Financing Models based on Waqf Money through Investment
DOI:
https://doi.org/10.30993/tifbr.v14i2.242Keywords:
waqf, financing, investment, microfinanceAbstract
Islamic microfinance institutions can apply the potential of cash waqf optimally and effectively for a better economic impact on the targeted levels of society. This study explores the opinions and recommendations of various researchers on the model of integration of cash waqf as financing in Islamic microfinance institutions. This study uses qualitative methods by reviewing previous kinds of literature. This research uses qualitative methods that only discuss the cash waqf model as financing through investment. The result of this study is that cash waqf can be used as financing in Islamic microfinance institutions, provided that the assets of the property should not be reduced in the slightest. Therefore, in anticipation of the reduced waqf of money used as a source of financing funds, Islamic financial institutions must guarantee the funds through various means such as takaful, Islamic investment, Islamic bank deposits, and other institutions in accordance with Islamic principles. Using cash waqf as a source of financing funds in Islamic microfinance institutions will reduce the level of difficulty of micro-entrepreneurs in obtaining business financing. Also, the benefits of cash waqf investment itself will be distributed to the people in needs of goods, services, health facilities, education, mosques, etc.References
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Alani, U. A., Algodah, M. T., & Alshwaiyat, M. S. (2016). Role of Waqf (Endowment) Funds in Financing Small Projects. Global Business and Management Research: An International Journal.
ÇİZAKÇA, M. (2004). Corporated Cash Waqfs and Mudaraba, Islamic Non-Bank Financial Instruments From the Past To the Future? International Seminar on Non-Bank Financial Institutions, Kuala Lumpur.
Duasa, J., & Thaker, M. A. B. M. T. (2016). A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA. Journal of Islamic Monetary Economics and Finance.
Elesin, A. M. J. (2017). The Role of Al-Awqāf (Islamic Endowments) in Poverty Alleviation and Community Development in the Nigerian Context. Journal of Muslim Minority Affairs.
Haneef, M. A., Omar, A. H. P. M., Muhammad, M. M. F. B. A., & Dahiru, A. (2015). Integration of waqf-Islamic microfinance model for poverty reduction The case of Bangladesh. Managerial Finance, 34(10).
Haneef, M. A., Pramanik, A. H., Mohammed, M. O., Bin Amin, M. F., & Muhammad, A. D. (2015). Integration of waqf-Islamic microfinance model for poverty reduction: The case of Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management.
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Ismail Abdel Mohsin, M. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-08-2013-0094
Izziyana, W. V. (2017). Mekanisme Prinsip-Prinsip Syariah Dalam Operasional Bank Syariah. Law and Justice, 2(1),
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Kahf, M. (2003). The Role of Waqf In Improving The Ummah Welfare. The International Seminar the theme Waqf as a Private Legal Body.
Khademolhoseini, M. (2011). Cash-Waqf a New Financial Instrument for Financing Issues : an Analysis of Structure and Islamic Justification of Its Commercialization. Imam Sadiq University.
Mohd Thas Thaker, M. A. Bin. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International
Mohd Thas Thaker, M. A. Bin, Mohammed, M. O., Duasa, J., & Abdullah, M. A. (2016). Developing cash waqf model as an alternative source of financing for micro enterprises in Malaysia. Journal of Islamic Accounting and Business Research.
Mohd Thas Thaker, M. A., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2020). Cash waqf model for micro enterprises' human capital development . ISRA International Journal of Islamic Finance.
Mohsin, M. I. A. (2011). Financing through cash-waqf : a revitalization to finance different needs. https://doi.org/10.1108/IMEFM-08-2013-0094
Pitchay, A. A., Meera, A. K. M., & Saleem, M. Y. (2014). Priority of Waqf Development Among Malaysian Cash Waqf Donors : An AHP Approach. Journal of Islamic Finance.
Rokhman, W. (2013). Baitul mal wat tamwil (bmt) and poverty empowerment. Qudus International Journal of Islamic Studies, 1(2),
Saefullah, K. (2010). Cultural Aspects on teh Islamic Microfinance: an Early Observation on the Case of Islamic Microfinance Institution in Bandung, Indonesia. Workshop on Islamic Finance, EM Starsbourg Business School.
Shaikh, S. A. (2017). Application of waqf for social and development fi nance, 9(1),
Shirazi, N. S., Obaidullah, M., & Haneef, M. A. (2015). IRTI Working Paper Series Integration of Waqf and Islamic Microfinance for Poverty Reduction : Case of Pakistan.
Thaker, M. A. M. T., Mohamed, M. O., Duasa, J., & Abdullah, M. A. (2013). Alternative model for micro enterprises? human capital development in Malaysia. 2nd Applied International Business Conference 2013.
Wajdi Dusuki, A. (2008). Banking for the poor: The role of Islamic banking in microfinance initiatives. Humanomics.
Widiyanto, M. C., & Ismail, A. G. (2009). Sustainability of BMT Financing for Developing Micro-Enterprises. Munich Personal RePEc Archive.
Wulandari, P., & Kassim, S. (2016). Issues and challenges in financing the poor : case of Baitul Maal Wa Tamwil in Indonesia. International Jurnal of Bank Marketing, 34(2),
Wulandari, P., Kassim, S., Adikasari, L., Niken, S., & Putri, I. S. (2016). Unique aspects of Islamic microfinance financing process: experience of Baitul Maal Wa Tamwil in Indonesia. Humanomics, 32(3),
Yumna, A., & Clarke, M. (2009). Integrating zakat and Islamic charities with microfinance initiative in the purpose of poverty alleviation in Indonesia. 8th International Conference on Islamic Economics and Finance.
Abdullah, R., Ghafar Ismail, A., Islam Sultan Sharif Ali, U., Seri Begawan, B., & Darussalam, B. (2017). International Journal of Social Economics Taking stock of the waqf-based Islamic microfinance model Taking stock of the waqf-based Islamic microfinance model. International Journal of Social Economics ISRA International Journal of Islamic Finance Iss International Journal of Social Economics.
AbdulRazzaq Abdul-Majeed Alaro, A. H. A. (2018). Potential of Shari'a compliant micro fi nance in alleviating poverty in Nigeria A lesson from Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management.
Alani, U. A., Algodah, M. T., & Alshwaiyat, M. S. (2016). Role of Waqf (Endowment) Funds in Financing Small Projects. Global Business and Management Research: An International Journal.
ÇİZAKÇA, M. (2004). Corporated Cash Waqfs and Mudaraba, Islamic Non-Bank Financial Instruments From the Past To the Future? International Seminar on Non-Bank Financial Institutions, Kuala Lumpur.
Duasa, J., & Thaker, M. A. B. M. T. (2016). A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA. Journal of Islamic Monetary Economics and Finance.
Elesin, A. M. J. (2017). The Role of Al-Awqāf (Islamic Endowments) in Poverty Alleviation and Community Development in the Nigerian Context. Journal of Muslim Minority Affairs.
Haneef, M. A., Omar, A. H. P. M., Muhammad, M. M. F. B. A., & Dahiru, A. (2015). Integration of waqf-Islamic microfinance model for poverty reduction The case of Bangladesh. Managerial Finance, 34(10).
Haneef, M. A., Pramanik, A. H., Mohammed, M. O., Bin Amin, M. F., & Muhammad, A. D. (2015). Integration of waqf-Islamic microfinance model for poverty reduction: The case of Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management.
Hassan, A. (2014). The challenge in poverty alleviation: Role of Islamic microfinance and social capital. Humanomics.
Ismail Abdel Mohsin, M. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-08-2013-0094
Izziyana, W. V. (2017). Mekanisme Prinsip-Prinsip Syariah Dalam Operasional Bank Syariah. Law and Justice, 2(1),
Kahf, M. (1999). Towards the Revival of Awqaf: A Few Fiqhi Issues to Reconsider. Harvard Forum on Islamic Finance and Economics.
Kahf, M. (2003). The Role of Waqf In Improving The Ummah Welfare. The International Seminar the theme Waqf as a Private Legal Body.
Khademolhoseini, M. (2011). Cash-Waqf a New Financial Instrument for Financing Issues : an Analysis of Structure and Islamic Justification of Its Commercialization. Imam Sadiq University.
Mohd Thas Thaker, M. A. Bin. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International
Mohd Thas Thaker, M. A. Bin, Mohammed, M. O., Duasa, J., & Abdullah, M. A. (2016). Developing cash waqf model as an alternative source of financing for micro enterprises in Malaysia. Journal of Islamic Accounting and Business Research.
Mohd Thas Thaker, M. A., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2020). Cash waqf model for micro enterprises' human capital development . ISRA International Journal of Islamic Finance.
Mohsin, M. I. A. (2011). Financing through cash-waqf : a revitalization to finance different needs. https://doi.org/10.1108/IMEFM-08-2013-0094
Pitchay, A. A., Meera, A. K. M., & Saleem, M. Y. (2014). Priority of Waqf Development Among Malaysian Cash Waqf Donors : An AHP Approach. Journal of Islamic Finance.
Rokhman, W. (2013). Baitul mal wat tamwil (bmt) and poverty empowerment. Qudus International Journal of Islamic Studies, 1(2),
Saefullah, K. (2010). Cultural Aspects on teh Islamic Microfinance: an Early Observation on the Case of Islamic Microfinance Institution in Bandung, Indonesia. Workshop on Islamic Finance, EM Starsbourg Business School.
Shaikh, S. A. (2017). Application of waqf for social and development fi nance, 9(1),
Shirazi, N. S., Obaidullah, M., & Haneef, M. A. (2015). IRTI Working Paper Series Integration of Waqf and Islamic Microfinance for Poverty Reduction : Case of Pakistan.
Thaker, M. A. M. T., Mohamed, M. O., Duasa, J., & Abdullah, M. A. (2013). Alternative model for micro enterprises? human capital development in Malaysia. 2nd Applied International Business Conference 2013.
Wajdi Dusuki, A. (2008). Banking for the poor: The role of Islamic banking in microfinance initiatives. Humanomics.
Widiyanto, M. C., & Ismail, A. G. (2009). Sustainability of BMT Financing for Developing Micro-Enterprises. Munich Personal RePEc Archive.
Wulandari, P., & Kassim, S. (2016). Issues and challenges in financing the poor : case of Baitul Maal Wa Tamwil in Indonesia. International Jurnal of Bank Marketing, 34(2),
Wulandari, P., Kassim, S., Adikasari, L., Niken, S., & Putri, I. S. (2016). Unique aspects of Islamic microfinance financing process: experience of Baitul Maal Wa Tamwil in Indonesia. Humanomics, 32(3),
Yumna, A., & Clarke, M. (2009). Integrating zakat and Islamic charities with microfinance initiative in the purpose of poverty alleviation in Indonesia. 8th International Conference on Islamic Economics and Finance.
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Published
2021-06-02
How to Cite
Mafaza, S. A., Umam, K., Arief, S., & Lahuri, S. bin. (2021). Financing Models based on Waqf Money through Investment. Tazkia Islamic Finance and Business Review, 14(2). https://doi.org/10.30993/tifbr.v14i2.242
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