Constructing Sukuk-linked Awqaf (endowment) model

Rifki Ismal
{"title":"Constructing Sukuk-linked Awqaf (endowment) model","authors":"Rifki Ismal","doi":"10.1108/imefm-04-2024-0198","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>Islamic endowment (awqaf), particularly awqaf land, is one of the potential Islamic social assets to serve the public interest, particularly to provide public infrastructures such as business centers, public hospitals and airports. However, unfortunately, most of them are still unproductive lands, especially in the form of idle lands. One problem to use such unproductive awqaf lands is the lack of awqaf land model as the platform to use such awqaf lands. This paper aims to construct and propose a model called Sukuk-linked Awqaf (SLA) to use awqaf lands as an underlying for Sukuk issuance.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>This paper constructs mechanisms and formulas of SLA by involving Sukuk issuer, awqaf management (Nadzhir), Sukuk investors and tenants of the infrastructure. In particular, the SLA model is proposed based on the unique characteristics of both awqaf asset and Ijarah (leasing) Sukuk, considers the intention of state-owned enterprise (SOE) to construct buildings to be rented to the tenant and to be owned by the awqaf manager and formulates equations and uses net present value theory to determine Nadzhir and Sukuk investors’ investment decisions.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>Engaging awqaf land with SLA model can ease its benefit for the society. The model addresses the strategic roles of Nadzhir, SOE, investors and contractor in using awqaf land.</p><!--/ Abstract__block -->\n<h3>Research limitations/implications</h3>\n<p>The SLA model could ease related parties to use the awqaf land for the sake of public benefits.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>To the best of the author’s knowledge, this is the first assessment on the potential implementation of Islamic hedging with a commodity as an alternative hedging in Indonesia.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"39 1","pages":""},"PeriodicalIF":2.8000,"publicationDate":"2024-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Islamic and Middle Eastern Finance and Management","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1108/imefm-04-2024-0198","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

Purpose

Islamic endowment (awqaf), particularly awqaf land, is one of the potential Islamic social assets to serve the public interest, particularly to provide public infrastructures such as business centers, public hospitals and airports. However, unfortunately, most of them are still unproductive lands, especially in the form of idle lands. One problem to use such unproductive awqaf lands is the lack of awqaf land model as the platform to use such awqaf lands. This paper aims to construct and propose a model called Sukuk-linked Awqaf (SLA) to use awqaf lands as an underlying for Sukuk issuance.

Design/methodology/approach

This paper constructs mechanisms and formulas of SLA by involving Sukuk issuer, awqaf management (Nadzhir), Sukuk investors and tenants of the infrastructure. In particular, the SLA model is proposed based on the unique characteristics of both awqaf asset and Ijarah (leasing) Sukuk, considers the intention of state-owned enterprise (SOE) to construct buildings to be rented to the tenant and to be owned by the awqaf manager and formulates equations and uses net present value theory to determine Nadzhir and Sukuk investors’ investment decisions.

Findings

Engaging awqaf land with SLA model can ease its benefit for the society. The model addresses the strategic roles of Nadzhir, SOE, investors and contractor in using awqaf land.

Research limitations/implications

The SLA model could ease related parties to use the awqaf land for the sake of public benefits.

Originality/value

To the best of the author’s knowledge, this is the first assessment on the potential implementation of Islamic hedging with a commodity as an alternative hedging in Indonesia.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
构建与苏库克债券挂钩的 Awqaf(捐赠)模型
目的伊斯兰捐赠(awqaf),尤其是伊斯兰宗教基金土地,是服务于公共利益的潜在伊斯兰社会资产之一,特别是提供商业中心、公立医院和机场等公共基础设施。然而,遗憾的是,其中大部分仍是非生产性土地,尤其是闲置土地。使用这些非生产性宗教基金土地的一个问题是缺乏宗教基金土地模型作为使用这些宗教基金土地的平台。本文旨在构建并提出一种名为 "苏库克债券链接的阿瓦卡夫"(SLA)的模式,将阿瓦卡夫土地作为发行苏库克债券的基础。其中,SLA 模型是基于宗教基金资产和 Ijarah(租赁)苏库克债券的独特性提出的,考虑了国有企业(SOE)建造建筑物出租给租户并由宗教基金管理者拥有的意图,并利用净现值理论制定了方程,以确定 Nadzhir 和苏库克债券投资者的投资决策。该模型涉及 Nadzhir、国有企业、投资者和承包商在使用 awqaf 土地过程中的战略角色。研究局限性/影响SLA 模型可帮助相关各方为公共利益使用 awqaf 土地。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
5.40
自引率
10.00%
发文量
45
期刊介绍: The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
期刊最新文献
Economic growth and sustainable development: evidence from OIC countries Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia Does diversity in top management and boards affect ESG performance? Evidence from Islamic and conventional banks in the MENA region The new legalities of Islamic contractual interpretation: institutional frameworks and the displacement of intention Exploring the stock market development and sustainable development nexus: insights from emerging market economies
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1