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.

Waqf has been established in Malaysia as a social instrument that is utilised for the purpose of charity and/or religious purposes. Despite the availability of waqf assets in Malaysia through property and unit trusts, initiatives taken by individual States' Islamic Religious Councils, and the establishment of JAWHAR at the federal level to coordinate development of waqf assets, the overall utilisation, development, and reach of waqf assets in achieving its intended purposes remain low. Differing approaches taken by the individual State Islamic Religious Councils are also evident. This research paper thus proposes the establishment of a centralised waqf asset management company to manage waqf assets, taking lessons from foreign experiences such as Kuwait and Singapore, which emulate a traditional asset management company to solve the underlying issue of the underdevelopment of the waqf assets. To achieve that, the study ascertains the need for a waqf asset management company and the required regulatory and operational framework required for the company to manage and develop waqf assets through the adoption of applicable Islamic debt and capital market instruments. For the structure of the waqf asset management company, we conduct a qualitative study on the literatures surrounding waqf in general. Then, we focus on the current issues surrounding waqf management in Malaysia and recent developments in waqf financing. Finally, we review waqf management in Kuwait and Singapore and apply the understanding and structures of their waqf management for the conceptualisation of a waqf asset management company in Malaysia.

Against the backdrop of a comatose or almost non-existent waqf system or institution in the Nigerian state, the thesis was designed with an wholistic objective of enhancing the operability of waqfs in Nigeria by ultimately prescribing policies and writing a waqf law for Nigeria such that will expedite establishing a sound and well-functioning waqf system in the country. Adopting qualitative research; in-country case studies, interviews, legal reasoning, descriptions and narratives, we studied the classical waqfs in Islam as well as the historic and modern experiences of waqf in selected countries of the (Muslim) world ...

The claim of this thesis is that the waqf is not just a religious institution, but is an economic institution capable of contributing to economic growth. Accordingly, this thesis enquires into three questions: what factors led to this centralization process in Malaysia and its undesirable results, why we should care to change the situation, and what would be the solution to enable the waqf to achieve its full economic potential in this country. The objective of this thesis is to find a modern and efficient governance framework for waqf institution in Malaysia so that it can fulfill its intended purpose. The research methodology used was qualitative in nature. These were literature review, legal reasoning, interviews, case studies and comparative analysis. Findings suggested that although the British policies and the English common law introduced during the colonial period in the Malay States had impacted the local attitude towards waqf, the State controlled situation was also caused by an impulse on the part of the Malay sultans to consolidate what remained of the autonomous space allowed to them: matters relating to Malay culture and Islamic religion. These were reposed in the newly introduced State Islamic Religious Councils, over whom the Sultans presided. Other than centralization, two other major changes from the classical Islamic position on waqf were also inserted even after Malaysia gained independence. These were a removal of express reference to family awqaf in any written laws, and a restriction of endowments of more than 1/3rd of the waqif’s property even whilst he is living. The result of these changes were less than desirable, showing that up to the year 2008, awqaf properties in Malaysia were under utilized and had not been sufficiently managed to be self-sustaining, requiring state funding in order to meet their purposes. Compared to the flourishing foundations in the United States and the post 1967 republican vakiflar of Turkey that have moved in ways that would meet community and society’s needs thus contributing to the economy, it is a finding of this thesis that the Malaysian situation must and can be changed. Amongst the proposals given arising from the research are that an incorporated waqf form should be allowed with independent management by a board of trustees, restoring the legal rights of freedom to endow for family waqf and any amount of property during the life of a waqif (other than by bequest or death-bed endowment), ensuring in the case of current management of awqaf by the State Islamic Religious Councils that an appropriate check and balance mechanism is emplaced by way of separation of judicial and administrative duties between Sharia’ courts and the Mufti’s role in the governance of awqaf, economic incentives such as tax-deduction and tax-recognition introduced, relooking into asset management and funding possibilities and developing the social capital to encourage people to endow more awqaf. Finally and most importantly, a modernized waqf governance framework and an appropriate oversight and regulatory institution are recommended in order to address the agency issues that were the original concern of this thesis.

Ensuring socio-economic justice, eradication of poverty and equitable distribution of wealth are among the primary objectives of Islam. Even so, a significant number of Muslims around the world are deprived of their basic needs. The scenario only worsens in times of financial and political turbulence. There is a desperate need to find sources of funding to rescue people from their miseries and offer sustainable solutions. Zakat has great potential to meet the funding needs. This chapter argues that zakat contributions will be amplified if corporate entities pay zakat as legal persons or on behalf of their Muslim shareholders. This chapter proposes development of a zakat calculation software to facilitate corporate entities and Islamic financial institutions calculating their zakat obligations reliably. Development of such software requires Islamic finance research entities to team up with information technology experts. Prominent Shariah scholars will play the essential role of validating and endorsing the Shariah compliance of the software.