الصكوك الوقفية كأداة للتنمية المستدامة وتحديات إصدارها دراسة ميدانية في ماليزيا
Waqf Sukuk as Instruments of Sustainable Development and Challenges of Issuing Them A Field Study in Malaysia
DOI:
https://doi.org/10.7187/GJAT122022-12Keywords:
Waqf, Sukuk, Waqf Sukuk, Sustainable Development, Malaysian WaqfAbstract
Sustainable development has recently emerged as one of the hottest issues in the field of socioeconomic development. Throughout the Islamic history, waqf has played an essential role in supporting the sustainable development of Muslim communities. This paper attempts to provide a state-of-the-art review of waqf sukuk with special focus on the Malaysian context. Qualitative method has been utilised to collect data. Six semi-structured interviews have been conducted with waqf and sukuk experts in Malaysia. Research has found that so far there has not been any issuance of waqf sukuk in Malaysia. Interviewed experts have rightly pointed out a number of Shariah, legal, regulatory and operational challenges facing the issuance of waqf sukuk in Malaysia. Challenges include the lack of awareness on the importance of waqf sukuk, besides the serious lack of skilled and competent human resources and staff working in waqf administration and governance.
References
Ahmad, S., Su’ad, F & Muhamad, D. (2018). Al-Sukuk al-Waqfiyah wa Dawruha fi Istithmar al-Waqf al-Naqdi. Majalat Milaf lil Buhuth wa al-Dirasat (مجلة ميلاف للبحوث والدراسات).Vol. 4, No. 1, pp. 301-317.
Al-Sheikh, G. (2016). Dawr Al-Sukuk al-Waqfiyah wa Atharuha alaa al-Janib al-Ijtima’i w al-Iqtisadi fi al-Mjtama’. Majalat Riyadat al-A’mal al-Islamiyah. (مجلة ريادة الأعمال الإسلامية) Vol. 1, No. 2, pp. 26-40.
Bakar, S. A. (2018). Malaysia Continues to Lead Global Sukuk Issuance. New Straits Times. 23 July 2018. Available at: https://www.nst.com.my/business/2018/05/367249/malaysia-continues-lead-global-sukuk-issuance. (Accessed 20 July 2020).
Balmushi, A. (2018). Al-Ahkam al-Fiqhiyah wa al-Al’athar al-Iqtisadiyah lil Sukuk al-Waqfiyah. Al-Shihab, (الشهاب) Vol. 4, No. 3. Pp. 227-260.
Benyounis، Husain. (2014). Management Challenges of Awqaf Assets. Paper presented at World Islamic Economic Forum- Islamic Development Bank (WIEF-IDB) Awqaf Roundtable held in Jakarta 5th June.
Bin Zayed, R. & Al-Dawi, K. (2013). Al-Sukuk al-Waqfiyah ka Aaliyah li Tahqiq al-Tanmiyah al-Mustadamah: Dirasah Tatbiqiyah Muqtarahah li Tamwil al-Mashari’ al-Waqfiyah bi Aljaza’ir. Paper presented at the 2nd international scientific conference on the role of non-profit Islamic finance in achieving sustainable development, held in May 20-21 Aljeria. Available at: http://iefpedia.com/arab/wp-content/uploads/2013/07/.pdf (Accessed 20 July 2020).
Che Zuina, I., Nor Jana, S., & Nor Jawanees, H. (2015). Administration and Management of Waqf Land in Malaysia: Issues and Solutions. Mediterranean Journal of Social Sciences. Vol. 6 No. 4 S2, pp. 613-620.
Gazzal, M. (2018). Dawr al-Sukuk al-Islamiyah fi Taf’eil Suq al-Awraq al-Maliyah: Dirasah Tatbiqiyah alaa Suq al-Awraq al-Maliyah al-Maliziyah, Master thesis, Faraht Abbas University, Algeria. Available at: http://dspace.univ-setif.dz:8888/jspui/bitstream/123456789/2989/3/.pdf (Accessed 20 July 2020).
Al-Habshi, S. (2003). Tajribat al-Waqf fi Malaysia. In Mahdi, M. (Ed.) (Nizam al-Waqf fi al-Tatbiq al-Mu’asir) Islamic Development Bank- IRTI and Kuwait Awqaf Public Foundation. Pp. 115-124.
Hanefa, H.; Jalil. A.; Ramli, A.; Sabri, H.; Nawai, N. & Shahwan, S. (2011). Financing the Development of Waqf Property: The Experience of Malaysia and Singapore. The Journal of Muamalat and Islamic Finance Research. Vol. 8 No. 1, pp. 89-104.
Hasan, H. & Abdullah, M. N. (2007). The Investment of Waqf Land as an Instrument of Muslims’ Economic Development in Malaysia. A paper presented at the Dubai International Conference on Endowments’ Investment, 4-6 th February 2008 organized by Awqaf and Minors Affairs Foundation, Dubai, the United Arab Emirates.
Hattab, K. (2006). Al-Sukuk al-Waqfiyah wa Dawruha fi al-Tanmiyah. Available at: https://kamalhattab.info/blog/wp-content/uploads/2008/03/.pdf (Accessed 20 July 2020).
Hisham,Y. (2013). Awqf history and legislation in Malaysia: a contemporary perspective. Journal of Islamic and Human Advanced Research. Vol. 3 No. 6, pp. 387-402.
Khudr, I. (2013). Al-Malamih al-‘Ammah lil Manhaj al-Wasfi. Available at: https://www.alukah.net/web/khedr/0/50216/ (Accessed 20 July 2020).
Lim, C. (2018). Moody’s: Malaysia a Global Leader in Islamic Finance, Topped Sukuk Issuance Volume in 2017. The Edge Markets. Available at: https://www.theedgemarkets.com/article/moodys-malaysia-global-leader-islamic-finance-topped-sukuk-issuance-volume-2017. (Accessed 20 July 2020).
Mohamad, N., Kader, S and Ali, Z. (2012). Waqf Lands and Challenges from The Legal Perspectives In Malaysia. IIUM-Toyo Joint Symposium 2012. Sustainable Built Environment: lesson learned from Malaysia and Japan. Available at: http://irep.iium.edu.my/28025/1/6a.pdf (Accessed 20 July 2020).
Mujahid, A., & Adawiah, A. (2016). Potential Role of Social Impact Bond and Socially Responsible Investment Sukuk as Financial Tools that Can Help Address Issues of Poverty and Socio-Economic Insecurity. Intellectual Discourse, Special Issue (2016) pp.343–364, IIUM Press, Malaysia.
Musari, K. (2016). Waqf-Sukuk, Enhancing the Islamic Finance for Economic Sustainability in Higher Education Institutions. Paper presented at the 2nd World Islamic University Leaders Summit (WICULS 2016) 14-20 November Negeri Sembilan, Malaysia. Available at: https://www.researchgate.net/publication/321483883_Waqf-Sukuk_Enhancing_the_Islamic_Finance_for_Economic_Sustainability_in_Higher_Education_Institutions. (Accessed 20 July 2020).
Muslim, Abu Al-Hasan. Muslem Bin Al-Hajaj (N.D).Saheeh Muslim. N.E, Bairut, Dar Ehya Atturath Al-‘Arabi.
Negasi, M. I. (2011). Al-Sukuk al-Waqfiat wa Dawruha fi al-Tanmiyah al-Iqtisadiyah min Khilal Tamwil Baramij al-Ta’ahil wa 'Ashab al-Mihan wa al-hiraf. Available at: Downloaded from http://iefpedia.com/arab/wp-content/uploads/2011/12/Mohd-Negasi-qatar.pdf. (Accessed 20 July 2020).
Omar, M. (2000). Sanadat al-Waqf: Muqtarah li Ihya' Dawr al-Waqf fi al-Mujtama’ al-Islami al-Mu’asir. Majalat Markaz Salih Kamil lil Iqtisad al-Islami. (مجلة مركز صالح كامل للاقتصاد الإسلامي) Vol. 4, Issue 12 (31 Dec. 2000), pp.409-440, 32 p.
Puad, N., Rafdi, N., & Bt Shahar, W. (2014). Issues and Challenges of Waqf Instrument: A Case Study In Mais. E-proceedings of the Conference on Management and Muamalah (CoMM 2014), 26-27 May, Malaysia. Available at: https://pdfs.semanticscholar.org/e27b/b77efe308226ae20c0dc12eb1d04ce020069.pdf?_ga=2.43551653.142316399.1596636977-397087414.1593590825 (Accessed 20 July 2020).
Rajaendram, R. (2018) Perak Sultan calls for formal structure in waqaf system/Saunders., Star online. Available at: https://www.thestar.com.my/news/nation /2018/02/22/perak-sultan. (Accessed 20 July 2020).
Respati، Yogie. (2014). Sukuk Wakaf: Local To Global. Sharing Magazine Online, 12 June. Available at: http://mysharing.co/sukuk-wakaf-local-global (Accessed 20 July 2020).
Soufyan, K. & Abdullah, M. (2014). Dawr al-Sukuk al-Waqfiyah fi Tatwir al-Mumtalakat al-Waqfiyah. Majalat al-Hikmah lil Dirasat al-Iqtisadiyah (مجلة الحكمة للدراسات الاقتصادية). Vol. 2, No. 4, pp. 29-52.
GJAT provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
