Munich Personal RePEc Archive
Sukuk-waqf: The Islamic Solution for
Public Finance Deficits
Oubdi, Lahsen and Raghibi, Abdessamad
National School of Business and Management (ENCG)
April 2018
Online at https://mpra.ub.uni-muenchen.de/85629/
MPRA Paper No. 85629, posted 01 Apr 2018 21:45 UTC
SUKUK-WAQF: THE ISLAMIC SOLUTION FOR PUBLIC FINANCE
DEFICITS
Lahsen Oubdia, Abdessamad Raghibib
a
University Professor, National School of Business & Management, Entrepreneurship, Finance and Audit
Laboratory, Ibn Zohr University.
l.oubdi@uiz.ac.ma
b
PhD Candidate, National School of Business & Management, Ibn Zohr University.
Abdessamad.raghibi@edu.uiz.ac.ma
Abstract-- The majority of Muslim countries face increasing
pressure on their budget, which pushes to more public
spending. Eventually, the main victim of this situation will be
the welfare of Muslim communities. Despite Islam does not
tolerate negligence regarding the importance of State as major
player in preserving the welfare of Muslim communities, it
offers a third option to support public effort through the
institution of Waqf. Indeed, this institution has played a crucial
role all along Muslim civilization and it is invited to more
innovation to answer to today’s challenges. Sukuk-Waqf can
be seen as the perfect sustainable financing instrument offered
by Islam to help sustain public spending by the people and for
the people. This paper will try to examine the concept of Waqf,
cash Waqf and Sukuk Waqf is Islam and their evolution
during Muslim civilization. Finally, it will go through modern
attempts to implement this model that can answer the need for
financing to support public effort to preserve the welfare of
Muslim citizens.
Key words: Sukuk-waqf, public spending, sustainability.
I.
INTRODUCTION
Upon this earth, wealth belongs to Allah as He is the
sole Creator of everything. However, Humans were
chosen to accomplish the duty of viceregency on this
earth by exploiting the bounties given to him
through economic activities permitted by Islam.
Consequently, Humans acquire and transfer
properties through different form of contract that can
be divided into lucrative and non-profit transaction.
Waqf can be categorized under the second type of
contract of non-profit transaction. It be defined as
the concept of dedicating any property for posterity
from which its profit may be used for any charitable
intention [3].
Prophet Muhammad once said: "The record [Book
of Deeds] is closed when a person passes away, yet
those who leave behind knowledge, good children or
works of charity are exceptions. Good deeds will
continue to be written in that person's record."
Prophet Muhammad founded Waqf himself and
advised his devotees and future Muslims followed
his advice. He donated the date garden in Khyber1 to
Muslims.
Waqf-like charity has a history older than Islam,
which seems to have existed in ancient
Mesopotamia, Greece, Rome as well as pre-Islamic
Arab Societies [7]; [15]; [18]. Lately, all empires
that ruled on Muslim territories have given a crucial
place to Waqf institution as a tool to develop and
secure the welfare of Muslim communities. Indeed,
throughout History, Muslim civilizations have
adopted the concept of Waqf mainly to mitigate the
burden of public services especially during the
Ottoman Empire where the size of Muslim
population reached more than twelve million and a
half Muslim [13]. One can say that no such thing as
municipal authorities had ever existed in those
cities, the Waqf proved the most important (if not the
only) means by which Ottoman sultans and senior
state officials could provide their citizens with the
most basic and essential public services [14].
Moreover, Waqf has been promoted to a viable pillar
of state governing as it considerably helps rulers to
optimally govern with a high level of financial ease.
Even government financing of education used to
take form of constructing a school and assigning
certain Waqf property that provides regular
revenues to cover operating expenses of the school
[6].
The current economic situation of almost all Muslim
countries in terms of their illiteracy rate, lack of
good healthcare, high unemployment rate, and the
spread of poverty is a call to policy makers and
researchers to rethink strategies to re-born Waqf
institution. Furthermore, the need for growing
infrastructure project is a crucial component of the
growth equation for any country. However, states
1
Khaybar is a city 153km north of Medina, it was the place of
one of the battle conducted by the Prophet against the Jews.
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cannot afford taking big investment project alone
anymore due to budget constraints, global recovery
slow down and the fallen of raw materials prices. In
fact, basic social needs should maintain a parallel
growth similar to the demographic growth as to
satisfy the population’s demand but the lack of
financial resources breaches this rule leaving the
way to disequilibrium within the society that can put
the stability of states in jeopardy. Consequently,
public sector and government should search for
sufficient sources of financing and private sector
sounds to be the optimal fit for this equation.
Nevertheless, Muslim communities have another
way that might solve the problematic of
infrastructure financing which is the development of
Sukuk-Waqf as an efficient instrument to secure
sustainable financing for the growing needs for
infrastructure. The adoption of such instruments
aims to combine both religious duty of charitable
spending and economic development.
This paper aims to raise the attention of public to the
crucial role of Waqf to solve the current lack of
financing towards infrastructure projects that
impedes the development of Muslim countries. The
proposed instrument is composed of two Islamic
products, which are Sukuk and Waqf. Both of them
will help to make the idea of Waqf within reach of
all Muslim in order to make economic development
a matter of all the community.
II.
THEORITICAL FRAMEWORK OF WAQF
In the Arabic language, the word “waqf” (pl. awqaf)
literally means to hold, confine, prohibit, detain,
prevent, or restrain. Legally, it means “to protect
something, by preventing it from becoming the
property of a third person” [11]. In other terms,
Waqf is an endowment made by the rich to benefit
the poor. It is one of the important elements in Islam
in alleviating poverty through providing basic needs
to increase general welfare of people [19]. In Islamic
Law, Waqf requires restriction of a particular
property as it is highlighted from the literal
definition despite the existence of some divergences
regarding the periodicity of Waqf. The hanafis,
Chafi’is and Hanbalis2 opt for a permanent Waqf.
However, it could be temporary for the Malikis who
confirm that the Waqif has the right to define a
certain period for the contract, which by its end the
property returns to him3. In other terms, Waqf is
also explained as an action of conserving some
property for a specific charity that prohibits any
use of it outside the specific purpose [5].
Property/money provided as Waqf ceases to belong
2
No 9, April (2018)
to the contributing individual or organization. Waqf
cannot be transferred to anyone, inherited or put up
for sale, since it is considered to belong to Allah
(SWT) [10].
The structure of Waqf is based on four elements: the
Waqif, the element endowed (Mawquf), the
beneficiary (Mawquf ‘alayh) and the form of the
contract (Al-sighah). For each element cited below,
there is certain condition by which the process of
Waqf is considered valid.
According to ElKhatib (2016) the waqif or founder
of the waqf must be a:
‘aqil: (someone in full possession of their
mental capacity)
Baligh (adult)
Hurr (free person)
Capable of transferring the ownership of
the asset or property from himself to the
ownership of Allah
According to Mahmood (2008), the corpus must be
entirely owned by the donor before he/she
contributes it and he/she understands that his/her
has to relinquish responsibility of the assets since
ownership is transferred to Allah (SWT). Once the
element endowed is given to the waqf, the role of
the donor toward his/her assets becomes inactive,
and a manager or trustee of the Waqf property will
take over responsibility to utilize the property in
line with the donor intentions [4].
The founder should specify the beneficiaries in his
will or waqf deed. They should be members of the
family of the founder or members of public who are
in need for financial assistance. The
Benefit of the trust can also be allocated to activities
such as building a medical facility, mosque, or
setting up a shelter or a school [8].
The contract is normally prepared in writing
(orally declaration is also allowed), to avoid
disagreements or misunderstandings in the future
and also for record purposes [4]. An example of Alsighah4 normally employed is “I donate my land as
a waqf for the sake of helping needy”.
Originally, the periodicity of Waqf is to be eternal
according the Hanafis, Hanbalis and Shafi’is5.
However, the Malikis authorize a Waqf restriction of
one year or so for a known period to which after its
achievement, the ownership returns to the Waqif or
other6.
4
Islamic Schools of thought are in the number of four: Maliki,
Shafi’i, Hanbali and Hanafi.
3
Al-charh al-saghir li-dardir 4/94
The forms by which Waqf contract is been established.
Bada’i’ Al-sana’i’ lil-kassani 336/6.
6
Al-charh al-saghir 106/4.
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From Maqasid Al-shari’ah7 perspective, cheikh
Tayyeb ibn Achour listed four roles of Waqf in
Islam:
1.
2.
3.
4.
Encouraging and multiplying Waqf actions
as it brings public and private interest
(Maslahah). For that, it is recognized by
shari’ah as deeds which Divine reward is
continuous after one’s death. The
Messenger of Allah peace be upon Him
said, "When a man dies, his deeds come to
an end except for three things: Sadaqah
Jariyah (ceaseless charity); a knowledge
which is beneficial, or a virtuous
descendant who prays for him (for the
deceased)."8
For the Waqf to be given from a clear and
unhesitating conscious because it is
consider as a Ma’rouf and a generous act.
Also, Waqf is given with no expectation of
an instant compensation. Therefore, the
highest intention of Waqif is public good
and Allah’s reward.
Offering and providing a multitude of
means by which Waqf can be achieved.
This objective fully falls into the first one
of inciting and encouraging Waqf actions.
Not making Waqf an excuse to waste the
money of heirs or debtors as it was the case
during the time of jahiliyya9.
It is obvious that waqf represents the highest form of
giving in Islam because of its privileged value and
the sustainability that it presents. It can be seen as a
genius response of Islam to public financing through
unconventional ways. Indeed, as most of countries
suffer budget cuts and the pressure of public debts,
Waqf can be the perfect instrument to rebalance the
equation and preserve the welfare of Muslim
communities.
No 9, April (2018)
waqf results of consuming the money in order to
spend it. Because of that, the element endowed in
this case money is destroyed by the act of
spending10. Oppositely, the Malikis and Hanbalis
consider cash waqf permissible. Ibn Taimiyyah
quoted from Ahmad bin Hanbal and said that cash
waqf is beneficial through utilizing it.
In its fifteenth meeting, Al-mujamma’ al-fiqhi
(Islamic Fiqh Academy) issued a statement N°140
that confirms the permissibility of cash Waqf ending
the discussion of this issue.
Based on Maqasid Al-shari’ah cited in the previous
section, Ahmed Hadad the Grand Mufti of Dubai11
extended these Maqasid to cash Waqf. They can be
resumed as follow:
1.
2.
3.
4.
The implementation of cash Waqf will,
evidently, encourage more individuals to
restrict part of their wealth, as contribution
would take form of small amount of
money, which will amplify the practice of
Waqf.
As for the matter of clear and willing
conscious, cash Waqf through small or big
amount is obvious evidence that the Waqif
does not ask for anything else except the
blessing of Allah.
The expansion of cash Waqf falls logically
in the Maqsid of diversifying the means by
which Waqf is practiced and offers an
alternative to those with small means.
The Maqsid of not wasting others wealth
exists in cash Waqf because of the structure
of such instruments that accepts all amount
of contribution, which cannot cause any
harm for anyone’s wealth or heritage.
The current structure of cash Waqf can be presented
as follow:
Figure I. The General Structure of Cash-waqf Operation
III.
CASH-WAQF
The cash waqf is a form of certificates with different
denominations to raise money against the planned
projects. The issued certificate will be bought by a
number of individuals or institution to finance the
planned projects. Separate cash waqf will be raised
for each individual waqf activity [12]. Historically
speaking, Çizakça (1998) stated in his paper that
during Ottoman economy, cash waqf played
important role.
According to classical Scholars of Hanbalis and
Shafi’is cash Waqf is not permissible, because cash
7
Maqasid Al-shari’ah refers to the highest goals of Islam.
Sahih Muslim ‘an Abi-hurayra N°1631
9
Before the rise of Islam.
10
8
11
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See Al-mughni by Ibn-Kudama 5/640
Fiqh Al-waqf Ahmed Hadda pp: 48-51.
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Source: The Global Islamic Finance Report 2015
The presented structure offers a high level of
flexibility regarding the use of the proceeds
depending on the need of community. Although the
Waqif specifies the use of its money within the
contract, the structure can be personalize to match
the needs of the community though different pools.
Additionally, cash waqf is a special type of
endowment that differs from the ordinary real estate
waqf in that its original capital consists, purely or
partially, of cash. Social Islamic Bank in Bangladesh
has been offering a cash waqf deposit for a few years
now. Other banks offering deposits based on the
cash waqf include Islamic Bank Bangladesh, EXIM
Bank, Bank Asia, Shahjalal Islami Bank, Al-Arafah
Islami Bank, Prime Bank (all in Bangladesh) and
Bank Islam in Malaysia. All these are examples of
indirect cash waqf models12.
IV.
SUKUK-WAQF
The origins of sukuk can be traced back to the
classical Islamic period (700-1300AD) where a sakk
(singular of sukuk) was used to describe any
document representing financial liability. This
instrument represents financial obligations resulting
from trade and other commercial activities. Such
practice was practiced in conformity with verse
2:282 of the Holy Qur’an:
“When ye deal with each other, in transactions
involving future obligations in a fixed period of
time, reduce them to writing…It is more just in the
sight of God, more suitable as evidence and more
convenient to prevent doubts among yourselves.”
The International Islamic Fiqh Academy issued a
statement in 1988, holding that “Any combination of
assets (or the usufruct of such assets) can be
represented in the form of written financial
instruments which can be sold at a market price
provided that the composition of the groups of assets
represented by the sukuk consist of a majority of
tangible assets”.
According to AAOIFI, Sukuk is defined as:
“Investment sukuk are certificates of equal value
representing undivided shares in ownership of
tangible assets, usufructs and services or (in the
ownership of) the assets of particular projects or
special investment activity, however, this is true
after receipt of the value of the sukuk, the closing of
subscription and the employment of funds received
for the purpose for which the sukuk were issued.”13
12
Global Islamic Finance Report 2015
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No 9, April (2018)
The securitization of assets is a highly important
stage for the development of capital raising because
of its standardization and regulation. All strategies
that aims to raise sufficient funds through public
source shall opt for Bond or Sukuk in the case of
Islamic finance.
Sukuk-waqf is composed of a merger of Sukuk based
contract and Waqf. It can be defined as tradable
certificate of equal monetary value that represent the
money restricted (Al-mal al-mawquf) [17].
There is a variety of types of Sukuk, which are based
on the existing Islamic contracts: Murabahah, Ijarah,
Mudarabah, Musharakah, Wakalah and Salam.
Other hybrid and complex structure of Sukuk can be
found depending on the development of Islamic
financial engineering.
The general process of Sukuk issuance which will
be later used for Sukuk-waqf structuring can be
presented as follow:
Creation of an SPV to represent the
investors;
Issuance of the certificates and putting
them into circulation;
Secure the cash-flow through the period of
the contract from the issuer to the investor.
Also, it is worth to note the main parties involved in
the issuance of Sukuk:
the Originator, which is the company
wishing to raise funds,
the Issuer of the Sukuk, which will be an
existing or a newly incorporated special
purpose vehicle (“SPV”);
the Lead Arranger/Manager, which is the
party arranging/managing the whole Sukuk
process;
the Trustee, who is an appointed party to
represent and oversee the rights of the
Sukuk holders from the beginning of the
arrangement of Sukuk issuance until the
full redemption of the Sukuk by the SPV;
and
the Sukuk holders, who are the investors
intending to invest in the project, and who
holds the Sukuk certificates as evidence of
their investment in the Sukuk.
The structuring of Sukuk-waqf may not differ from
the structure of investment Sukuk in the form but in
the purpose. In fact, the holder of normal investment
Sukuk aims at profit based on the rule of “Alghunmu bil ghurm”. However, the holder of Waqfsukuk is not driven by any lucrative consideration as
13
Accounting and Auditing Organization for Islamic Financial
Institutions AAOIFI, Shari’s standard No. 17, 2008, p.307.
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he only aims at Allah’s blessing and serving public
interest.
It is important to note that it should be feasible to
merge other form of financing in the case of big
public project because of insufficient fund or time
pressure. Al-qard al-hassan could be one the
instrument that could complete the structure of the
project [16].
The structure by which public authorities could raise
fund for socioeconomic project can be presented as
follow:
Figure II. The Structure of a Sukuk-waqf operation
No 9, April (2018)
guaranties as the amount borrowed is due on the
waqf fund. For that, it is advised to subscribe to a
takaful product for more insurance and viability of
the project.
The next point that requires clarification is the
provenance of the funds. Normally, the most
common way would be spontaneous acts from
people seeking charitable activities. However, as we
aim into making this instrument a sustainable
support for the state in providing decent
socioeconomic services to its community, effort to
standardize and regulate sources of funds must be
undertaken. As most of Muslim countries now have
Islamic banks, the ideal path would the implication
of banks in spreading the instrument of Sukuk-waqf
and makes it a commonplace within their daily life.
Government bodies through intensive media
campaign must also engage in explaining the idea of
Sukuk-waqf to their citizens and its consequences on
their socioeconomic development.
Many would wonder why choosing to merge a tool
of complete lucrative goals with a charitable
instrument like Waqf. In fact, he market for sukuk is
now maturing and there is an increasing momentum
in the wake of interest from issuers and investors.
sukuk have confirmed their viability as an
alternative means to mobilize medium to long-term
savings and investments from a huge investor base.
Consequently, the chances of raising important
funds through Sukuk-waqf are more likely to happen
within the environment of Sukuk market.
V.
WAQF AND PUBLIC BUDGET
FINANCING THOUGHOUT HISTORY
Source: Adapted from Hassan (2014)
The mention of Qard al-hassan14 within the model
does not mean its prevalence; it is strictly a support
instrument in case of big project.
The other issue that may arise with the use of a debt
component within the structure is the element of
A closer look into the History of our civilization will
show the crucial place of Waqf within the structure
of Muslim Empires. From the age of The Prophet
Peace be on Him to the Ottoman Empire, Waqf
played a big role in education, healthcare and
defense replacing the conventional tools of public
financing such as tax. One of the first example of a
waqf for social purposes was a drinking water well
(called Rummah), which was bought from a Jewish
man to provide free drinking water to all. Although
the primitive role of Waqf used to finance mosques
and religious teachers, it is important to note the
expansion of the financing to all forms of education
from the Umayyad and Abbasside reign15. In fact, in
their periods, it was fact that there were no organized
structures of waqf institutions as specific
departments or ministers for taking care of public
works, roads, bridges, mosques, schools, libraries
and hospitals in order to cover those public needs.
14
Qard Al-hassan means a debt that does not generates any
interest.
15
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The equation below explains with more light the
statement above:
𝐾𝑝 = 𝑎 𝑤 + 𝑐
With:
; 𝑤 ∈ [0,
𝐾𝑝
] ; 𝑐≥0
𝑎
Kp: the total amount of the project;
a: Nominal value of Waqf certificates;
w: the slope;
c: total amount of qard al-hassan.
Global Islamic Finance Report 2015
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Zubaidah, the wife of Harun al-Rashid16, as an
individual, made land as well as cash waqfs in order
to construct high ways from Baghdad to Makkah,
bridges, and shelters for helpless [1].
Awqaf of the Ayubites (1171-1249) and the
Mamalik (1249-1517) in Palestine, Syria, Lebanon
and Egypt are good examples. Jerusalem had 64
schools at the beginning of the twentieth century all
of them are Waqf and supported by Awqaf
agricultural and metropolitan properties in Palestine,
Turkey and Syria [6]. At its creation in 1923, threequarters of the arable land in the Republic of Turkey
belonged to awqaf. Also, one-eighth of all cultivated
soil in Egypt and one-seventh of that in Iran were
known to be waqf property. In the middle of the 19th
century, one-half of the agricultural land in Algeria,
and in 1883 one-third of that in Tunisia, was owned
by Awqaf. It is surprisingly clear the remarquable
value of Waqf and its stake in the economy was,
which shows the leverage that it plays in creating a
third option separate from the profit-based private
sector and the official public sector.
The Waqf institution has reached its peak during the
Ottoman Empire where Waqf is directly involved in
the economic cycle through job creation,
agricultural, education and public welfare.
Roadhouses and arcades, bakeries, grinders,
workshops of candle and lead, bozahouses,
abattoirs, etc., fair and market places, which were
built in order to provide religious, cultural and social
institutions, generally located around a mosque,
such as madrasah, library, foodhouse (imaret),
guesthouse (tabhane), hospital (darussifa), bath
(hamam), caravansary and residences of the officers
and employee of these institutions as well as
infrastructure facilities such as water channel and
sewerage system with regular income (each one is to
be allocated to a group of art or trade competent),
comprised the skeleton of the new city or district to
be built or an old city (Barkan ve Ayverdi, 1970)
quoted from [20]. Also, most of our architectural
masterpieces such as Suleymaniye and Selimiye
were created with the help of waqfs [20]. Also, it has
also been estimated that the ratio of people
employed by the waqf institutions to those employed
directly by the state Turkey in 1931 was 8.23% to
12.68% [1]. This shows the role of Waqf in
alleviating the civilization through rapid and selffinanced urbanization far from the intervention of
the State.
No 9, April (2018)
VI.
SUKUK-WAQF AND ITS MODERN
APPLICATION
Questions about the viability and applicability of
Sukuk-waqf should be raised by this stage. It is
believed that such papers and models are always left
behind after short formal discussion. However, the
current awareness about the social dimension of
Islamic finance has brought public attention towards
Waqf again. Indeed, projects based on Sukuk-waqf
have started to merge. The most important one
would the initiative of ISRA to lunch a social project
in New Zealand based on Sukuk-waqf. The project
will be implemented conjointly by Awqaf New
Zealand,
ISRA and Security
Commission of
Malaysia. The goal is to issue the world`s first
Waqf-Sukuk worth of $1bn. The proceeds of the
sukuk will be utilized to establish farming industry
in New Zealand and Canada. Via these farms,
Qurbani (slaughtering animals) will be provided for
Muslims particularly in the west. The waste of the
animals and skins will be used to produce shoes and
bags etc. The revenue will be used for charitable and
social purposes all over the world.
Also, Indonesia has joined the path of implementing
Sukuk-waqf to develop social property assets to be
commercially self-sustaining.
Addition to these examples, has launched an
initiative to develop and finance existing Waqf
properties through Sukuk issuance. The issuance
conducted by the MUIS (Majlis Ugama Islam
Singapura) has raised a total of USD60 million
which is significant looking at the nature of the
operation. Hence, the success of this operation has
led the MUIS to further extend its willingness to
issue more sukuk in order to develop the existing
Waqf properties in Singapore.
It is clear that this project with its worldwide
dimension would provide an astonishing framework
for Muslim countries to lunch the experience of
Sukuk-waqf and merge it within their financing
planning.
CONCLUSION
Islamic Moral Economy has provided the Umma
with the adequate tools to maintain its prosperity and
social development. Waqf represents the perfect
illustration for this system. It played a tremendous
role throughout the History of Muslim civilization.
Now, it is the time that waqf should go through an
innovative process in order for it to maintain its
viable role within Muslim societies. Hence, sukuk-
16
Harun Al-rashid (763-809) was one of the Abbassid-era’s
caliph.
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waqf seems to be the suitable instrument that could
enhance the role of waqf and make it a common and
familiar tool for Muslims who seek Divine blessing
and Mercy.
As most of states struggle to match deficit limit, it
becomes difficult to provide enough financing for
the growing socioeconomic needs pressured by an
exponential demographic decrease. Hence, sukukwaqf seems to be the suitable remedy for public
authorities to match their budget goal along with
ensuring a constant prosperity for their citizens.
Sukuk-waqf can be considered as the perfect tool to
mobilize fund from Muslim communities through a
regular and sustainable way. It combines the
flexibility of sukuk and the sustainability of waqf.
We believe that waqf could be the adequate answer
for the socioeconomic problems that imped
development in most Muslim countries. However,
this concept would find a way to success without the
engagement of both public authorities and Muslim
individuals, which are aware of the current
challenges that face the Umma.
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Implications for Modern Islamic Economies.
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[3]
Dahlan, N. K., Yaa’kub, N. I., Hamid, M. A.,
& Palil, M. R. (2014). Waqf ( Endowment )
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Jalil, Yahya, & Pitchay. (2016). The
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ISSN 2421-2172
7
EJIF – European Journal of Islamic Finance
Editor in Chief
Prof. Paolo Pietro Biancone, University of Turin, Italy
Editorial Board
Prof. Dian Masyita, University of Padjadjaran, Indonesia
Prof. Abdulazeem Abozaid, Qatar Faculty of Islamic Studies – Qatar
Prof. Ahmad Aref Almazari, King Saud University, Saudi Arabia
Prof. Nidal A. Alsayyed, Inayah Islamic Finance Research Institute, USA
Prof. Roberta Aluffi, University of Turin - Italy
Prof. Ghassen Bouslama, NEOMA Business School - Campus de Reims, France
Prof. Nazam Dzolkarnaini, Salford University, UK
Prof. Kabir Hassan, University of New Orleans, USA
Prof. Khaled Hussainey, University of Plymouth, UK
Prof. Rifki Ismal, University of Indonesia
Prof. Tariqullah Khan, Hamad bin Khalifa University, Qatar
Prof. Ali Khorshid, ICMA Centre Reading University - UK
Prof. Amir Kia, Utah Valley University, USA
Prof. Laurent Marliere, Université Paris-Dauphine France
Prof. Federica Miglietta, University of Bari - Italy
Prof. Hakim Ben Othman, University of Tunis - Tunisia
Prof. Mohamed Ramady, King Fahd University of Petroleum and Minerals, Saudi Arabia
Prof. Mamunur Rashid, Nottingham University, Malaysia
Prof. Younes Soualhi, International Islamic University Malaysia
Prof. Laurent Weill, University of Strasbourg, France
Editorial Team