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Durham E-Theses
CONTEMPORARY SHARI’AH STRUCTURING FOR
THE DEVELOPMENT AND MANAGEMENT OF
WAQF ASSETS IN SINGAPORE
ABDUL-KARIM, SHAMSIAH
How to cite:
ABDUL-KARIM, SHAMSIAH (2010) CONTEMPORARY SHARI’AH STRUCTURING FOR THE
DEVELOPMENT AND MANAGEMENT OF WAQF ASSETS IN SINGAPORE, Durham theses, Durham
University. Available at Durham E-Theses Online: http://etheses.dur.ac.uk/778/
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Durham
University
CONTEMPORARY SHARI'AH COMPLIANCE STRUCTURING FOR
THE DEVELOPMENT AND MANAGEMENT OF WAQF ASSETS
IN SINGAPORE
BY SHAMSIAH BTE ABDUL KARIM
THESIS SUBMITTED FOR THE DEGREE OF DOCTOR OF
PHILOSOPHY ( PhD)
SCHOOL OF GOVERNMENT AND INTERNATIONAL AFFAIRS
MIDDLE EASTERN STUDIES
DURHAM UNIVERSITY
2010
Acknowledgements
In the name of Allah the most gracious and the most merciful
This journey of pursuing knowledge has taught me its true meaning. I would
like to use this quote by Richard Feynman (1918-1988), ‘I was bom not knowing and
have had only a little time to change that here and there.’
However, by the grace of Allah s.w.t, I am at this juncture in my life and I am
indebted to all the people who have guided me through this journey and who have
taught me throughout my life. Special mention to my mother, my late father, my
enduring husband, my beautiful children and my brothers and sisters who are the
pillars of my strength. Especially to my late sister, Cik Bon who showed me what
endurance means. To Amok, who is always there to help. My gratitude also goes to
my friends, colleagues and my most understanding employer who has made this
journey possible. President Muis, Hj Alami Musa, Dr. Al-Bakri and Ustadz Hannan
who have faith in me to pursue this journey. Hj. Rahim Saleh, Nurhayati, and many
other colleagues and friends who have to bear the work during my absence.
To my immediate supervisor Prof. Rodney Wilson, my second supervisor Dr.
Mehmet Asutay who has guided me through and who has faith in my work, many
thanks.
Many thanks to all my friends and family in Durham who have made our life
in Durham so fulfilling and enjoyable.
And to all those that I have crossed path with, who have helped in one way or
another , who has extended their clu ’a for me, I am grateful to them.
i
Page
Declaration
This thesis is my own work and has not been previously submitted for consideration
for any other degree in this or any other university. Material from published and
unpublished work of others is credited to the author(s) in the text.
Statement of Copyright
The copyright of this thesis rests with the author. No quotation from it should be
published without the author’s prior written consent, and information derived from it
should be acknowledged.
Shamsiah Abdul Karim Nov 2010
Page
Abstract
The institution of waqf proves to bring about social, economic and religious
benefit to mankind. It is a vehicle for financing society as a whole (Hodgson, 1974).
However, of late there has been a pervasive underdevelopment of waqf assets in the
world (Kahf, 1998; Kuran, 2004). One of the reasons cited by Kuran for this
underdevelopment is the issue of perpetuity and the inalienability inherent in the
features of waqf ( 2004). The other reason, as cited by Kahf and Cizakca (2000;
1998) is the issue of mismanagement and the nationalisation of waqf. However a
plethora of reasons can be advanced for the underdevelopment of waqf which includes
the entire administration, management, financing and development of waqf.
This research therefore aims at indentifying factors needed for the
contemporary shari’ah compliant structuring of waqf assets in Singapore and how this
can be achieved. The factors and gaps that have been identified include legal,
financing, management structure, perception of stakeholders and the shari’ah issues
in managing the waqf assets which form the largest group of assets managed by the
Islamic Religious Council of Singapore (Muis).
The research utilised the semi-structured interview of the various
stakeholders and expert opinion relating to waqf. In addition, secondary sources from
the case study analysis of Majlis Ugama Islam Singapura (Muis) provide an important
and useful insight in understanding the management of waqf in Singapore. The study
revealed some interesting findings such as the attitudes towards and the perception of
non -shari’ah compliant activities carried out in waqf management, the possibilities of
the various instruments that can be used to develop waqf assets and the polar shari’ah
interpretation of investment and financing of the waqf assets. All issues are presented
with real case study in this thesis. The research will then conclude by offering the
possible new structuring of waqf assets using the instruments of Real Estate
Investment Trust (REITs) and the various policy changes required to move waqf to
the next level of its management in order to realise its full potential.
Page
TABLE OF CONTENTS
ACKNOWLEDGEMENTS. i
AUTHOR DECLARATION. ii
ABSTRACT. iii
TABLE OF CONTENTS. iv
LIST OF TABLES. xi
LIST OF EXHIBITS AND CHARTS. xv
LIST OF ABBREVIATIONS. xvi
GLOSSARY OF TERMS. xvii
CHAPTER 1 : INTRODUCTION 1
1.1 The Importance of the study. 1
1.2 Research Aim. 5
1.3 Research Objectives. 6
1.4 Research Questions. 6
1.5 Research Scope. 7
1.6 Research Design. 8
1.7 Outlines of the Thesis Contents. 8
CHAPTER 2: WAOF - A LITERATURE STUDY
2.1 Introduction. 13
2.2 History of Waqf. . 14
2.3 Definition of Waqf. . 15
2.3.1 Types of Waqf. . 16
2.4 The legal and shari ’ah framework for the administration and
management of waqf. . 17
2.4.1 The interpretation of the validity of waqf by the different 18
mazhab .
2.4.1.1 The waqif (founder). 18
2.4.1.2 Assets /property ( al-mauqoof) . 20
2.4.1.2.1 Forms of assets. 21
2.4.1.3 Beneficiaries. 26
IV
Page
2.4.1.3.1 Who are the beneficiaries?. 27
2.4.1.3.2 Types of beneficiaries. 27
2.5 The administration of waqf institution. 29
2.5.1 Mutawallis/ Administrator of Waqf. . 30
2.6 Taxation and accounting for Waqf. . 35
2.6.1 Taxation. 35
2.6.2 Accounting for waqf. . 36
2.7 Differences between a trust and a waqf in the Singapore context. 37
2.8 Conclusion. 38
CHAPTER 3: FINANCING , INVESTMENT AND
DEVELOPMENT OF WAQF - LITERATURE AND CASE
STUDY
3.1 Introduction. 39
3.2 Financing and development of waqf properties. 41
3.3 Traditional modes of financing waqf. . 41
3.3.1 Hikr or hukr . 42
3.3.2 Ijaratyn (dual of ijarah) . 43
3.3.3 Khuluww . 43
3.4 Contemporary modes of financing waqf. . 44
3.4.1 Equity based financing. 45
3.4.1.1 Musharakah (joint-venture). 45
3.4.1.1.1 Musharakah structure combining the sale
and long- lease of waqf properties. 45
3.4.1.1.2 Issues on the musharakah development
transactions. 47
3.4.1.2 Mudharabah structure 50
3.4.2 Debt- Based financing: Sukuk . 50
3.4.2.1 Sukuk musharakah 51
3.4.2.1.1 Issuance of $60 million musharakah bond 52
by Majlis Ugama Islam Singapura due 2006.
3.4.2.l.l(i) Bencoolen Street project detail.. 52
3.4.2.1.2 Value Creation. 55
v
Page
3.4.2.1.3 Issues raised for raising musharakah bond
for waqf properties. 56
3.4.2.2 Sukuk al-intifa’a . 58
3.4.2.2.1 Case Study Zam-Zam towers. 58
3.4.3 Sukuk al-musharakah using istibdal and an internal I-REITs
arrangement for the waqf ownership. 60
3.4.3.1 Asset migration exercise-Istibdal process. 61
3.4.4 Other types of financing. 65
3.4.5 Saham Waqf- Waqf Shares. 67
3.4.6 Bait-ul-mal . 68
3.5 Real Estate Investment Trust (REITs). 68
3.5.1 Islamic REITs (I-REITs). 69
3.5.2 Types of REITs structure. 70
3.5.3 Conditions for structuring waqf assets. 71
3.6 Conclusion. 77
CHAPTER 4: SINGAPORE WAQF ADMINISTRATION,
MANAGEMENT AND DEVELOPMENT - CASE STUDY
MUIS
4.1 Introduction. 79
4.2 Historical background of Awqafva Singapore. 81
4.3 The legal structure of waqf in Singapore. 82
4.4 Waqf Administration in Singapore. 85
4.4.1 Waqf administration structure. 86
4.4.2 Creating Muis wholly owned subsidiary to manage waqf
assets. 88
4.4.3 Nationalisation of waqf institutions. 89
4.4.4 Variation in trustees and mutawallis . 90
4.5 Waqf Management portfolio in Muis. 92
4.6 Investment objectives of a waqf. . 97
4.7 Management of the beneficiaries. 101
4.8 The economic, social and religious impact of waqf in Singapore
society. 104
vi
Page
4.9 Other mechanism used in the creation of wciqf- the case of waqf
mosque. 106
4.10 The marketing and promotion of a waqf. . 107
4.11 Conclusion. 108
CHAPTER 5: RESEARCH METHODOLOGY
5.1 Introduction. Ill
5.2 Research design and strategy. Ill
5.3 Research methods. 113
5.4 Sampling of the semi-structured interviews. 115
5.5 Sampling strategy. 116
5.5.1 S ample size and group. 116
5.5.2 Population size. 118
5.5.3 Advantages of the sampling method. 120
5.6 Interview process. 120
5.7 Qualitative research process. 120
5.7.1 Interview preparation. 121
5.7.2 Transcribing the interview. 121
5.7.3 The preparation of the interview questions. 122
5.7.4 Analysing the data. 125
5.7.4.1 Content Analysis. 125
5.7.5 Transcribing and codifying the data for content analysis:
primary data analysis. 127
5.7.6 The field work. 129
5.7.7 Data analysis for the secondary data. 130
5.8 Reliability of data. 131
5.9 Conclusion. 133
VII
Page
CHAPTER 6: ADMINISTRATION AND MANAGEMENT
ISSUES IN SINGPORE WAQF SYSTEM: EMPIRICAL
ANALYSIS
6.1 Introduction. 134
6.2 Administration and Management of Waqf Assets. 135
6.2.1 Innovation and creativity in waqf management and
development. 136
6.2.1.1 Asset Migration Exercise ( Istibclal) . 137
6.2.1.1.1 Mortgaged of awqaf properties. 144
6.2.1.2 Using the leasehold title to expand the capital base
such as selling waqf on a 30 year lease or 99-year
leasehold title. 147
6.2.1.3 Acquisition of new assets locally and globally. 152
6.2.1.3.1 Going global on waqf management. 154
6.2.1.4 Injection of new funds to create new waqf. . 155
6.2.1.5 Creating new models of waqf asset management. 156
6.3 Legal and Governance Issues. 159
6.3.1 Good governance. 159
6.3.2 Excellence legal framework. 162
6.3.3 Progressive fatwa and shari’ah interpretation. 167
6.3.3.1 Progressive fatwa . 168
6.3.4 Easy Access to shari ’ah compliant financing. 169
6.5 Conclusion. 173
CHAPTER 7: INVESTMENTS AND FINANCING ISSUES
OF WAQF ASSETS
7.1 Introduction.
7.2 Permanent and perpetuity features in waqf .
7.3 The wa^/’investments committee.
7.4 Strategies and investment objectives of awqaf .
7.4.1 S afe and not risky.
7.4.1.1 Mitigating risk.
7.4.2 Capital preservation.
7.4.3 Benchmarking the income of waqf. .
175
175
180
181
182
183
184
189
VIII
Page
7.4.4. Shari ’ah compliance. 191
7.5 Asset allocation strategy for awqaf. . 197
7.5.1 Properties with regular income. 198
7.6 Contemporary instruments used for financing waqf development. 201
7.7 Problems for a waqf venturing into a REITs. 202
7.7.1 Small pool of quality assets. 202
7.7.2 No tax advantage. 203
7.7.3 Ownership, control and shari 'ah compliancy. 204
7.7.4 Pricing, confident and concentration risks. 208
7.8 Advantages of structuring waqf assets into REITs. 209
7.8.1 Liquidity and flexibility. 210
7.8.2 Allow management control of long leased assets. 212
7.8.3 Expansion and globalisation of waqf assets and expertise. 212
7.8.4 REITs reduces location, tenancy and financial risk. 215
7.8.5 Provision of new growth for stagnant waqf properties. 218
7.8.6 Tax incentives. 219
7.9 Conclusion. 220
CHAPTER 8: CONTEXTUALISING THE FINDINGS BY
PROPOSING A MODIFIED WAQF MANAGEMENT
STRUCTURE AND A NEW MODEL OF FINANCING AND
MANAGING WAOF ASSETS
8.1 Introduction. 224
8.2 Recommendations on the findings. 224
8.2.1 Administration and management. 224
8.2.2 Shari’ah and the legal framework. 230
8.2.3 Investment guidelines for waqf assets. 232
8.2.3.1 Creating an investment committee to set investment
strategies and objectives. 232
8.2.3.2 Asset allocation strategies. 233
8.2.3.3 Shari ’ah compliant investments. 233
8.2.3.4 Shari ’ah compliant financing of waqf. . 235
8.3 Waqf REITs a new frontier in the financing and development of 236
ix | Page
waqf
8.4 Consideration of structuring waqf assets under REITs. 236
8.4.1 Assets. 237
8.4.2 Ownership. 239
8.4.3 Management style. 239
8.4.4 Costs and competitiveness. 240
8.4.5 Tax. 241
8.4.6 Investors concerned. 241
8.5 Types of REITs. 242
8.6 Proposed shareholdings in waqf REITs. 242
8.6.1 Types of shareholders. 243
8.6.2 REITs as a company. 244
8.6.3 Waqf properties invested in REITs. 245
8.7 Proposed waqf- REITs structure. 246
8.8 Guiding principles of a waqf-KETY s. 246
8.9 Waqf- REITs is it a viable option?. 249
8.10 Conclusion. 249
CHAPTER 9 : CONCLUSION
9.1 Overview. 252
9.2 Potential challenges in recommendations. 253
9.2.1 Attitudes toward risk. 253
9.2.2. The organisational structure of waqf institutions. 254
9.2.3 Attitude towards riba and interest. 255
9.2.4 Lack of shari’ah compliant instruments in managing waqf
assets. 256
9.3 Reflections and limitations of the research. 256
9.4 Recommendations for further research. 258
9.5 Epilogue. 260
9.6 Concluding remarks. 263
BIBLIOGRAPHY . 266
APPENDIX 1
x
Page
Lists of Tables
Table No.
Page
2.1
Conditions for al-mauqoof ( assets of waqf) in different
countries regulation and act
20
2.2
Differences between Trust and Waqf in the Singapore
context
37
3.1
Effect of the increase in the value of waqf assets through
development and the sale of properties on a long-lease
concept (99 years)
66
3.2
Financing method used for waqf properties- Comparison
of methods used in three states namely Majlis Ugama
Islam Melaka (MAIM), Majlis Ugama Islam Negeri
Sembilan (MAINS) and Majlis Ugama Islam Johor
(MAIJ) with Majlis Ugama Islam Singapura ( MUIS)
67
3.3
Average Yield on different types of REITs and asset
classes
72
3.4
Types of Singapore waqf properties, valuation and yield
72
4.1
Types of waqf assets as at 31 Dec 2008
92
4.2
Refurbishment of Waqf Jamae properties
93
4.3
Extract of waqf income 2009 & 2008
95
4.4
Yield comparison by different types of waqf, managed
by different groups of trustees and different mixed of
assets classes
96
4.5
Matching investment horizon with investment strategies
99
4.6
Disbursement due to beneficiaries by country in FY
2008
102
4.7
Amount allocated by types of beneficiaries in FY 2008
(by %)
104
5.1
Kinds of research methods
114
5.2
Classification of interviewees
117
5.3
Percentage of sample against population size
118
xi Page
5.6
Question and thematic answers to interview question 1
on administration and management of waqf
128
6.1
Results for Question 1 ( Administration and
management issues in wacjj)
136
6.1.1
Focused coding Number 1 for Question 1(
Administration and management issues)
137
6.2
Answers to Question 4 ( shari ’ah)
141
6.2.1
Focused coding number 1 for Question 4 {shari ’ah)
142
6.3
Extraction of waqf Jamae accounts for the year 2008
142
6.4
Sample of borrowings
143
6.5
Focused coding number 2 for Question 4 ( shari ’ah)
144
6.6
Summarised version of the Wakaf Hadji Daeng Tahira
Haji DaengTadaleh Account for the financial year 2008
146
6.7
Examples of waqf on a reversionary interest based on
lease
148
6.8
Examples of Waqf Saif Charity Trust using the 99-year
leasehold title to expand the waqf assets.
148
6.9
Answers to Question 3 ( shari ’ah)
149
6.10
Focused coding number 1 for Question 3 ( shari ’ah)
149
6.11
Focused coding number 2 for Question 3 {shari ’ah)
150
6.12
Differences of property sold on freehold basis and on
leasehold basis
151
6.13
Focused Coding number 2 for Question 1
(Administration and management issues)
156
6.14
Focused coding no. 3 for Question no.l( Administration
and management issues)
160
6.15
Answers to Question 1 ( shari’ah issues)
164
6.16
Some foreign legislation on waqf
164
6.17
Focused coding number 4 for Question 1 {shari ’ah)
167
6.18
Focused coding number 5 for Question 1 ( shari ’ah)
168
7.1
Results for Question no.8 ( shari’ah)
177
7.1.1
Focused coding number 1 for Question 8 ( shari ’ah)
177
7.1.2
Focused coding number 2 for Question 8 ( shari ’ah)
178
xii | P a g e
7.2
Results for Question 1 (investments of waqf assets)
180
7.3
Answers to Question 2 (investments of waqf assets)
181
7.3.1
Focused coding number 1 for Question 2 (Investments
of waqf assets)
182
7.3.2
Focused coding number 2 for Question 2 (Investments
of waqf assets)
184
7.3.2.1
Extract of the breakdown of the capital of the waqf
funds
185
7.3.3
Focused coding number 3 for Question 2 (Investments
of waqf assets)
190
7.3.4.1
Focus coding number 4 for Question 2 (Investments of
waqf assets)
192
7.3.4.2
Answers to Question 3 ( shari ’ah)
193
7.3.4.3
Focused coding number 1 for Question 5( shari’ah)
193
7.3.4.4
Focused coding number 2 for Question 5 ( shari ’ah)
195
7.3.4.5
Focused coding number 3 for Question 5 ( shari ’ah)
195
7.4
Answers to Question no.4 (investments of waqf assets)
198
7.4.1
Focused coding number 1 for Question 4 (investments
of waqf assets)
198
7.4.1.1
Assets allocation portfolios of the various institutions
199
7.4.2
Focused coding number 2 for Question 4 (investment of
waqf assets)
200
7.5
Answers to Question 1 ( contemporary instruments used
for financing waqf development)
202
7.5.1
Focused coding number 1 for Question 1 (contemporary
instruments used for financing waqf development)
202
7.5.2
Focused coding number 2 for Question 1 (
contemporary instrument used for financing waqf
development)
204
7.5.3
Focused coding number 3 for Question 1 ( contemporary
instrument used for financing waqf development)
205
7.5.3.1
Answers to Question 6 (shari ’ah)
207
xiii | P a g e
1.53.2
Focused coding number 1 for Question 6 ( shari ’ah)
207
1.53.3
Focused coding number 2 for Question 6 ( shari ’ah)
208
7.5.4
Focused coding number 4 for Question 1
(contemporary instruments used for financing waqf
development)
209
7.6
Answers to Question 2 (contemporary instruments used
for financing waqf development)
210
7.6.1
Focused coding number 1 for Question 2 (contemporary
instruments used for financing waqf development)
210
7.6.2
Focused coding number 2 for Question 2 (contemporary
instruments used for financing waqf development)
212
7.6.3
Focused coding number 3 for Question 2 (contemporary
instruments used for financing waqf development)
213
7.6.3.1
Major phase of waqf development
214
7.6.4
Focused coding number 4 for Question 2
(contemporary instruments used for financing waqf
development)
216
7.6.4.1
Comparison of yield, gross revenue and occupancy rates
of Singapore waqf and REITs
217
7.6.5
Focused coding number 5 for Question 3 (contemporary
instruments used for financing waqf development)
218
7.6.5.1
A-REITs portfolio management strategies
218
7.6.6
Focused coding number 6 for Question 2 (contemporary
instruments used for financing waqf development)
219
8.1
Recommended changes to the current waqf legislative
provisions
228
8.2
Consideration for ww// : REITS
237
9.1
Summary of responses from the semi-structured
interviews
262
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Lists of Exhibits
Exhibit /chart/ diagram Page No.
3.0 Musharakah structure for waqf Development in Waqf Kassim 47
3.1 Muis - Issuance of $35 million Bencoolen Street Musharakah Bond 54
3.2 Muis Musharakah Bond - Purchase of 11 Beach Road 63
4.0 Waqf administration chart 86
5.1 Main steps in qualitative research 113
8.0 Shareholdings in vra^f-REITs 243
8.1 Proposed structure of waqf- REITs 245
xv
Page
List of Abbreviations
AMLA-
HDB -
IDB -
IRAS -
KAPF-
MAS-
MUIS -
Pbuh -
REITs -
SAC-
SSLR -
TUCS-
URA-
Administration of Muslim Law Act
Housing and Development Board
Islamic Development Bank
Inland Revenue Authority of Singapore
Kuwait Awqaf Public Foundation
Monetory Authority of Singapore
Majlis Ugama Islam Singapura or Islamic Religious Council
peace be upon him
Real Estate Investment Trusts
Securities Commission
Straits Settlement Law Review
Trust Universe Comparison Service
Urban Redevelopment Authority
XVI
Page
Glossary of Terms
al- mauqoof
the assets that has been consecrated for waqf.
al- intifa ’a
granting of concessions relating to real estate.
al-awlad
the family.
al-salam
the deferred sale.
awqaf
plural for waqf.
Bai-tul-mal
treasury/ general endowment fund.
bai-bithamin al-ajil
deferred sale.
dana madrasah
religious education( madrasah) fund.
dinar
islamic currency .
diwan al-ahbas
finance department of the endowment (awqaf).
diwan al-nafaqat
department which keep all the accounts of the awqaf.
faraid
islamic inheritance system.
fatwa
legal opinions/edicts/religious decree.
feddan
an Egyptian unit of land area.
fiqh
Muslims jurisprudence; it covers all aspects of life,
religious, political, social or economic.
fuqalm
jurists who give opinion on various issues in the light of
the Qur’an and the Sunnah and who have thereby led to
the development of fiqh.
fuqara
the poor.
habs (pl.ahbas)
Muslim philanthropic act or another word for waqf.
hadith
a report on the saying, deed or tacit approval of the
prophet Muhammad ( peace be upon him).
haj
pilgrimage to Mecca. It is the 5 th pillar of Islam.
halal
permissible in Islam.
haram
prohibited in Islam.
hijrah
the Muslim calendar year.
hikr
long lease or perpetual lease use for renting or leasing.
hukr
exclusivity or monopoly.
ibadah
worship .
ihtikar
same meaning as hukr.
ijarah,
contract of renting;hiring;leasing
ijaratayn
two leases.
ijtihadi
interpretation of the law by the jurist.
infaq
dedication of a specific amount of charity.
inzal
same meaning as hikr but term used in Turkey.
isqat
the relinquishing of right.
istibdal
exchange.
istikar
same meaning as hukr.
xvii I P a g e
istisna
itfa ’ hakk al-hikr
jalsa
kampong
kharaj
khuluww al-intifa ’a
madrasahs
mahram
majlis fatwa
maqasid al-shari ’ah
masj ids
maslahah
mazhabs
muammalat
mudarib
mudharabah
mufti
mujahirun
muqata ’a
murabaha
manfa ’a
musharakah
mutawallis
this is a kind of sale where a commodity is transacted
before it comes into existence. Usually used for
transaction which is work in progress,
it is a contract created to circumvent the contract of
hikr. This contract allows the person or institution to
apply to court to get the hikr contract dissolve,
see hukr.
is a malay word to describe a village,
war tax and booties.
a loan contract made to a waqf . Contract commonly
used in Egypt for rental of waqf properties.
religious school.
unmarriageable kin.
the religious decree (fatwa ) council.
goals and objectives of shari 'ah.
mosques.
problems.
Muslim school of religious jurisprudence,
transaction.
a working partner; the partner who provides
entrepreneurship and management in a mudharabah
agreement as distinct from the person who provides the
finance.
co-partnersip where at least two parties are involved in
a commercial transaction in which one party provides
capital, while the other offers skill in carrying out the
business successfully in view of sharing the subsequent
profits or loss accordingly. This is the Islamic financing
technique used by the Islamic financial institution,
a Sunni Islamic scholar who is the religious head of the
organisation.
the people who migrate from Mecca to Medina are
called the Mujahirun during the time of the prophet.
same meaning as nasba. This term is used in Turkey for
the same meaning as hikr or hukr.
sale on profit;cost-plus profit;sale at stated cost price
and marked up.
benefit.
joint partnersip or joint venture. An Islamic financing
technique where parties come together for business.
Profit is distributed among the partners in pre¬
determined ratios,
administrators.
xviii I P a g e
muzara ’a
nasba
nazar am
nazir
nuqud
qard hassan
Ouran
rabbul-mal
gharar
riba ’
sadaqah
saham wakaf
sakk
sayiddina
shari ’ah
sukuk
sukuk al-intifa ’a
tabayu
takaful
thawab
urf
vaqf
wakaf am
wakaf khas
wakap
waqf
waqfahli
waqf irsyod
waqf Khayri
waqf muabbad
sharecropping contract. Contract for the cultivation of
land between the owner of the land and the worker with
the condition of sharing the produce.
same meaning of hukr, hikr however this term is used in
Turkey.
general vow.
administrator.
cash.
a gracious loan /loan extended without charging any
fee or interest.
The Holy book containing the actual words of Allah
revealed to the Prophet Muhammad ( peace be upon
him).
investor; owner of capital.
uncertainty, ambiguity and chance or risk.
literally means increase, addition, expansion or growth
/usury.
charity.
islamic endowment shares,
singular of sukuk ( certificate).
salutation given to the prophet, his companions and men
of high spiritual traditions,
revealed law/ way of life.
plural of sakk. Cheque, certificate of debt, certificates of
investment.
certificate of rights to the real estate. (in this case a
limited rights on the real estate for a limited time
period,
purchase.
a scheme of mutual support that provides insurance to
individuals.
rewards in the hereafter,
custom.
the Turkish spelling and consonant for waqf.
general waqf ; wakaf is the malay consonant for waqf.
specific waqf.
Indonesia consonant for waqf.
islamic endowment,
family waqf.
waqf of land by any corporation, institution,
organisation or other bodies according to shari 'ah.
public waqf.
waqf in perpetuity.
xix I P a g e
waqf musyak
waqf musytarak
waqfzuhri
waqif
welaya
zakat
waqf of a right on any property which is jointly owned
and undivided.
consolidation of several waqf including waqf created by
way of istibdal and waqf shares,
family waqf.
the one who created the waqf.
territory.
obligatory levy on every Muslim who has wealth,
greater than the minimum amount called the ‘nisab ’.
xx I P a g e
Chapter 1: Introduction
1.1 The Importance of the Study
The Muslim philanthropic act which is known as waqf( pi. awqaf) or habs , is
called by some as an Islamic endowment or an inalienable trust. Lev in his book
epitomizes waqf as the highest form of charity in Islam (Lev, 2005). It is a pious
endowment which dates back as far as Islam.
Waqf is a superior and ingenious institution providing a social and economic
system to the Muslim community. It is a system where capital is bequeathed and
locked in perpetuity while the income stream from the capital promises a perpetual
income flow for the beneficiaries. The pertinent and unique nature of permanency
and perpetuity inherent in waqf and the perpetual usufruct create a very superior
philanthropic instrument complementing other charitable instruments in Islam such as
2 3
zakat (tax on wealth) and sadaqah (voluntary alms). However, this very
characteristic has hampered the growth of awqaf in many countries around the world
as claimed by Khaf and Kuran(1998; 2004), despite the glorious past of the waqf
system.
There is an abundance of emphasis in the Quran and in the hadith (the sayings
of the prophet) where helping the community and doing good is synonymous with
Islam. There are, however, no direct verses in the Quran mentioning the act of waqf.
The concept of waqf is derived from the hadith, or traditions of the Prophet
Muhammad (pbuh) 1 * 3 4 (Bearman, 2003; Mahamood, 2006). The famously cited origin
of the creation of waqf is a hadith recorded by Sahih Bukhari when Sayidinna Umar
(s.a.), the second caliph of the Prophet, came to the Prophet Muhammad (pbuh), to
ask advice about his best land in Khaybar, which he wanted to give to Allah (s.w.t.).
Prophet Muhammad (pbuh) said that the best charitable act is to devote your best
property to Allah and he had explained how the waqf should be done and organised;
that is to confine the capital and the benefits derived from the land which is the fruits
1 Habs (plural ahbas ) is used among the Malikis in North and West Africa, Morocco, Algeria and
Tunis.
Zakat is tax on wealth and it is the 3 pillar of Islam. See Qardawi Yusuf on Hukum Zakat
3
~ Sadaqah (plural sadaqat) is voluntary alms. The obligatory sadaqah is called zakat. Other spelling
used by Encyclopaedia of Islam is Sadaqah. See detailed meanings in Encyclopaedia of Islam, Second
Edition, Brill online. Acessed via http: www.brillonline.nl.ezphost.dur.ac.uk on 12 April 2010
4 The abbreviation pbuh means peace be upon him , an extension of prayer to him every time the
prophet’s name is mentioned.
11 P a g e
to be given to the people to benefit from (Bearman, 2003; Bukhari, 1996: 576; T.-U.
Rahman, 1980: 39) 5 . Accordingly, the property should be permanently alienated and
the income given in perpetuity. It should be noted that from such traditions, the law
on waqf was derived and by the third century the legal institution of waqf had been
formed (Hennigan, 2004). The current Muslims jurisprudence (fiqh) practised by the
waqf administrators all over the world stems from the traditions and various schools
of thought ( mazhabs ) and the laws of waqf. From the haclith, it shows that Sayiddina
Umar bequeathed his best land.
Due to this tradition, it can be observed that most of waqf land and properties
all over the world represent properties which are of high value either in terms of their
location or their productive value. It should be noted that the evidence of the many
historical and centrally located waqf around the world with their prime location and
assets of the highest value further shows the supremacy of waqf. Testimony to this
even in minority Muslim community is shown by the fact that waqf constitutes the
largest assets value in the total funds managed by Majlis Ugama Islam Singapura
(Muis). 6
The philanthropic act in Islam is propagated and greatly emphasized by the
fact that there are 82 injunctions (Qaradawi, 1988: 39) in the Quran which emphasise
the acts of zakat and charity, which further goes to show that charitable acts are
indeed important virtues and obligations of a Muslim. There are also abundant
economic tools and instruments from the early days of Islam to reduce the social and
economic gap in society. Waqf is one such instrument which complements other
fiscal, social and economic tools aiming at poverty alleviation, such as zakat, infaq ',
See also Ibn Hadjar al-‘Askalani, Bulugh al-maram, Cairo n.d.no.784. Sahih al-Bukhari in the Book
of A1 Wassiya. Sahih Muslim, Kitab Al-Wasiyya, Chapter DCL, pg 867. Extraction from Sahih
Muslims narration 4006, Ibn’ Umar reported: 6 Umar acquired a land at Khaibar. He came to Allah ’s
messenger; I have acquired land in Khaibar. I have never acquired property more valuable for me
than this, so what do you command me to do with it? Thereupon he (Allah's Apostle) said: If you like
you may keep the corpus intact and give its produce as Sadaqa. So ‘ Umar gave it as Sadaqa declaring
that property must not be sold or inherited or given away as gift. So Umar devoted it to the poor to the
nearest kin, and to the emancipation of slaves, and in the way of Allah, guests, for travellers,and for
kinsmen. The person acting as its administrator could eat from it reasonably and fairly, and could let a
friend of his eat from it provided he had no intention of becoming wealthy by its means
6 Muis - Majlis Ugama Islam Singapura or the Islamic Religious Council of Singapore is a Statutory
Board created by an act ie the Administration of Muslim Law Act Cap 3. It is a statutory board whose
principal function is to oversee the needs of the Muslim community as stipulated in the act. Based on
Muis Annual Report for the year 2008 - waqf constitutes 63% of Muis total fund.
y
Infaq is another form of charity where donor vows to give a defined amount on an almost mandatory
periodic basis. For example a Muslim gives infaq 10% of his salary for madrasah education every
month.
2 I P a g e
charity (sadaqah), faraict (Islamic inheritance system) (Muslim, 1985) to help social
and economic development in the Muslim community.
While waqf is an institution with immense potential for economic and social
reform for the community, there has been a pervasive underdevelopment and
mismanagement of waqf assets in many parts of the world (Kahf, 1998; Kuran,
2001) 9 . The underlying reasons may well be due to many factors: from inefficient
management to inflexible legal and shari’ah framework in the management and
rulings of waqf. Some of these factors, such as an over-protection of the waqf assets,
a dearth of innovative instruments in financing the development of waqf and a rigid
regulatory framework to generate higher yields from waqf assets to gain greater yield
have hampered the growth of waqf. Nevertheless, it has continued to develop as one
of the premier economic systems for the Muslim community.
According to Hodgson, the waqf system is the “primary vehicle for financing
Islam as a society” (1974: 124). This is true as we can see that there are vast awqaf
being created in the Middle-East and many other Muslim countries. While there are
no exact figures to quantify the asset values of waqf around the world, the assets
values around the region of the Haram (the vicinity around Masjidil Haram) in Mecca
are testimony of how valuable waqf assets are. In Iraq alone, while there is no census
detailing the value of waqf, it is estimated to have an asset worth US$lbillion 10 ("The
Boston Globe,"", 2003). The Kuwait Awqaf Foundation (KAPF) manages more than
KD 170 million in liquid assets and there are thousands of mosques and waqf
properties managed by them (Busharah, 2008). The system of waqf can be seen
operating in many of the most expensive locations in the world, a world heritage or
monument such as Mecca with its ubiquitous Kaa’ba, the Al-Aqsa mosque in
Jurusalem, the Imam square in Isfahan, Iran, and many more important sites which are
rich in history and situated in some of the most valuable and historical sites in the
world. However according to Kuran (2001), waqf has become a dysfunctional
institution which gave rise to economic underdevelopment in the Muslim countries,
O #
Faraid is the Islamic inheritance system. See Kitab Al-Fara ’id from Sahih Muslim, the book
pertaining to the rules of inheritance. In Singapore the rules of inheritance are under the Shari’ahh.
court which issues inheritance certificates and decides on any issues on the distribution of Muslims
assets. Information can be accessed through their official website at www.faraid.gov.sg
9 Monzer Khaf paper on waqf and origin, showed the development and decadence of waqf
10 Reported in the The Boston Globe, July 13, 2003, Sunday, 3 rd Edn. “The waqf produces no annual
report of the kind typically available in the United States. But waqf officials estimate the endowment
employs about 10,000 people throughout the country. The bureaucracy is so ponderous and its portfolio
so vast that few ministry officials know its value, though estimates usually run in excess of $1 billion”
3 I P a g e
especially in the Middle East. Therefore while it is a potential economic power
house, little has been done to unlock this potential.
While many superior examples of waqf are found in the Middle East, in
Turkey and other Muslim countries, other small states with minority Muslim
communities such as the Republic of Singapore have their own unique history on
handling waqf and financing the social and religious needs of their societies.
Muslims comprise 14% n of Singapore’s multi-racial and multi- rel
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