20 - INCEIF
Organised by2 0 1 9INCEIF-ISRAInaugural AnnualConference onIslamic Economicsand FinanceCALLFOR PAPERTheme:“ ISLAMIC FINANCE AND ISLAMIC ECONOMYECOSYSTEM IN THE ERA OF DIGITALISATION”NOVEMBER25 & 26, 2019KEYNOTE SPEAKERDr. Sami Al-SuwailemDirector General,Islamic Research and Training Institute (IRTI)3 BESTPAPERAWARDSPUBLICATIONOPPORTUNITIESSpecial issues on Islamic Economyand Finance of the followingSCOPUS-indexed journals:InterContinental Kuala Lumpur165, Jalan Ampang, Kuala Lumpur,50450 Kuala Lumpur.SEPTEMBER 30,2019OCTOBER 15,2019FULL ISTER ATWWW.INCEIF.ORG/I-ARIEF/REGISTERREGISTRATION FEES2010International Participants— USD 350 : Early Bird Rate (Before November 1, 2019)— USD 450 : Normal Rate (November 1, 2019 and after)discount for studentsIndonesian/Malaysian Participants— RM 1,000 : Early Bird Rate (Before November 1, 2019)— RM 1,200 : Normal Rate (November 1, 2019 and after)Note: Price exclude 6% Service Tax.discount for groupregistration (3 and above)PAYMENT DUE: NOVEMBER 8, 2019ISRA International Journal ofIslamic FinanceStudies in Economic and FinanceNOVEMBER 25 & 26,2019COVERAGE CONFERENCEThe coverage of the conference includes, but not limited to:CONTACTSarafuddin Syahid Sowel:sarafuddin@inceif.orgAsmawi Asari:asmawi@inceif.orgWWW.INCEIF.ORG/I-ARIEF Islamic finance and financial inclusionIslamic finance and attainments of SDGsInclusive finance and inclusive growthHalal economyIslamic economy, Islamic finance anddigitalisationIslamic bankingIslamic capital markets Islamic social finance (Zakat, Awqaf etc.)Islamic financial innovationsGovernance and regulatory framework forIslamic financeTakaful and wealth managementFintechCrowdfundingThe paper can be theoretical, empirical or case studies.The paper and presentation can be made in English or Arabic.
IFHUBPP18986/07/2018(034546)ISSN 0127-9998ISSUE 2 JUNE 2019Editor-in-ChiefAssoc Prof Dr BaharomAbdul HamidDirector,Research Management Centrebaharom@inceif.orgINSIDEiiEditor’sNote1In PersonEditorAsst Prof Dr Adam NgDeputy Director,Research Management Centreadam@inceif.orgCoordinating ProducerMs Wiaam HassanSenior Research Executivewiaam@inceif.orgIF Hub Liaison OfficerMs Rita Norzizana Mohd NoorProgramme Executiverita@inceif.orgPublished byInternational Centre forEducation in Islamic FinanceLorong Universiti A,59100 Kuala Lumpur, Malaysia.Tel 603 7651 4000Fax 603 7651 4094Designed byCIME ADV Sdn. Bhd.cimeadv@gmail.comArt Director/ Graphic Designer:Mohd Nazri MurtaazaPrinted byPercetakan Surya Sdn. Bhd.Plot 29, Jalan IKS BK2,Taman IKS Bukit Katil,Bukit Katil, Melaka 75450,Malaysia. 2019 INCEIF. All Rights Reserved.by Assoc Prof Dr.Baharom Abd Hamid.Evolution of WaqfPractices: Sky is TheLimit for Innovationsby Assoc. Prof. Dr.Magda Ismail Abdel Mohsin,INCEIF.8Research HighlightsRice ATMs:Technology BasedInnovations forEnhancement of Zakatby Assoc Prof Dr. Aishath Muneeza,INCEIF.16Social FinanceSocial FinanceInnovationby Asmah NabilaProject Executive,INCEIF.22The contents of this (newsletter/article/journal) are of a generalnature. You are advised to seekspecific professional advice on anytransaction or matter that may beaffected by this (newsletter/article/journal). If you require furtheranalysis or explanation of the subjectmatter, please do contact us at rmc@inceif.org, a subject matter expert onthe topic or the person to whom younormally consult for such matters.INCEIF “Think Tank”InstitutionalizingKhairat Funds viaTakaful (Part 1)by Mr Ezamshah Ismail,Senior Teaching Fellow (INCEIF),ABL Group Members:Lim Sze Khai (MScIF),Siti Aishah Masli (MIFP),Nik Nasrul Faiz Bin Nik Hziman (MScIF),Nur Izzani Binti Hafiz (MScIF).30Aspiration:Why Aspirefor a PhD?by Kulsanofer ThajudeenPhD in Islamic Finance.
EDITOR’SNOTEAssalamualaikum wbt,INCEIF has always aspired to be the reference point and knowledge leader in Islamicfinance regionally and globally. With continuous improvement of the quality ofour academic programmes, coupled with active and aggressive applied researchefforts, InsyaAllah, we would be there.The theme of our second issue of IF HUB for the year 2019 is “INNOVATION INISLAMIC FINANCE”. We are honoured to have Assoc. Prof. Dr Magda Ismail AbdelMohsin on Evolution of Waqf in ‘in Person’ column. Under ‘Research Highlights’we have Assoc Prof Dr Aishath Muneeza, sharing her view on the integration oftechnology in Zakat distribution, through her article titled “Rice ATMs”: TechnologyBased Innovations for Enhancement of Zakat Where are We Now in IntegratingZakat with Technology?”. Under our ‘Social Finance’ column, we have Sister AsmahNabila writing on Social Finance Innovation.INCEIF has always been at forefront in bridging the academia and industryplayers in Islamic finance industry. Action based learning programme is one ofthe efforts to ensuring the students are connected to the real world of Islamicfinance. Under 'INCEIF’s Think Tank' column, a group of studentsfrom ABL programme, supervised by Mr Ezamshah Ismail, ourSenior Teaching Fellow, shared their findings based on theirABL project, titled “Institutional Khairat Funds Via Takaful: Part 1”.This article is certainly a must read as it describes an innovativeapproach for takaful players and mosques to collaborate in servingthe community. Students experience and aspiration is somethingwe are proud of and in ‘Aspiration’ column, we are pleased tohave Ms Kulsanofer Thajudden to share on her big WHY inpursuing her PhD in Islamic Finance.Last but not least my gratitude for all the players whohave played a key role in making this special issue of IFHUB a reality, both directly and indirectly. We wouldalso like to thank the readers for the feedback provided.Assoc. Prof. Dr Baharom Abdul Hamidbaharom@inceif.org
IN PERSONEvolution of Waqf PracticesSKY IS THELIMIT FORINNOVATIONSby Assoc Prof Dr Magda Ismail Abdel Mohsin (INCEIF)EVOLUTION OF WAQF PRACTICESWaqf (plural awqaf) is a continuous charitableendowment given away for the goodwill. Oncecreated, it must stay permanently to finance differentneeds for the next generation. Waqf can be definedas “the confinement of a property (movable orimmovable) by a founder(s) and the dedicationof its usufruct in perpetuity for the wellbeing ofsocieties for generations to come”. The inherentperpetuity of waqf gives its flexibility toaccommodate the arising needs of Muslimsocieties throughout centuries. As such, itis seen as an institution with an immensepotential for economic and social reform(MIFC, 2015).RECENT INNOVATIVE PRACTICESOF MOVABLE WAQF/CASH WAQFThe last few decades have witnessedthe revival of the institution of waqfand the creation of movable waqf i.e.cash waqf. According to a report byMIFC (2015), corporate and cash waqf arebecoming popular particularly due to theflexibility they offer.IFHUB JUNE 20191
Cash waqf, which is a type of moveable waqf established by using cash,emerges as an innovative approach in providing various financial models tomeet the expectations of societies’ needs in Muslim countries.Innovative practices of cash waqf in creating financial modelsIt has been realised that different cash waqf models are created to fulfil thevarious arising needs in the different Muslims societies. Among the types ofcash waqf, is waqf shares model that is available in Sudan, United Kingdom,Malaysia and Kuwait. Through waqf shares, an individual can do waqfthrough cash by purchasing share unit with minimum value and the waqf isoffered to Allah s.w.t for the interest and welfare of the ummah. In Malaysia,waqf shares scheme has been able to play its role in gathering the neededfunds to engage in projects that benefit the Malaysian societies such as;development of existing waqf land, renovating mosques and religious schools,providing physical amenities for the Muslim community, maintaining thereligious infrastructure and financing medical facilities (Ismail Abdel Mohsin,Magda, 2019).2IFHUB JUNE 2019
Waqf can be definedas “the confinementof a property (movableor immovable) by afounder(s) and thededication of its usufructin perpetuity for thewellbeing of societies forgenerations to come”.The direct cash waqf model which is created by the Muslim minoritiesin Singapore, New Zealand and India is supporting their communitiesin different ways such as; burials of poor Muslims, establishing charityprojects, supporting the orphans, helping refugees, providing marriageguidance, financing the cost of marriages and giving dowry, assistingthe handicapped and financing medical expenses for poor Muslims.Meanwhile, the cooperative waqf model which is practised in Uzbekistanaimed to provide the basic needs for each district in terms of education,health and shelter. The corporate cash waqf model which is practised inIndia, Pakistan, Bangladesh, Turkey and Malaysia, supports the educationand the health sectors at large scale. All of these are good practices of cashwaqf models which have been customised to meet societies’ needs in mostinnovative styles.IFHUB JUNE 20193
Waqf, FinTech and BlockchainIslamic banks recently played a great role in meeting arisingneeds in different societies by expanding the collection of cashwaqf through digital platform. In Bangladesh for instance, thereare two financial institutions namely, Social Investment BankLimited and the Islamic Bank Bangladesh Limited that offerdeposit waqf product schemes which allow public to depositmoney as waqf in a cash waqf based account. The banks willthen issue cash waqf certificate and the revenue from theinvestment will be used for various charitable purposes suchas rehabilitation of beggars, upliftment of poor education oforphans, village health care and sanitation, supplying puredrinking water, establishing hospitals, clinics and health careprogrammes for the poor.Meanwhile, in Malaysia, Bank Muamalat issued a debit card called“Aisya”, which comes with a unique feature of waqf. For everyretail transaction performed by the customer, 20 percent of theinterchange fee received, will be contributed to waqf withoutdeducting or imposing any fee to the customer. It is believedthat the waqf sector in Malaysia will move toward digitalisationand fintech inclusion following the launch of the waqf reportby World Bank, International Centre for Education in IslamicFinance (INCEIF) and International Shari’ah Research Academyfor Islamic Finance (ISRA). This indicates serious commitmentof the Malaysian Government to actively working on the Waqf4IFHUB JUNE 2019
Act as well as heavily engaging with experts in information technology toincorporate waqf with blockchain and artificial intelligence. This recentdevelopment in digital economy will be taken into consideration as acomponent of the Act as it could address the issue of transparency and trustin the implementation of waqf. Subsequently, this could raise the confidentof public to contribute to cash waqf. Even though this is very new for cashwaqf to venture in, yet it is a great source for innovative waqf models thatare more trusted, transparent, efficient and better traced. A good examplefor this is FINTERRA, a global cloud-based FinTech service provider whichhas developed a crowdfunding platform that uses digital ledger technology,or blockchain to create “smart contracts” that would be tied to specificwaqf projects. The objective of this firm is to provide more efficient ways tomanage waqf.IFHUB JUNE 20195
The ultimate objective ofwaqf is to achieve maqasidal-shariah and definitely theinnovations that have beenused to develop waqf in thisregard has fulfilled this.POTENTIAL FOR MORE INOVATIVE MODELS FOR CASH-WAQFThere are a few potential models on cash waqf and innovation are beingproposed depending on the societal needs.Micro-waqf projectThe term micro-waqf is introduced as an innovative feature of waqf, referringto a specific small scale waqf projects. For example, “Micro-waqf is proposedby MARA University of Technology Malaysia to support its education andto create a culture of inclusive participation from the targeted communitythrough minimum contribution.Waqf-based micro-takaful /waqfulThe call for the creation of waqful is another innovation combining bothcash waqf and takaful. The proposed model is based on the micro-takafulwhich would cover the extremely poor, while proposing donation from thewealthy people to subscribe to the waqf-based schemes in favour of suchbeneficiaries.Waqf-based social sukukLikewise, the mechanism of waqf could possibly be used for developingwaqf-based capital market products. Similar to the existing waqf shares, anew model of waqf-based ṣukuk structure can be proposed. In this respectwaqf-based sukuk could raise huge amount of fund which could fulfil mostof the societal needs, hence creating Muslim welfare society. Currently thereare only two sukuks have been issued in the world to develop waqf lands.They are Sukuk al-Intifa’a for Zamzam Tower and Musharakah Sukuk byMUIS (Majlis Ugama Islam Singapura). There is a huge prospect to issuewaqf perpetual sukuk. However, this innovation is yet to be researched andimplemented. Perpetual sukuk are among the latest innovative instrumentin the Islamic capital market that could be adopted to enhance waqf.6IFHUB JUNE 2019
CONCLUSIONIt is evident from this article that waqf has evolved for centuries and differentinnovative means have been used to develop waqf for the benefit of humanitywhether for economic or social development. There is no limit to innovationof waqf as long as the parameter laid down by shariah is followed. In thisregard, the statement made by Abu Ishaq Al-Shatiby (as cited by Engku Ali,2013) is important. فإن هللا وضع هذه الشريعة المباركة حنيفية سمحة سهلة حفظ فيها على الخلق قلوبهم وحبها لهم بذلك فلو عملوا على خالف تخلص به سمحة به حنيفية آلقوا المباركة فيما الشريعة عليهم والسهولة لدخل الخلق قلوبهم وحبها لهم بذلك فلو عملوا على خالف ال فيها على سهلةماحفظ السماح هللا وضع هذه فإن تخلص به this به ما ال blessed عليهم فيما آلقوا righteous السماح والسهولة لدخل “Surely Allah madeShariah accommodating and convenient andmadeblessedrighteousShariahand“SurelyAllah madethis blessedShariahaccommodatingand heartsof righteousthethispeopleandinstilin themlove (andrespect for the law).Hadthus won the hearts of the people and instil in them love (and respect for the law). Hadconvenientandthuswontheofthe notpeopleand instilin ve ndfacility,theycouldnotheartshave ns”.love (and respect for the law). Had they acted against convenience andfacility, they could not have honestly performed their obligations.”The ultimate objective of waqf is to achieve maqasid al shariah and definitely the innovationsThehasultimateof waqfto achievemaqasidshariahandthatbeen usedobjectiveto develop waqfin thisisregardhas fulfilledthis. It is alhopedthat withdefinitely the innovationsIndustrialmore innovationthis regard waqfis yet toincomeandregardthe evolutionwaqf will this. It is hoped that withthat has4.0beenused fwaqfistoachievemaqasidal-shariah and definitelycontinue yettocomeandthe evolutionof waqf haswillthe innovations that have been used to develop waqfin this regardReferences:continue eternity.fulfilledthis. Riding on the Industrial Revolution 4.0, it is hoped that thereAbdel Mohsin, M. I., (2019). Integrating Waqf Crowdfunding into the Blockchain: A Modernwouldbemoreinnovationandin waqf.Approach forCreatinga WaqfMarket”, Edition,Editedfurtherby Umar A. developmentOseni, Fintech inIslamicFinance Theory and Practice, 1st, Routledge.References:REFERENCES:Abdel Mohsin, M. I, and et al., (2016). Financing the Development of Old Waqf properties,PalgraveAbdel Macmillan.Mohsin, M. I., (2019). Integrating Waqf Crowdfunding into the Blockchain: A ModernAbdelMohsin,M. I., Creating(2019). IntegratingWaqfMarket”,Crowdfundinginto the Blockchain:A Modernfor Creatinga WaqfApproachfora WaqfEdition,EditedbyUmarApproachA. Oseni,Fintechin aqf:From PrinciplePracticePearsonMalaysiaEdition,EditedA. Oseni,Fintechin IslamicFinancetoTheoryandPractice,1st, Routledge.IslamicSdn.Bhd. Finance Theory and Practice, 1st, Routledge.Abdel Mohsin, M. I, and et al., (2016). Financing the Development of Old Waqf Properties, Palgrave Macmillan.Abdel Mohsin,Mohsin, M.M.I.,I.,(2009).Cash Waqf:New aSdn. Bhd.Mohsin, M. I, and et al., (2016). Financing the Development of Old Waqf properties,Palgrave Macmillan.AbdelBhd.Abdel Mohsin, M. I., (2009). Cash Waqf: A New Financial Product, Pearson Malaysia Sdn. Bhd.Mohammad AnasModernmeansfor theand Investingof odernmeansfor Financingthe Financingand Investingof Awqaf projects”, ed. Hasmen Basar,projects”,ed. HasmenBasar, ManagementandDevelopmentof AwqafProperties,Managementand Developmentof AwqafProperties,(Jeddah:IslamicResearch(Jeddah:and Training Institute, 1987), 43.Islamicand Training43.AbdelResearchMohsin,M. I., Institute,(2014).1987),CorporateWaqf: From Principle to Practice Pearson MalaysiaAdnan Ertem, (2014), Marvelous Pious Foundations (Waqfs) Throughout History, Directorate General of Foundations Publications,Ankra.AdnanErtem, (2014), Marvelous Pious Foundations (waqfs) throughout History, DirectorateSdn. Bhd.Generalof foundationspublications,AnkraMIFC(2015),Waqf: Realisingthe SocialRole of Islamic Finance, MIFC. Retrieved on July 2019 http://www.mifc.com/index.php?ch 28&pg 72&ac 130&bb uploadpdfAbdelMohsin, M. I., (2009). Cash Waqf: A New Financial Product Pearson Malaysia Sdn.Press release(20 July 2016) d. release(20 July 2016) ress/2016/PR-BANK MUAMALAT Debitroom/press/2016/PR-BANK MUAMALAT Debit Card Launch 2016.pdfCard Launch s/airlines/waqf-airlinesMohammad Anas al-Zarqa, “Some Modern means for the Financing and Investing of AwqafDevelopment of Awqaf Properties, (Jeddah:Islamic Research and Training Institute, 1987), 43.)2000 (بيروت ، دار العصرية ، 136 ص ، 2 ج ، الموافقات في أصول الشريعة ، الشاطبي ssion 1 - Dr Engku Rabiah.pdfprojects”, ed. Hasmen Basar, Management andhttp://irep.iium.edu.my/35516/3/Session 1 - Dr Engku Rabiah.pdfAdnan Ertem, (2014), Marvelous Pious Foundations (waqfs) throughout History, DirectorateGeneral of foundations publications, AnkraPress release(20 July 2016) press/2016/PR-BANK MUAMALAT Debit Card Launch 516/3/Session 1 - Dr Engku Rabiah.pdf)2000 (بيروت ، دار العصرية ، 136 ص ، 2 ج ، الموافقات في أصول الشريعة ، الشاطبي IFHUB JUNE 20197
RESEARCH HIGHLIGHTSRICEATMs:TECHNOLOGYBASEDINNOVATIONS FORENHANCEMENT OFZAKATWhere Are We Now in IntegratingZakat with Technology?By Assoc Prof DrAishath Muneeza,INCEIF8IFHUB JUNE 2019In this February, it was announced that The FederalTerritories Islamic Religious Department (Jawi) hopesto install ‘rice ATM machines’ at 85 mosques in theFederal Territory to facilitate its 23,000 asnaf or titherecipients (Bernama, 2019). It is reported by Bernama(2019) that the cost of this machine isRM19,000 andis the first in the country and it has two functions,namely to give out rice supply in desired quantity andhas a donation box to receive funds from the public.On February 15th, first rice ATM machine was installedat Al-Akram Mosque in Kampung Datuk K
technology in Zakat distribution, through her article titled “Rice ATMs”: Technology Based Innovations for Enhancement of Zakat Where are We Now in Integrating Zakat with Technology?”. Under our ‘Social Finance’ column, we have Sister Asmah Nabila writing on Social Finance Innovation.
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Basic counselling skills for drug dependence treatment Drug dependence and basic counselling skills Module 1 Special considerations when involving families in drug dependence treatment. Basic counselling skills for drug dependence treatment Workshop 1. At the end of this workshop you will be able to: Training objectives Identify a minimum of 4 counselling strategies useful in drug abuse .
AC Datta College Botany (For degree students), Manzar Khan Oxford University, Press Kolkatta. 4. Gangulee Das and Dutta – College Botany Vol- I , New central Book Agency, Kolkatta. 5. Pandey and Ajanta Chaddha A.Text Book of Botany Vol II, Vikas Publication Pvt. Ltd, New Delhi. PRACTICALS: Study of morphological, anatomical and reproductive structures in Lycopodium, Selaginella, Equisetum .
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