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Article
Publication date: 25 November 2013

Magda Ismail Abdel Mohsin

Recently the revival of the institution of waqf took a movable form especially in terms of the creation of cash waqf which found its ways as one of the financial institutions…

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Abstract

Purpose

Recently the revival of the institution of waqf took a movable form especially in terms of the creation of cash waqf which found its ways as one of the financial institutions financing different goods and services in the different countries. In an attempt to enrich the literature on this area, this study is an extension to the authors' work, focusing mainly on the different goods and services provided by different cash waqf schemes in Muslim and Muslim minority countries without depending on the government to provide their needs. The paper aims to discuss these issues.

Design/methodology/approach

This study uses data collected from primary sources including text from the Hadith, while data collected from secondary sources include books, articles, journals besides web sites and e-books.

Findings

The findings show the potential of cash waqf in financing not only religious areas but also financing different goods and services needed globally, such as education, health, social care and commercial activates, basic infrastructures, besides opening jobs for the majority of people.

Practical implications

The expected outcome of this research is to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance all sectors in Muslim and Muslim minority countries without exhausting government budget.

Originality/value

A revitalization of an old Islamic financial product to meet the different needs.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 6 no. 4
Type: Research Article
ISSN: 1753-8394

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Book part
Publication date: 20 January 2022

Randi Swandaru and Magda Ismail Abdel Mohsin

COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this…

Abstract

COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this unprecedented disaster. Having said that, zakat has been utilized to respond to this ongoing suffering in Muslim countries. This chapter explore zakat utilization for COVID-19 under the shariah perspective and discuss the role of zakat to respond to the pandemic in Muslim countries. A qualitative methodology including conceptual and content analysis is applied to conduct this study. The findings show that most sharia scholars agreed to utilize zakat for the COVID-19 pandemic and endorse advance zakat payment. Moreover, zakat has been disbursed mainly to fulfil basic needs, support emergency health services, sustain education activities, recover economic impact and maintain dakwah programme. The global zakat institutions have also started up the international initiative to respond to this pandemic. This study contributes to the academia on showing how zakat is a conceivable and reliable instrument to give immediate response to this pandemic in Muslim countries. The best practices found in this study are worthy for zakat institutions to continue their programme under this pandemic and be resilient for the next global scale of disasters.

Details

Towards a Post-Covid Global Financial System
Type: Book
ISBN: 978-1-80071-625-4

Keywords

Available. Content available
Article
Publication date: 25 November 2013

M. Kabir Hassan

243

Abstract

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 6 no. 4
Type: Research Article
ISSN: 1753-8394

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Book part
Publication date: 20 January 2022

M. Kabir Hassan, Aishath Muneeza and Adel M. Sarea

Abstract

Details

Towards a Post-Covid Global Financial System
Type: Book
ISBN: 978-1-80071-625-4

Available. Content available
Book part
Publication date: 20 January 2022

Free Access. Free Access

Abstract

Details

Towards a Post-Covid Global Financial System
Type: Book
ISBN: 978-1-80071-625-4

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