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Financing the Development of Waqf Property: The Experience of Malaysian and Singapore

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dc.contributor.authorHajah Mustafa Mohd. Hanefahen_US
dc.contributor.authorAbdullah Jalilen_US
dc.contributor.authorAsharaf Mohd. Ramlien_US
dc.contributor.authorHisham Sabrien_US
dc.contributor.authorNorhaziah Nawaien_US
dc.contributor.authorSyahidawati Shahwanen_US
dc.date.accessioned2024-05-29T08:22:53Z
dc.date.available2024-05-29T08:22:53Z
dc.date.issued2011
dc.description.abstractThis paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various type of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern scheme and self-financing have been used by the authority to develop waqf properties. Interestingly, the development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte. Ltd.: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, modern a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial buildings in waqf land. This paper compares the financing methods adopted to develop waqf properties in Malaysia and Singapore. Recommendations are made as to the best form of financing that can be adopted in developing waqf properties in Malaysia.en_US
dc.identifier.epage104
dc.identifier.issn1823-075X
dc.identifier.issue1
dc.identifier.spage89
dc.identifier.urihttp://jmifr.usim.edu.my/index.php/jmifr/article/view/133
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14688
dc.identifier.volume8
dc.languageEnglish
dc.language.isoen_USen_US
dc.publisherUniversiti Sains Islam Malaysiaen_US
dc.relation.ispartofThe Journal of Muamalat and Islamic Finance Researchen_US
dc.sourceOpen Journal Systems
dc.subjectWaqf propertyen_US
dc.subjectFinancingen_US
dc.subjectDevelopmenten_US
dc.subjectCash waqfen_US
dc.subjectSukuk musyarakahen_US
dc.titleFinancing the Development of Waqf Property: The Experience of Malaysian and Singaporeen_US
dc.typeArticleen_US
dspace.entity.typePublication

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Journal of Muamalat and Islamic Finance Research (JMIFR)