{"title":"Waqf","authors":"Hassan Syed, S. Genç","doi":"10.1111/j.1478-1913.1914.tb01372.x","DOIUrl":"https://doi.org/10.1111/j.1478-1913.1914.tb01372.x","url":null,"abstract":"Modern Islamic Finance and Banking is competing with the conventional banking on many levels. There are tensions between the definitions of ‘Riba ' and ‘Hiyal' that continuously stress the need for Islamic Sharia Boards to update the Sharia Compliance for their products. The concept of ‘Waqf' is the Islamic concept of an endowment Trust. The pious aim of the Waqf is to allow endowment for a specific purpose that must be ‘Halal'. The leading Islamic countries for the purposes of having vibrant Islamic Finance and Banking economies are predominantly past British colonies. These Islamic countries have rich Common Law heritage that guides their Constitutions as they exist today. The Common Law guidelines for Family Law, Inheritance, and Property Law also influence the Sharia compliance framework for contemporary Islamic Finance in those countries. This chapter examines the existing Islamic jurisprudence on Waqf and its influence on Common Law trust, and argues for its revival as the Islamic Trust Law.","PeriodicalId":231705,"journal":{"name":"Challenges and Impacts of Religious Endowments on Global Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129479563","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}
{"title":"Innovations of Zakat (Alms) Distribution Practices in Malaysia","authors":"R. Masruki","doi":"10.4018/978-1-7998-1245-6.ch013","DOIUrl":"https://doi.org/10.4018/978-1-7998-1245-6.ch013","url":null,"abstract":"Zakat (alms) is one of the Islamic social finance tools, besides waqaf (endowment) that can contribute to the socio-economic development of the Muslims, and society at large (ummah). In Malaysia, the local media have reported complaints from some dissatisfied members of the public on the distribution of zakat to zakat beneficiaries (asnaf). These emerge despite the introduction of numerous innovations by zakat institutions under the administrations of Majlis Agama Islam Negeri (MAIN) or State Islamic Religious Councils (SIRC), in the form of assistance schemes, for the distribution of asnaf in Malaysia. This chapter discusses the concept of innovations in zakat distribution according to three foundations: fatwa muzakarah (Islamic ruling discussion) resolutions, ijtihad (independent interpretation and reasoning by scholars) in handling issues related to zakat distribution, and temporal dynamism of the Shariah. Numerous challenges concerning zakat issues have also highlighted the significant roles of zakat institutions, especially in the eradication of poverty.","PeriodicalId":231705,"journal":{"name":"Challenges and Impacts of Religious Endowments on Global Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133537321","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}