularly to programs for poverty reduction and comprehensive human development. 5. The institution of waqf has evolved over time and across different regions. Most regions have legal systems that reflect a traditional concern for preservation as captured in the three principles of perpetuity (assets/purpose), inalienability, and irreversibility. Contemporary scholars take a lenient view and permit temporary awqaf as well as reversibility under certain conditions. This waqf core principles duly acknowledges that there are different school of thoughts related to the law and the implementation of awqaf. The Waqf Core Principles (WCP) have thus been structured around certain basic building blocks focusing on “benevolence” and “mutual benefit” while also seeking to harmonize alternative viewpoints. Technical Considerations 6. The Waqf Core Principles (WCP) provide a clear positioning of the awqaf sector within the economic structure, especially in terms of providing direct socio-economic benefits (utilization of the corpus of awqaf in the form of fixed or non-fixed assets) and the contribution of low-cost financing from the returns on investment of the corpus of awqaf. 7. The Waqf Core Principles (WCP) provide clear and standardized systematics on the supporting elements of the worldwide-applicable waqf system. This waqf core principles is also positioned so as to ensure compatibility with, and the mutual recognition of, other financial sector prudential standards, as well as the latest regulatory standards that promote governance aspects. 8. The Waqf Core Principles (WCP) place the operational standards and supervision of the waqf sector at the same prudential level as that of other financial sectors. Operational standards are prepared to consider the risk-adjusted measures based on managed asset classes and the optimization of benefits for the community. 9. The Waqf Core Principles (WCP) dissect the elements of supervision related to the operationalization of the waqf system into a systematic arrangement structure as follows: a. Legal foundation; b. Waqf supervision; c. Good waqf governance; d. Risk management; e. Shari’ah governance. 10. This is the main reference document for the generation of various technical notes that cover specific technical aspects of waqf arrangement. 11. This is the main reference document for measuring the performance of waqf management while accommodating the technical and operational issues that different jurisdictions may involve. 12. This waqf core principles allows scope for the commingling of endowment funds with other philanthropy-driven funds while underlining the following: a. divine motivation; and b. the restriction of a portfolio only to halal businesses; c. the underlying physical asset. 13. The core principles underscore the importance of financial technology applications in waqf management.
Proceedings Of The 4th Borobudur International Symposium On Humanities And Social Science 2022 Bis Hss 2022
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Author : Zulfikar Bagus Pambuko
language : en
Publisher: Springer Nature
Release Date : 2023-10-10
Proceedings Of The 4th Borobudur International Symposium On Humanities And Social Science 2022 Bis Hss 2022 written by Zulfikar Bagus Pambuko and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-10 with Social Science categories.
This is an open access book.Related to the big theme of the SDGs reinforcement at our previous conference, we try to invite all academics and researchers around the world to participate in the 4th Borobudur International Symposium 2022 (4thBIS 2022). As we know, the COVID-19 pandemic and its impact on all the 17 SDGs have demonstrated how what began as a health catastrophe swiftly transformed into a human, socioeconomic and environmental crisis. The 4th BIS brought up “The Innovation Chain: A Contribution to Society and Industry” as the main theme to respond this condition. This conference is expected to support the UN Agenda. Additionally, this conference will also provide avenues for participants to exchange ideas and network with each other as well as domain experts from their fields. Overall, this event is aimed at professionals across all spheres of technology and engineering including the experienced, inexperienced, and students as well. The conference will be held virtually on Wednesday, December 21st, 2022 in Magelang, Central Java, Indonesia.
Asia Pacific Trusts Law Volume 1
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Author : Ying Khai Liew
language : en
Publisher: Bloomsbury Publishing
Release Date : 2021-08-26
Asia Pacific Trusts Law Volume 1 written by Ying Khai Liew and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-26 with Law categories.
At a time when Asia represents the fastest growing economic region, there is no better moment to consider what trusts law can contribute to societal stability and economic prosperity. This book does this by offering the first work that systematically explores trusts law across the region. Many Asian-Pacific jurisdictions have integrated and developed trusts law in their legal systems; either through colonial heritage or statutory activism. But the diversity of legal traditions and local contexts has resulted in trusts laws having a significantly varied impact across the region. In the modern globalised world there is growing need to adopt an outward looking approach in dealing with matters of common interest. This book answers this need by bringing together leading legal scholars and practitioners in the region to explore the theory and practice of trusts law, contextualised to specific jurisdictions in the Asia-Pacific. Exploring 17 jurisdictions in Asia, it bring both an academic and practitioner perspective to trusts law in the region.
Awqaf Led Islamic Social Finance
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Author : Mohd Ma'Sum Billah
language : en
Publisher: Routledge
Release Date : 2020-09-14
Awqaf Led Islamic Social Finance written by Mohd Ma'Sum Billah and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-14 with Business & Economics categories.
This book provides an authoritative and comprehensive overview of Waqf (endowment), addressing specific issues, models, solutions, structures and practices. As Islamic finance has gained in significance, so too has the institution of Waqf, working towards creating an enterprising and an entrepreneurial community across the globe, in order to meet the underlying objectives of the sustainable development goals (SDGs) by targeting the low-income group in particular. The book analyses the historical context of Waqf as well as its revival in the digital era. It addresses the laws and policies affecting the management of Waqf, such as Maqasid al-Shari’ah, law and policies, law and fiscal reform, regulations applied within Muslim countries, judicial procedures and dispute resolutions and covers the core issues concerning the formalities of Waqf, its management and corporate governance questions. The book includes a series of specialised chapters focusing on the products and services of Waqf, covering product innovation, product development, and then assesses the risk factors in Waqf and Waqf Takaful. Finally, it focuses on the challenges of Waqf and offers recommendations for the way forward. A timely and practical guide, comprising a literature review and future research directions, as well as a number of international case studies, this will be a key reference for academics, students, researchers, practitioners and policy makers.
Wakaf Uang Konsep Dan Implementasinya
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Author : Dr. H. Acep Zoni Saeful Mubarok, M.Ag. Dr. H. Ahmad Zaki Mubarak, M.Pd., M.Si. Anwar Taufik, M.Pd. Ari Farizal Rasyid, M.Ag. Ceceng Saepulmilah, S.Pd.I., M.Pd.
language : id
Publisher: zakimu.com
Release Date :
Wakaf Uang Konsep Dan Implementasinya written by Dr. H. Acep Zoni Saeful Mubarok, M.Ag. Dr. H. Ahmad Zaki Mubarak, M.Pd., M.Si. Anwar Taufik, M.Pd. Ari Farizal Rasyid, M.Ag. Ceceng Saepulmilah, S.Pd.I., M.Pd. and has been published by zakimu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.
Buku ini akan sangat membantu bagi praktisi Wakaf Uang. Di dalamnya dijelaskan konsep-konsep wakaf uang serta bagaimana iumplementasinya. Konsep yang dimaksud adalah konsep wakaf secara umum dan wakaf uang secara khusus. Unsur-unsur wakaf uang pun di jelaskan secara rinci dan pula disertakan beberapa tugas pokok dan fungsinya. Konsep cara mengelola kader wakaf atau duta wakaf atau syiar wakaf yang sangat diperlukan dalam proses marekting wakaf uang pun dijelaskan. Kurikulum dan konten pendidikan yang perlu diajarkan disampaikan secara singkat dan belum memiliki tingkat teknisnya terutama bagaimana kurikulum itu diimplementasikan di ruang-ruang kelas. Buku ini bisa menjadi anak tangga untuk menjadi pertimbangan dalam menggagas pendidikan wakaf uang. Beberapa konsep implementasi dijelaskan secara gamblang di dalam buku ini terutama dalam pengelolaan dan pengembangan wakaf uang. Penjelasan investasi wakaf uang yang paling aman adalah menggunakan cash waqf linked sukuk (CWLS) yang juga disertakan secara tersendiri karena menjadi solusi terbaik untuk wakaf uang. Selain aman dan tingkat resiko rendah, konsep ini pun bisa membantu negara dalam mendanai projek nasional pembangunan sehingga kemanfaatannya sangat jelas. Tentu saja, Wakaf jenis ini bukan satu pilihan, membiayai sektor produktif adalah cara yang real untuk mengembangkan ekonomi umat. Beberapa pemikiran filantropi yang pernah di publikasikan melalui buletin Jum’at milik lembaga Filantropi Baznas yakni Bait al Mal dan milik BWI yakni Auqaf disertakan dalam buku ini agar menjadi wacana yang terhubung dengan kebutuhan publik. Pun, dalam buku ini pun disisipkan produk-produk hukum dari UU Wakaf, Peraturan Menteri Agama tentang wakaf uang beserta dengan peraturan di bawahnya serta beberapa kaitan teknis yang mendampinginya.
Harta Benda Wakaf
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Author : Dr. Trisadini Prasastinah Usanti, S.H., M.H.
language : id
Publisher: Jakad Media Publishing
Release Date :
Harta Benda Wakaf written by Dr. Trisadini Prasastinah Usanti, S.H., M.H. and has been published by Jakad Media Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with Law categories.
Buku ini merupakan hasil karya yang dapat dijadikan sumber belajar sebagai dasar dalam melakukan pembelajaran. Buku ini diharapkan dapat memberikan kontribusi pada pengembangan ilmu pengetahuan di bidang akademisi sehingga menjadi buku yang signifikan. Untuk memudahkan pembaca dalam memahaminya, penulis menyusun buku ini dalam beberapa bagian bab. Dengan adanya buku ini, diharapkan dapat membantu mahasiswa dalam memperluas dan memperdalam pengetahuan mereka untuk melakukan pengkajian pada bidang ilmu yang diperlukan. Disadari selama penyusunan buku ini, penulis mengalami banyak kendala sehingga terdapat beberapa kekurangan dan masih perlu penyempurnaan. Namun, berkat bantuan, dorongan, dan kerja sama dari berbagai pihak, buku ini dapat diselesaikan.
Regulation And Supervision Of Islamic Banks
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Author : Aledjandro Lopez Mejia
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-12
Regulation And Supervision Of Islamic Banks written by Aledjandro Lopez Mejia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-12 with Business & Economics categories.
This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and differences of IBs with conventional banks (CBs) and reviews whether the IBs are more stable than CBs. Given the risks faced by IBs, the paper concludes that they need a legal, corporate and regulatory framework as much as CB does. The paper also argues that it is important to ensure operational independence of the supervisory agency, which has to be supported by adequate resources, a sound legal framework, a well designed governance structure, and robust accountability practices.
Ekonomi Dan Manajemen Ziswaf Zakat Infak Sedekah Wakaf
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Author : Dr. Tika Widiastuti, S.E., M.Si.
language : id
Publisher: Airlangga University Press
Release Date : 2022-04-07
Ekonomi Dan Manajemen Ziswaf Zakat Infak Sedekah Wakaf written by Dr. Tika Widiastuti, S.E., M.Si. and has been published by Airlangga University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-07 with Business & Economics categories.
Buku yang berjudul Ekonomi dan Manajemen ZISWAF (Zakat, Infak, Sedekah dan Wakaf) bertujuan untuk memberikan tambahan referensi kepada mahasiswa Ekonomi Islam yang mana salah satu mata kuliah yang ditempuhnya berkaitan dengan ekonomi (makro dan mikro) serta manajemen Zakat, Infak, Sedekah, dan Wakaf (ZISWAF).
Islamic Finance In Eurasia
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Author : M. K. Hassan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-01-18
Islamic Finance In Eurasia written by M. K. Hassan and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-18 with Business & Economics categories.
Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.
Fintech In Islamic Finance
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Author : Umar A. Oseni
language : en
Publisher: Routledge
Release Date : 2019-06-07
Fintech In Islamic Finance written by Umar A. Oseni and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-07 with Business & Economics categories.
Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers. With original chapters written by prominent academics, senior lawyers and practitioners in the global Islamic finance industry, this book serves as the first standalone pioneering reference work on fintech in Islamic finance. It also, for the first time, examines the position of Islamic law on cryptocurrencies, such as bitcoin. Besides the conceptual analysis of the Sharīʿah and legal aspects of fintech in Islamic finance, this book provides relevant case studies showing current and potential developments in the application of fintech in various sectors ranging from crowdfunding and smart contracts, to Online Dispute Resolution, Investment Account Platform and identity verification in the KYC process. Setting the agenda for researchers in the field, Fintech in Islamic Finance will be useful to students and scholars of Islamic finance and financial technology.