CONTEMPORARY SHARI'AH STRUCTURING FOR THE DEVELOPMENT AND MANAGEMENT OF WAQF ASSETS IN SINGAPORE

TL;DRAbstract

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 o

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