. تركز أغلب الأدبيات العربية المعاصرة ذات الصلة بموضوع الوقف على مسألتين رئيستين؛ تتعلق الأولى ببيان مفهومه وحكمه وشروطه. وترتبط الثانية، بالأدوار التي قام بها الوقف في مستويات اجتماعية وثقافية واقتصادية مختلفة، مع دعوات وتوصيات لتفعيل الوقف في مجتمعاتنا المعاصرة. غير أن هذه الأدوار، كما جاءت مثلاً في الورقة الرئيسة للدكتور الفاضل محمد موفق الأرناؤوط، إنما حصلت في حقيقة الأمر نتيجة لحالة عملية أصبح الوقف يمثِّلها ضمن الاجتماع الإسلامي، ونجاحه كنسق فرعي في أن يتداخل ثقافة وحركة مع النسيج الاجتماعي الكلي. وعليه فإن الحديث عن الوقف وأهميته وأدواره في المجتمعات الإسلامية المعاصرة إنما يرتبط في حقيقة الأمر بتوفر شروط قيام هذه الحالة وإمكانية إعادة بنائها بمفردات الحاضر، ورسم مستقبل الوقف ضمن متطلباتها. وهذا ما تتناوله الورقة وتسلط الضوء عليه عبر ست فقرات مشفوعة بخاتمة تتضمن أهم النتائج والتوصيات.
{"title":"نحو موجة ثانية لإحياء الوقف في العالم الإسلامي","authors":"طارق عبدالله طارق عبدالله","doi":"10.4197/islec.31-3.4","DOIUrl":"https://doi.org/10.4197/islec.31-3.4","url":null,"abstract":". تركز أغلب الأدبيات العربية المعاصرة ذات الصلة بموضوع الوقف على مسألتين رئيستين؛ تتعلق الأولى ببيان مفهومه وحكمه وشروطه. وترتبط الثانية، بالأدوار التي قام بها الوقف في مستويات اجتماعية وثقافية واقتصادية مختلفة، مع دعوات وتوصيات لتفعيل الوقف في مجتمعاتنا المعاصرة. غير أن هذه الأدوار، كما جاءت مثلاً في الورقة الرئيسة للدكتور الفاضل محمد موفق الأرناؤوط، إنما حصلت في حقيقة الأمر نتيجة لحالة عملية أصبح الوقف يمثِّلها ضمن الاجتماع الإسلامي، ونجاحه كنسق فرعي في أن يتداخل ثقافة وحركة مع النسيج الاجتماعي الكلي. وعليه فإن الحديث عن الوقف وأهميته وأدواره في المجتمعات الإسلامية المعاصرة إنما يرتبط في حقيقة الأمر بتوفر شروط قيام هذه الحالة وإمكانية إعادة بنائها بمفردات الحاضر، ورسم مستقبل الوقف ضمن متطلباتها. وهذا ما تتناوله الورقة وتسلط الضوء عليه عبر ست فقرات مشفوعة بخاتمة تتضمن أهم النتائج والتوصيات.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77828727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
تنطلق الورقة من استعراض مشروعية الوقف في الإسلام، وبالتحديد ما ورد في القرآن الكريم والأحاديث النبوية الشريفة، واختلاف الصحابة والتابعين حول الوقف خلال القرن الأول والثاني للهجرة حتى تعقدت أركانه وشروطه في القرن الثالث للهجرة في كتاب "أحكام الأوقاف" للخصّاف التي أصبحت تشترط الـتأبيد وغيره من الشروط، وهي "جميعها اجتهادية قياسية للرأي فيه مجال" كما يقول مصطفى الزرقا. وقد استمر هذا الاجتهاد في القرون اللاحقة ليشمل تطورين جديدين كان لهما الأثر الكبير في المجتمعات المسلمة: جواز وقف الأراضي من بيت المال أو التخصيص في القرن السادس الهجري، ووقف النقود في القرن الثامن الذي وصف بأنه "ثورة في الفقه المتعلق بالوقف". وبالاستناد إلى ذلك عاد باب الاجتهاد في الفقه المتعلق بالوقف ليفتح من جديد مع "الصحوة الوقفية" الجديدة ليستوعب المستجدات المتسارعة في عالم الاقتصاد والاستثمار، ومن ذلك فتوى مجمع الفقه الإسلامي الدولي في 2009م بالسماح للقطاع الخاص بالاستثمار في أصول الوقف على نظام "البناء والتشغيل والتحويل" B.O.T.)). مع هذه الخلفية الفقهية التاريخية تنتقل الورقة إلى التعريف بالدور الكبير الذي قام به الوقف في الماضي، في المجالات الثقافية والتعليمية والاقتصادية والاجتماعية، والتطورات الجديدة في عالم الوقف في القرن الأخير وصولاً إلى طرح بعض المعوقات التي تحدّ من قيام الوقف بدور أكبر في حياة المجتمعات المسلمة.
{"title":"نحو دورٍ فاعلٍ للأوقاف في حياة المجتمعات المسلمة المعاصرة","authors":"محمد موفق الأرناؤوط محمد موفق الأرناؤوط","doi":"10.4197/islec.31-3.2","DOIUrl":"https://doi.org/10.4197/islec.31-3.2","url":null,"abstract":"تنطلق الورقة من استعراض مشروعية الوقف في الإسلام، وبالتحديد ما ورد في القرآن الكريم والأحاديث النبوية الشريفة، واختلاف الصحابة والتابعين حول الوقف خلال القرن الأول والثاني للهجرة حتى تعقدت أركانه وشروطه في القرن الثالث للهجرة في كتاب \"أحكام الأوقاف\" للخصّاف التي أصبحت تشترط الـتأبيد وغيره من الشروط، وهي \"جميعها اجتهادية قياسية للرأي فيه مجال\" كما يقول مصطفى الزرقا. وقد استمر هذا الاجتهاد في القرون اللاحقة ليشمل تطورين جديدين كان لهما الأثر الكبير في المجتمعات المسلمة: جواز وقف الأراضي من بيت المال أو التخصيص في القرن السادس الهجري، ووقف النقود في القرن الثامن الذي وصف بأنه \"ثورة في الفقه المتعلق بالوقف\". وبالاستناد إلى ذلك عاد باب الاجتهاد في الفقه المتعلق بالوقف ليفتح من جديد مع \"الصحوة الوقفية\" الجديدة ليستوعب المستجدات المتسارعة في عالم الاقتصاد والاستثمار، ومن ذلك فتوى مجمع الفقه الإسلامي الدولي في 2009م بالسماح للقطاع الخاص بالاستثمار في أصول الوقف على نظام \"البناء والتشغيل والتحويل\" B.O.T.)). مع هذه الخلفية الفقهية التاريخية تنتقل الورقة إلى التعريف بالدور الكبير الذي قام به الوقف في الماضي، في المجالات الثقافية والتعليمية والاقتصادية والاجتماعية، والتطورات الجديدة في عالم الوقف في القرن الأخير وصولاً إلى طرح بعض المعوقات التي تحدّ من قيام الوقف بدور أكبر في حياة المجتمعات المسلمة.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82016079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
. إن صيغ المشاركة في الإيراد (المبيعات أو الناتج) هي امتدادٌ لعقود المزارعة والمساقاة والمغارسة المطبقة من قديم في الفقه الإسلامي. وعلى الرغم من دورها الكامن في تمويل مشروعات البنية الأساسية المدرة للدخل إلا أنها لم تطبق حتى الآن للقيام بهذا الدور المهم في التمويل الإسلامي. يستعرض البحث بإيجاز الكتابات في الاقتصاد التقليدي عن المشاركة في الإيراد، وتطبيقاتها الحديثة في مجال الشراكة بين القطاعين العام والخاص لتمويل إنشاء وتشغيل مشروعات البنية الأساسية. ويقترح البحث نموذجًا جديدًا للصكوك يستند على صيغة المشاركة في الإيراد، مع مرونة إضافية تسمح بتفضيل أحد الشريكين على الآخر في معدل المشاركة في الإيراد و/أو التكاليف، مما يتيح للمشروع الواحد اجتذاب أطراف يختلفون في ميلهم لتحمل الخطر، وفي توقعاتهم لعوائد المشروع. ويجلي البحث حقيقة مهمة هي أن صيغ المشاركة في الإيراد عمومًا، والنموذج المقترح خصوصًا، تقلل تفاوت المعلومات بين الطرفين، ومن ثم تخفض الحاجة إلى الرقابة وتكاليفها، مقارنة بصيغ المشاركة في الربح. ثم يعرض البحث تطبيقات تلك الحقيقة ومزاياها، والإشكالات الفقهية والاقتصادية العديدة التي تثيرها وتحتاج إلى دراسات مستقبلية مستقلة.
{"title":"صكوك المشاركة التفضيلية في الإيراد","authors":"محمد أنس الزرقا محمد أنس الزرقا","doi":"10.4197/islec.31-3.1","DOIUrl":"https://doi.org/10.4197/islec.31-3.1","url":null,"abstract":". إن صيغ المشاركة في الإيراد (المبيعات أو الناتج) هي امتدادٌ لعقود المزارعة والمساقاة والمغارسة المطبقة من قديم في الفقه الإسلامي. وعلى الرغم من دورها الكامن في تمويل مشروعات البنية الأساسية المدرة للدخل إلا أنها لم تطبق حتى الآن للقيام بهذا الدور المهم في التمويل الإسلامي. يستعرض البحث بإيجاز الكتابات في الاقتصاد التقليدي عن المشاركة في الإيراد، وتطبيقاتها الحديثة في مجال الشراكة بين القطاعين العام والخاص لتمويل إنشاء وتشغيل مشروعات البنية الأساسية. ويقترح البحث نموذجًا جديدًا للصكوك يستند على صيغة المشاركة في الإيراد، مع مرونة إضافية تسمح بتفضيل أحد الشريكين على الآخر في معدل المشاركة في الإيراد و/أو التكاليف، مما يتيح للمشروع الواحد اجتذاب أطراف يختلفون في ميلهم لتحمل الخطر، وفي توقعاتهم لعوائد المشروع. ويجلي البحث حقيقة مهمة هي أن صيغ المشاركة في الإيراد عمومًا، والنموذج المقترح خصوصًا، تقلل تفاوت المعلومات بين الطرفين، ومن ثم تخفض الحاجة إلى الرقابة وتكاليفها، مقارنة بصيغ المشاركة في الربح. ثم يعرض البحث تطبيقات تلك الحقيقة ومزاياها، والإشكالات الفقهية والاقتصادية العديدة التي تثيرها وتحتاج إلى دراسات مستقبلية مستقلة.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85331399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The words ‘moral’ and ‘economy’ originated in the classical intellectual world and in Aristotle’s social theory; besides the politics and ethics, economy was the third domain of practical philosophy where excessive profit making and charging of interest were not the moral practices. However, in the middle of the eighteenth century, the ‘moral economy’ got separated from the morality, and turned out to be simply a religious concept. Defining the moral economy in the 21st century on the basis of goodness, fairness, and justice is something perplexing for the proponents of market economies. But can we ignore the moral basis in our ‘ordinary business’ of life? The book under review, The Moral Economy by Samuel Bowles raises several questions in this regard and tries to show that our basic human goodness is more effective in decision making than the financial incentives. The strength of this book lies in its using different case studies and behavioral experiments with evidence-based arguments on the workable economic and financial world of the 21st century. Islamic economics is based on morality and ethics. Thus, the purpose behind the review of this path breaking work is to understand its relevance to Islamic economics that has emerged as a new paradigm in recent decades.
“道德”和“经济”这两个词起源于古典知识世界和亚里士多德的社会理论;除了政治和伦理之外，经济是实践哲学的第三个领域，过度牟利和收取利息不是道德实践。然而，在18世纪中期，“道德经济”从道德中分离出来，变成了一个简单的宗教概念。对市场经济的支持者来说，在善良、公平和正义的基础上定义21世纪的道德经济是一件令人困惑的事情。但是我们能忽视生活中“日常事务”的道德基础吗?塞缪尔•鲍尔斯所著的《道德经济学》(The Moral Economy)一书在这方面提出了几个问题，并试图表明，我们人类的基本善良在犹豫不决时比金钱激励更有效。这本书的优势在于它使用了不同的案例研究和行为实验，并以证据为基础论证了21世纪可行的经济和金融世界。伊斯兰经济学以道德和伦理为基础。因此，回顾这一开创性工作背后的目的是了解其与近几十年来作为新范式出现的伊斯兰经济学的相关性。
{"title":"The Moral Economy: Why Good Incentives Are No Substitute for Good Citizens\u0000Yale University Press New Haven and London, 2016, 288 pages, ISBN: 9780300163803","authors":"Javed Ahmad Khan Javed Ahmad Khan","doi":"10.4197/islec.31-2.11","DOIUrl":"https://doi.org/10.4197/islec.31-2.11","url":null,"abstract":"The words ‘moral’ and ‘economy’ originated in the classical intellectual\u0000world and in Aristotle’s social theory; besides the politics and ethics, economy was the\u0000third domain of practical philosophy where excessive profit making and charging of\u0000interest were not the moral practices. However, in the middle of the eighteenth century,\u0000the ‘moral economy’ got separated from the morality, and turned out to be simply a\u0000religious concept. Defining the moral economy in the 21st century on the basis of\u0000goodness, fairness, and justice is something perplexing for the proponents of market\u0000economies. But can we ignore the moral basis in our ‘ordinary business’ of life? The\u0000book under review, The Moral Economy by Samuel Bowles raises several questions in\u0000this regard and tries to show that our basic human goodness is more effective in\u0000decision making than the financial incentives. The strength of this book lies in its using\u0000different case studies and behavioral experiments with evidence-based arguments on\u0000the workable economic and financial world of the 21st century. Islamic economics is\u0000based on morality and ethics. Thus, the purpose behind the review of this path breaking\u0000work is to understand its relevance to Islamic economics that has emerged as a new\u0000paradigm in recent decades.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76197526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research aims at detecting early indicators that cause conventional banking and Islamic banking crises, identifying the longest crisis period for both types of banks, and comparing the stability between the two kinds of banks. The method used is the Markov Switching Vector Autoregressive (MS-VAR) approach. This study uses secondary data obtained from official sources and in monthly form from January 2004 to March 2017. The results show that Islamic banking is more stable against internal and external shocks than conventional banking. Z-score for Islamic banking is higher (11,933) than the Z-score for conventional banking (11,679). The longest crisis period for conventional banking was around April 2013 – March 2017 while for Islamic banking was around January 2008 – October 2008.
{"title":"Early Warning to Banking Crises in the Dual Financial\u0000System in Indonesia: The Markov Switching Approach","authors":"Irfan Nurfalah Irfan Nurfalah","doi":"10.4197/islec.31-2.10","DOIUrl":"https://doi.org/10.4197/islec.31-2.10","url":null,"abstract":"This research aims at detecting early indicators that cause conventional\u0000banking and Islamic banking crises, identifying the longest crisis period for both types\u0000of banks, and comparing the stability between the two kinds of banks. The method\u0000used is the Markov Switching Vector Autoregressive (MS-VAR) approach. This study\u0000uses secondary data obtained from official sources and in monthly form from January\u00002004 to March 2017. The results show that Islamic banking is more stable against\u0000internal and external shocks than conventional banking. Z-score for Islamic banking is\u0000higher (11,933) than the Z-score for conventional banking (11,679). The longest crisis\u0000period for conventional banking was around April 2013 – March 2017 while for\u0000Islamic banking was around January 2008 – October 2008.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73114371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Derivatives that manage commodity risk over multiple periods are not Sharīʿah-compliant. This study proposes a Sharīʿah-compliant swaption model (waʿdān or two promises on swap) for hedging commodity risk. The model combines two separate and independent waʿds (waʿdān) on commodity swap through murābaḥah contract. Black (1976) model is used to determine the intrinsic value for the counter-parties involved in the contract. The risk-free rate is replaced with the return on AAA ṣukūk to make Black (1976) model Sharīʿah compliant. The proposed Sharīʿah-compliant model is compared with the conventional swaption model, and with the Islamic commodity option (waʿdān on commodity) for its effectiveness. The tests of the model show that the proposed Islamic pricing model has a higher positive effect than the conventional swaption model. In addition, the proposed Islamic commodity swaption is more efficient than Islamic commodity options. The reliability of the proposed model was established by the Monte Carlo simulation run with 10,000 iterations.
在多个时期管理商品风险的衍生品不符合《沙特阿拉伯投资法》。本研究提出了一个符合shari ā ā ah的互换模型(wa ā ā dān或互换上的两个承诺)来对冲商品风险。该模型结合了通过murābaḥah合约进行商品互换的两个独立的wa - al (wa - al dān)。Black(1976)模型用于确定合同中涉及的交易对手的内在价值。无风险利率被AAA债券ṣukūk的收益率所取代，以使Black(1976)模型shari ā ah符合要求。本文将所提出的符合shari ā ā ah的模型与传统的交换模型进行了比较，并与伊斯兰的商品选择(wa ā ā dān on commodity)进行了比较。模型的检验表明，所提出的伊斯兰定价模型比传统的交换模型具有更高的正效应。此外，所提出的伊斯兰商品互换比伊斯兰商品期权更有效。通过10000次的蒙特卡洛仿真，验证了该模型的可靠性。
{"title":"Modeling Prices of Islamic Commodity Swaption","authors":"Nahla Ghazi Aljudaibi Nahla Ghazi Aljudaibi","doi":"10.4197/islec.31-2.9","DOIUrl":"https://doi.org/10.4197/islec.31-2.9","url":null,"abstract":"Derivatives that manage commodity risk over multiple periods are not\u0000Sharīʿah-compliant. This study proposes a Sharīʿah-compliant swaption model\u0000(waʿdān or two promises on swap) for hedging commodity risk. The model\u0000combines two separate and independent waʿds (waʿdān) on commodity swap\u0000through murābaḥah contract. Black (1976) model is used to determine the intrinsic\u0000value for the counter-parties involved in the contract. The risk-free rate is replaced\u0000with the return on AAA ṣukūk to make Black (1976) model Sharīʿah compliant. The\u0000proposed Sharīʿah-compliant model is compared with the conventional swaption\u0000model, and with the Islamic commodity option (waʿdān on commodity) for its\u0000effectiveness. The tests of the model show that the proposed Islamic pricing model\u0000has a higher positive effect than the conventional swaption model. In addition, the\u0000proposed Islamic commodity swaption is more efficient than Islamic commodity\u0000options. The reliability of the proposed model was established by the Monte Carlo\u0000simulation run with 10,000 iterations.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"232 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77678281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Muslim societies and communities in all Islamic countries and most of the other regions of the world are having awqaf properties inherited from their ancestors. However, presently the waqf properties are passing through a trend characterized by usurpation, neglect and unproductive use. Prof Khalid Rashid in his lead paper has rightly emphasized need to protect and develop the existing awqaf and to consider certain measures which may enhance the income generation capability and administrative well-being of awqaf. Thus, a reform of the waqf system in the contemporary Islamic world is absolutely necessary. In a post-economic and financial liberalization environment at the global level, it is important to utilize awqaf for poverty reduction, capacity building and economic empowerment of Muslim communities. The waqf fund can be channeled through educational, social and cultural development. In this context, this paper discusses that in modern times, the economic dimensions of waqf institution need attention of scholars and economists to explore its potential role in economic life of Muslims. In a country like India waqf institutions have been playing a very significant role and have still great potentiality to do so in the religious, social and economic life of Muslims. However, they need to be cleansed of corruption and mismanagement. The control by government organization and the state interference sometimes pose another problem in the way of proper utilization of the awqaf properties in an effective way.
{"title":"Potent Potential of Awqāf in Social and Economic Development","authors":"Mohammad Manzoor Alam Mohammad Manzoor Alam","doi":"10.4197/islec.31-2.8","DOIUrl":"https://doi.org/10.4197/islec.31-2.8","url":null,"abstract":"Muslim societies and communities in all Islamic countries and most of the\u0000other regions of the world are having awqaf properties inherited from their ancestors.\u0000However, presently the waqf properties are passing through a trend characterized by\u0000usurpation, neglect and unproductive use. Prof Khalid Rashid in his lead paper has\u0000rightly emphasized need to protect and develop the existing awqaf and to consider\u0000certain measures which may enhance the income generation capability and administrative well-being of awqaf. Thus, a reform of the waqf system in the contemporary\u0000Islamic world is absolutely necessary. In a post-economic and financial liberalization\u0000environment at the global level, it is important to utilize awqaf for poverty reduction,\u0000capacity building and economic empowerment of Muslim communities. The waqf fund\u0000can be channeled through educational, social and cultural development. In this context,\u0000this paper discusses that in modern times, the economic dimensions of waqf institution\u0000need attention of scholars and economists to explore its potential role in economic life\u0000of Muslims. In a country like India waqf institutions have been playing a very\u0000significant role and have still great potentiality to do so in the religious, social and\u0000economic life of Muslims. However, they need to be cleansed of corruption and\u0000mismanagement. The control by government organization and the state interference\u0000sometimes pose another problem in the way of proper utilization of the awqaf\u0000properties in an effective way.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76425397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A revitalization and development of old awqāf could generate notable revenues to finance social expenditures (although probably less than very optimistic estimates suggest). Awqāf should be conceived as institutions of the civil society, but they are actually managed by ministries or state agencies in most Muslim jurisdictions. Decisions on comprehensive awqāf development schemes should be made in a participatory setting that is compatible with the geographical coverage of waqf-based social benefits and gives awqāf beneficiaries an organized voice. The financing of revitalization projects can be supported by cash awqāf that can attract funds from people of all means. Further resources could be mobilized if fiqh and awqāf laws accept usufructs and financial rights as the basis for a waqf.
{"title":"Awqāf: Social Spending, Development Strategy and Financing","authors":"Volker Nienhaus Volker Nienhaus","doi":"10.4197/islec.31-2.7","DOIUrl":"https://doi.org/10.4197/islec.31-2.7","url":null,"abstract":"A revitalization and development of old awqāf could generate notable\u0000revenues to finance social expenditures (although probably less than very optimistic\u0000estimates suggest). Awqāf should be conceived as institutions of the civil society, but\u0000they are actually managed by ministries or state agencies in most Muslim jurisdictions.\u0000Decisions on comprehensive awqāf development schemes should be made in a\u0000participatory setting that is compatible with the geographical coverage of waqf-based\u0000social benefits and gives awqāf beneficiaries an organized voice. The financing of\u0000revitalization projects can be supported by cash awqāf that can attract funds from\u0000people of all means. Further resources could be mobilized if fiqh and awqāf laws\u0000accept usufructs and financial rights as the basis for a waqf.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79208101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The modern world’s ecological and economic crises result from its reductionist, mechanistic, and materialistic worldview. This study of Islamic economics – based on its metaphysical and cosmological sciences – reveals a path to economic justice and ecological equilibrium that requires recovering the Islamic intellectual heritage and establishing corresponding Islamic scientific, technological, economic, and other social structures for spiritually meaningful work and integral development; a role awqāf traditionally played in Islamic civilization that needs to be recovered today. This path, which was lost during the colonial period, requires integrating the findings of modern science into higher orders of knowledge, allowing man to live in harmony with himself, his community, and nature. This achieves both “vertical” and “horizontal” equilibrium, the intersection of which symbolizes the integration of all of life around a sacred center. This can also increase the number and vitality of contemporary awqāf, which Syed Khalid Rashid so rightly calls for in his lead article (Rashid, 2018).
{"title":"Confronting Climate Change and Fostering\u0000Islamic Economic Development Through Awqāf","authors":"Waleed El-Ansary Waleed El-Ansary","doi":"10.4197/islec.31-2.6","DOIUrl":"https://doi.org/10.4197/islec.31-2.6","url":null,"abstract":"The modern world’s ecological and economic crises result from its\u0000reductionist, mechanistic, and materialistic worldview. This study of Islamic\u0000economics – based on its metaphysical and cosmological sciences – reveals a path to\u0000economic justice and ecological equilibrium that requires recovering the Islamic\u0000intellectual heritage and establishing corresponding Islamic scientific, technological,\u0000economic, and other social structures for spiritually meaningful work and integral\u0000development; a role awqāf traditionally played in Islamic civilization that needs to be\u0000recovered today. This path, which was lost during the colonial period, requires\u0000integrating the findings of modern science into higher orders of knowledge, allowing\u0000man to live in harmony with himself, his community, and nature. This achieves both\u0000“vertical” and “horizontal” equilibrium, the intersection of which symbolizes the\u0000integration of all of life around a sacred center. This can also increase the number and\u0000vitality of contemporary awqāf, which Syed Khalid Rashid so rightly calls for in his\u0000lead article (Rashid, 2018).","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76339263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Waqf resources which once used to finance the social welfare needs of the Muslim society, have now lost much of their vigor due to the economic ill-health of Muslims. Now, as new awqāf are not created often, a short-term measure to overcome the problem is to develop the existing awqāf and also to consider certain such measures which may enhance the income generation capability and administrative well-being of awqāf. With this in view, this brief write-up discusses in relative detail the issues inherent in the development of awqāf, better utilization of cash waqf, debate on perpetuity of waqf, state intervention and also whether origin of trust lies in waqf and a futuristic model of waqf management by separating religious awqāf (like mosques, graveyards, etc.) and secular awqāf so as to confine state intervention to secular awqāf alone.
{"title":"Potential of Waqf in Contemporary World","authors":"Syed Khalid Rashid Syed Khalid Rashid","doi":"10.4197/islec.31-2.4","DOIUrl":"https://doi.org/10.4197/islec.31-2.4","url":null,"abstract":"Waqf resources which once used to finance the social welfare needs of the\u0000Muslim society, have now lost much of their vigor due to the economic ill-health of\u0000Muslims. Now, as new awqāf are not created often, a short-term measure to\u0000overcome the problem is to develop the existing awqāf and also to consider certain\u0000such measures which may enhance the income generation capability and\u0000administrative well-being of awqāf. With this in view, this brief write-up discusses in\u0000relative detail the issues inherent in the development of awqāf, better utilization of\u0000cash waqf, debate on perpetuity of waqf, state intervention and also whether origin of\u0000trust lies in waqf and a futuristic model of waqf management by separating religious\u0000awqāf (like mosques, graveyards, etc.) and secular awqāf so as to confine state\u0000intervention to secular awqāf alone.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79922732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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