Credit-based Financing Instruments and the Development of Waqf Properties
The majority of the classic jurists disapproved loans and charges to be taken by the nazir or mutawalli of waqf. A handful of jurists in all four schools however did not agree if that was needed, necessary, and in the interest of waqf or :ines. Contemporary jurists follow the minority and have accep...
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| Format: | Article |
| Language: | English |
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CRES, FKSG
2006
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| Online Access: | http://eprints.utm.my/4756/1/Credit.pdf |
| _version_ | 1796853791398559744 |
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| author | Muhammad, Muhammad Tahir Sabit |
| author_facet | Muhammad, Muhammad Tahir Sabit |
| author_sort | Muhammad, Muhammad Tahir Sabit |
| collection | ePrints |
| description | The majority of the classic jurists disapproved loans and charges to be taken by the nazir or mutawalli of waqf. A handful of jurists in all four schools however did not agree if that was needed, necessary, and in the interest of waqf or :ines. Contemporary jurists follow the minority and have accepted the interest of waqf and its beneficiaries as i. foundation for the validity of transactions in waqf properties. While the old discussion was primarily based one. development financing as practiced by modern banks is not found in their discussions. Few contemporary e developed the old concepts based on the prevailing financial instruments (e.g. murabahah, istisna and ijarah), as recognized by Islamic financial institutions, in order to suite the nature of waqf. These instruments are modified in a manner that tries to develop the property while the ownership of the land remains with waqf institutions. Charges may be permitted but that would be subject to the life of the lease and license granted to the developing entity. |
| first_indexed | 2024-03-05T18:04:49Z |
| format | Article |
| id | utm.eprints-4756 |
| institution | Universiti Teknologi Malaysia - ePrints |
| language | English |
| last_indexed | 2024-03-05T18:04:49Z |
| publishDate | 2006 |
| publisher | CRES, FKSG |
| record_format | dspace |
| spelling | utm.eprints-47562017-02-15T06:56:54Z http://eprints.utm.my/4756/ Credit-based Financing Instruments and the Development of Waqf Properties Muhammad, Muhammad Tahir Sabit H Social Sciences (General) The majority of the classic jurists disapproved loans and charges to be taken by the nazir or mutawalli of waqf. A handful of jurists in all four schools however did not agree if that was needed, necessary, and in the interest of waqf or :ines. Contemporary jurists follow the minority and have accepted the interest of waqf and its beneficiaries as i. foundation for the validity of transactions in waqf properties. While the old discussion was primarily based one. development financing as practiced by modern banks is not found in their discussions. Few contemporary e developed the old concepts based on the prevailing financial instruments (e.g. murabahah, istisna and ijarah), as recognized by Islamic financial institutions, in order to suite the nature of waqf. These instruments are modified in a manner that tries to develop the property while the ownership of the land remains with waqf institutions. Charges may be permitted but that would be subject to the life of the lease and license granted to the developing entity. CRES, FKSG 2006 Article PeerReviewed application/pdf en http://eprints.utm.my/4756/1/Credit.pdf Muhammad, Muhammad Tahir Sabit (2006) Credit-based Financing Instruments and the Development of Waqf Properties. Malaysian Journal od Real Estate, 1 (2). pp. 29-38. ISSN 1823-8505 |
| spellingShingle | H Social Sciences (General) Muhammad, Muhammad Tahir Sabit Credit-based Financing Instruments and the Development of Waqf Properties |
| title | Credit-based Financing Instruments and the Development of Waqf Properties |
| title_full | Credit-based Financing Instruments and the Development of Waqf Properties |
| title_fullStr | Credit-based Financing Instruments and the Development of Waqf Properties |
| title_full_unstemmed | Credit-based Financing Instruments and the Development of Waqf Properties |
| title_short | Credit-based Financing Instruments and the Development of Waqf Properties |
| title_sort | credit based financing instruments and the development of waqf properties |
| topic | H Social Sciences (General) |
| url | http://eprints.utm.my/4756/1/Credit.pdf |
| work_keys_str_mv | AT muhammadmuhammadtahirsabit creditbasedfinancinginstrumentsandthedevelopmentofwaqfproperties |