
Browse by Author "Magda Ismail Abdel Mohsin"
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- PublicationAlternative financial instruments to riba interest and their role in distributing and redistributing the wealth in a just mannerRubi Ahmad; Magda Ismail Abdel Mohsin; Aishath Muneeza (UM Press, 2023)
The failure of the capitalist system in financing with zero interest created a huge gap between the rich and the poor. According to the World Bank statistics of 2012 on Global Issues, more than 80% of the world's population live in countries where income inequality is very wide. As stated by the World Bank 20% of the poorest of the world's population accounts for less than 2% of the global wealth where 20% of the richest account for almost 77% of the global wealth in 2008. One of the main causes of this wealth inequalities is the lending with interest and which in turn increases the wealth of the minority rich and reduce the wealth of the mass. Such situation encourages the authors to look at the alternative financial system which has been recommended in Islam and which provides many financial products that can help not only in reducing the gap between the rich and the poor but can promote economic growth in a just sustainable manner. The main objectives of this book are to comprehensively discuss the Islamic financial products and the Islamic socio financial products using current practical cases besides highlighting their economic and social impact in various countries.
- PublicationAnalysing the roots of inflation in the Gambia: an Islamic approachAdama Sowe; Magda Ismail Abdel Mohsin (International Research Centre of Islamic Economics and Finance (IRCIEF), Kolej Universiti Islam Antarabangsa Selangor (KUIS), 2023)
Inflation is a persistent problem in many countries, including the Gambia. This study aims to analyse the roots of inflation in The Gambia and propose an Islamic approach to resolving the issue. The study uses a secondary data analysis approach to identifythe root causes of inflation, analyse its effects on the economy and the population, and propose an Islamic path to resolving the issue. Principles of justice, fairness, and social welfare guide the study. The study finds that various factors, including government policies, supply shocks, and external factors, cause inflation in the Gambia. Inflation has negatively affected the economy and the population, increasing poverty and hardship. The study proposes an Islamic approach to resolving inflation in Gambia, which involves adopting Islamic economic models and principles. The study concludes by summarising the findings and providing recommendations for policymakers and stakeholders in Gambia.
- PublicationApplication of zakat: from classical and contemporary perspectiveM. Kabir Hassan; Magda Ismail Abdel Mohsin; Aishath Muneeza (World Scientific Publishing Co. Pte. Ltd., 2023)
Zakat, being the third pillar of Islam, is an act of worship fulfilled by Muslims. As an obligatory means of alms giving expected of Muslims, it also helps to alleviate poverty in society by assisting such individuals to achieve a state of financial independence. It is maintained by Muslims that the principles of zakat derived from the Sharia is expected to remain unchanged with passing time. However, in order to achieve efficiency in the administration of zakat, innovation and technology can be used even within the parameters of Sharia. For students and researchers studying Islamic economics and zakat, it is hard to obtain the contemporary application of zakat from one single textbook as the books available in the market focus on elaborating the fiqh or jurisprudence of zakat. As such, the objective of this textbook is to provide the opportunity to learn the basics of zakat and its contemporary application by highlighting the innovative practices of zakat with issues and challenges.
- PublicationA brief history of waqf: an Islamic socio-financial institution of philanthropic endowmentMagda Ismail Abdel Mohsin (Sahulat Microfinance Society, 2019)
Abu Hurairah (May Allah be pleased with him) reported Allah's Messenger (PBUH) as saying: When a man dies his acts come to an end, except three things, recurring charity, or knowledge (by which people benefit), or pious offspring, who pray for him. (Sahih Muslim). Looking at the economic situation of Muslim countries today in terms of their high unemployment rate, high illiteracy rate, lack of healthcare, inadequate transport facilities, the spread of poverty and the low level of food production encourages the author to look at the institution of waqf more profound as an authentic socio-financial tool to help minimize such problems. This raises the following questions; what role did this institution play in the past? Why its role declined in the past century? How to revive its role again? What can this institution provide to the different Muslim societies today?
- PublicationCase study: waqf-shares - financing through movable waqfMagda Ismail Abdel Mohsin (Business Islamica, 2011)
Historically speaking the institution of waqf, which is a non-governmental organization (NGOs), has played a significant role throughout Islamic history, from the time of the Prophet (pbuh) to the beginning of the 19th century. Although this institution existed before the coming of Islam, yet, Islam was the first religion to develop its legal framework and regulate it. Thus, it became one of the devices created by Muslims to fulfill many services that are financed by the state or the government today, such as education, healthcare, national security, transportation facilities, basic infrastructure, food, shelter, and jobs for many. It acted like a network, penetrating many service sectors whenever it found a need to promote a particular sector. We cannot deny the role of this institution in the development of Islamic civilization before its destruction towards the end of the 19th century. With the recent revival of some of the Islamic institutions in the 21st century, the waqf found its way back with a new dimension focusing mainly on the creation of movable waqf in different countries. Waqf-share is one of the movable waqf which has been practiced in many Muslim and Muslim minority countries today. With the current financial crisis and the urgent need for capital to continue providing services needed by the different societies, the introduction of waqf-shares as a fundraising effort was totally accepted. The main objective for introducing waqf-shares is not only for capital accumulation but also to facilitate the process of creating waqf by the different sects of people in any society, regardless of whether they are rich or not, with the minimum amount of money they can afford in order to participate in developing their societies. This paper will address the current practice of waqf-shares in four different countries.
- PublicationCash waqf linked sukuk: a tool to empower SMEs in Southwestern NigeriaRoyhaanah Oluwatosin Opere-Adebayo; Magda Ismail Abdel Mohsin (INCEIF, 2023)
The economic situation in Nigeria needs intervention from various sectors to achieve sustainable results. One sector that has been proven to have a round effect on the economy is Small and Medium scale Enterprises (SMEs). The cash waqf linked sukuk has recorded huge success in jurisdictions that have practiced it, hence it is worth implementing in other jurisdictions. This research aims to study the applicability of cash waqf linked sukuk in promoting SMEs in the southwestern region in Nigeria. The research employed the qualitative approach through the use of interviews to professionals in the field of Islamic social finance in Nigeria. Using the thematic analysis to analyse the data, the research found out that indeed SMEs are very important to the economy, they currently have problems with financing and that cash waqf linked sukuk can serve as a viable and effective alternative and sustainable source of financing to the SMEs. The implementation will be successful if there is proper awareness and management, trainings of staffs to handle the cash waqf and proper and workable framework. The study found that the culture and religious factor of the region will enhance the acceptability of cash waqf linked sukuk and also identified possible challenges such as lack of regulation and policies for the implementation of cash waqf linked sukuk. The study concluded by proposing a workable framework for the implementation of cash waqf linked sukuk taking into consideration the findings of the research done.
- PublicationCash waqf: a new financial productMagda Ismail Abdel Mohsin (Prentice Hall, 2009)
This book will be a valuable addition to the growing literature on this finance subject. In the book, an attempt is made to explain the concept of cash-waqf, its mechanism, operations and management in the light of Shariah. As the book deals with both theory and application of the cash-waqf concept in Muslim countries as well as in non-Muslim countries, it will serve as a basis for further research work.
- PublicationCorporate waqf as a vehicle for Islamic microfinance - a proposal worth attentionMagda Ismail Abdel Mohsin (Red Money, 2015)
Ever since the 1970s, microfinance has become one of the schemes for poverty eradication and economic redevelopment strategies around the world. The main objective of this microfinance scheme is to eradicate poverty through financing the unemployed or low-income individuals or groups who are usually outside the formal banking system. Later on after the 1970s, millions of people from different countries, including Muslim countries, were accessing services from formal and semi-formal microfinance institutions (MFIs). All of a sudden, it has become a vast global industry involving a large number of governments, financial institutions and non-governmental organizations (NGOs) aiming to eradicate global poverty.
- PublicationCorporate waqf: from principle to practice: a new innovation for Islamic financeMagda Ismail Abdel Mohsin (Pearson Malaysia Sdn Bhd, 2014)
The institution of waqf is a historical institution adopted and developed by Muslims to get closer to Allah (s.w.t.) by providing different services to their societies and communities. This institution provides many goods and services such as education, healthcare, national security, different kinds of agricultural and industrial products, transportation facilities and basic infrastructure without any cost to the government. However, the last century, namely at the end of the Ottoman Empire, witnessed the destruction of this institution and its role was replaced and carried out by the governments in the Muslim countries, a move that exhausted the government's budget. Available in physical copy only (Call Number: BP 170.25 A1358)
- PublicationDeveloping sustainable social benefit scheme for the hard core poor using Islamic finance - zakah, waqf and qard hassanMagda Ismail Abdel Mohsin (2016)
The slides highlight: 1) the objective of the paper - to draw the attention to the four remarkable financial institutions which are meant to eradicate poverty, reduces inequalities and narrowing down the gap between the rich and the poor in an ethical and a just way; 2) current scenario/global poverty; 3) zakah financial institutions and products; 4) sadaqah financial institutions; 5) financial products under waqf.
- PublicationThe development of waqf in Sudan for sustainable developmentMagda Ismail Abdel Mohsin (Edward Elgar Publishing Limited, 2022)
Waqf is Islamic endowment, an institution which falls within the ambit of Islamic social finance (Abdel Mohsin and Muneeza, 2020). Waqf was one of the first established public institutions in Sudan. It was introduced by a cluster of Arab Muslims who arrived from Egypt in the seventh century. Abdullah b. Sarah was the commander of this group who fought and stopped the Noubi invasion (Al-'Asqalani, 1978). To commemorate this monumental victory, a church in Donqalah was converted into a mosque and later named "Donqalah al-'Ajouz Mosque" (Noor, 1996). It marked the first waqf establishment in Sudan. Since then, many waqf assets have been established, such as shops, mosques, schools, and libraries. As Islam spread, the Sudanese created waqf in Sudan and outside the country. For example, the leadership of 'Amarah Dunqas (1504-1533/4), the king of al-Sultanah al-Zarqa', was the first Sudanese leader to establish land and house waqf in Makkah and Madinah. It was continued by 'Abdellab, the heir of 'Abdellah Jamma, who also established waqf in Makkah. These waqfs still exist. Most of them are houses and land and some of their locations were identified in the 1990s in Saudi Arabia. Some of the assets are considered as family waqf while others are public waqf. The beneficiaries of those assets were used to free slaves and help certain people who came from Sudan to Makkah and Madinah. For the administration of these waqfs, their founders, who were in Sudan, appointed people from among their relatives or trusted people living in Makkah and Madinah to administer their waqfs (Abdel Mohsin, 2005).
- PublicationDiscussion on affordable housing problem: with special reference to the concept of brotherhood, waqf & zakatMagda Ismail Abdel Mohsin (2016)
The slides highlight: 1) issue and challenges of affordable houses; 2) Islamic teaching help in providing affordable housing; 3) creation of waqf to meet demand for affordable houses; 4) successful cases in transforming idle waqf properties into productive waqf properties.
- PublicationEconomic and social impacts of sovereign sukukIshraga Khattab; Mhd Osama Alchaar; Magda Ismail Abdel Mohsin (IGI Global, 2020)
This chapter explores the economic and social impacts of sovereign sukuk in Sudan and its unique challenges. The first of its kind, this research collected primary data from different groups of investors of Sudanese governmental sukuk. Adopting a qualitative approach (interview questions and open and closed-ended surveys), four sets of questions were distributed to four groups (individual investors, institutional investors, government officials, and academics). The survey found that despite sukuk's influence in activating the economy and financial markets, and encouraging savings awareness, the market in Sudan is facing many challenges. Accordingly, it is recommended that sukuk issuances should appeal to a wider audience including retail investors. The ensuing system, which could likewise be adopted by other countries, would generate more liquidity for development projects and may prove helpful for developed sukuk markets. Additionally, evolving capital markets would enhance the economic and social impact of governmental sukuk.
- PublicationEnhancing the regulatory framework for waqf in the MaldivesMuslih Mohamed Ismail; Magda Ismail Abdel Mohsin (International Research Centre of Islamic Economics and Finance (IRCIEF), 2024)
This paper delves into the historical significance of the classical waqf concept in the Maldives, tracing its roots to embracing Islam in 1153 AD. However, the prominence of waqf waned over time due to various social, political, and economic factors. The absence of a formalised legal and regulatory framework further contributed to this decline. Recent efforts by the Government have revitalised the waqf institution despite the need for a specific regulatory structure. This study examines the existing regulatory framework for waqf operations in the Maldives, focusing on its legal aspect. Through a qualitative approach involving semi-structured interviews with relevant officials, this research sheds light on the Maldivian waqf industry and its regulatory framework, offering insights to facilitate the systemisation of its waqf regulatory framework. This research's findings anticipate assisting policymakers in further enhancing the waqf legal framework in the Maldives.
- PublicationEnhancing zakat management for achieving SDG 1 in SomaliaHassan Ali Mohamud; Magda Ismail Abdel Mohsin (INCEIF, 2023)
Zakat is the third pilar of Islam and it is a form of obligatory giving, zakat has been mentioned in the Holy Quran about 30 times. Zakat has a positive impact of poverty alleviation and social welfare as was practiced for centuries. In the context of achieving Sustainable Development Goals (SDG 1), historically and contemporary zakat management plays a significant role in aiming for the goal. This study examines how enhancing zakat management can contribute achieving SDG 1 in Somalia by understanding current poverty in Somalia and how effective zakat management eradicate the poverty and achieve SDG 1 targets. The study highlights past and present successful strategies of poverty alleviation through zakat management including zakat administration such as collection, distribution, and utilization of zakat fund. The study also discussed obstacles and challenges faced improving zakat administration in Somalia, by identify lack government role for zakat admiration and corruption. The study was focused on how to answer the research problem while respecting the research questions and objectives. The study was adopted empirical to investigate the relationship between effective zakat management and achieving SDG 1 goal in Somalia. A survey method was conducted to answer the research questions and primary data was collected from sixty four (64) respondent out of the seventy (70) sample population. In analyzing the survey results, descriptive statistics was used to analyze the quantities data collected from the respondent. From the data analyzed, the majority of the respondent agreed that managing zakat management can eradicate poverty. Respondents also believe that currently Somalia is one of the poorest countries in world. There is percentage of the respondent agreed that the statement related lack of transparency, corruption and long-term civil war was the reason that zakat institution can't perform in Somalia. The study was concluded a number of recommendations which will help stakeholders such as government institutions, Islamic NGOs, Zakat payers and global researchers, in special Somalian future researchers.
- PublicationEvolution of waqf practices: sky is the limit for innovationsMagda Ismail Abdel Mohsin (INCEIF, 2019)
Waqf (plural awqaf) is a continuous charitable endowment given away for the goodwill. Once created, it must stay permanently to finance different needs for the next generation. Waqf can be defined as "the confinement of a property (movable or immovable) by a founder(s) and the dedication of its usufruct in perpetuity for the wellbeing of societies for generations to come". The inherent perpetuity of waqf gives its flexibility to accommodate the arising needs of Muslim societies throughout centuries. As such, it is seen as an institution with an immense potential for economic and social reform (MIFC, 2015).
- PublicationExploring digitalization of Malaysian banking and fintech companies' services from the customer's perspectiveRubi Ahmad; Chan Wai Meng; Magda Ismail Abdel Mohsin (New Millennium Discoveries, 2022)
This paper aims to explore the process of digitalization of the financial services provided by Malaysian banks and FinTech companies and to address the issues and challenges they face. Both secondary and primary sources are used in this study, where the latter represented by questionnaires and in-depth interviews with the banking and FinTech practitioners. The qualitative aspects of the Analytical Network Process method are used to identify and analyze economic, regulatory, and operational issues faced by banks and FinTech institutions in the process of digitalizing financial services. The findings provide useful insights on whether the policies set by Bank Negara of Malaysia either accelerate or hinder the growth of Malaysia's digital finance sector. The challenges faced by banks and FinTech companies, while digitalizing their financial services, are quite similar. They include the concerns of cyber security, lack of customer readiness in utilizing the financial services, particularly in rural areas, and the need for financial authorities to maintain stronger consumer and investor protection due to high pace of evolution of financial technology. It was also noted that customers have evolving expectations towards digital financial services, because they want seamless digital banking solutions to meet their daily needs. Previous studies had their focus on the benefits and impact of digital finance on financial inclusion as well as financial innovation. This research takes a different approach as it reflects on the impact of digitalization of financial services provided by banks and FinTechs through the prism of customer perspective.
- PublicationFamily waqf: its origin, law, development, abolition and futureMagda Ismail Abdel Mohsin (IIUM, 2009)
Historically speaking, the institution of waqf, a redistribution institution and a non-profit institution, played a remarkable role in developing the Islamic societies as well as in assisting the Islamic State in providing all the essential services as it; supported the health and the educational sectors, supplied the basic infrastructures, provided jobs, enhanced the commercial business activities, provided food for the hunger, sheltered the poor and the needy, besides supporting the agricultural and industrial sectors, without any cost to government. However, this role had been deteriorated since the end of the 19th century up to the present time as the governments in the different Muslim countries gave the right to themselves to centralize its administration and to confiscate and abolish family waqf. By doing so, the government hopped that they will solve all the problems which had occurred to the waqf properties during that time. However, they fail to realize that they are destroying its remarkable role, which it had played throughout the past centuries.
- PublicationFeasibility of corporate waqf as a vehicle for Islamic microfinance, case study of BangladeshHameedah Muhammad; Magda Ismail Abdel Mohsin (INCEIF, 2016)
Studies of Islamic micro finances, sustainability and its development are an important thought in the Islamic finance arena. The global socio economic problems are in increasing motions provoking the betterment of the Muslim ummah and society in general, resulted in widening the gap between the poor and the rich. Muslim ummah in the need for an economy that will bridge the gap among the strata of society. Hence, Islamic micro finance considered as an alternative Shariah compliant tool for Muslims to distribute their wealth in a way that will produce a productive nation. However, studies showed that due to the lack of sufficient fund in IMFIs, the institution had the minimum reach if compared to its conventional counterpart. Islamic micro finance relatively does lack of fund if compared to its conventional peer and hence it's affecting its performance. In the Islamic socioeconomic concept, there is a source of social fund that is economically and politically free of charge, namely; cash waqf. This study tries to bring forward a new concept of obtaining a perpetual fund to support Islamic micro finance by encouraging not only the individual, but the corporate world by utilising their corporate social responsibility to create corporate waqf. Examining the case of Bangladesh, the institution of waqf will play a vital role in providing a perpetual fund to support Islamic micro finance.
- PublicationFinancing & galvanizing idle waqf properties into income generating propertiesShaikh Hamzah Shaikh Abdul Razak; Magda Ismail Abdel Mohsin (Sudan Academy of Banking and Financial Sciences, 2017)
The main objective of this study is to present the current successful cases in making a revolution reform of the old and idle waqf properties into income generating properties in Muslim and Muslim minority countries. These reforms include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the mass, taking care of the health of the people, and sheltering the poor and needy in the different countries. Case under studies are: Turkey, Malaysia, Singapore, Sudan, Indonesia, New Zealanf, Kuwait, India, Pakistan and Bangladesh.
- PublicationFinancing the development of old waqf propertiesMagda Ismail Abdel Mohsin (2017)
The slides highlight: 1) definition of waqf; 2) current scenation of waqf; 3) transforming old waqf properties into productive waqf.
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