Research Workshop on
“REVIVAL OF WAQF FOR SOCIO ECONOMIC DEVELOPMENT”
November 4-5, 2017, DHAKA, Bangladesh
Organised by
Islamic Research and Training Institute (IRTI)
Islami Bank Bangladesh Limited (IBBL), Dhaka, Bangladesh
Center for Zakat Managment (CZM), Dhaka, Bangladesh
CALL FOR PAPERS
BACKGROUND
For more than half of a century, the modern Islamic financial practice has been considered in a nascent stage by many academicians and practitioners. Until recently, some have argued about the potential Islamic finance has for solving the socioeconomic difficulties of society. However, the recent development and progress of Islamic banking and finance have proven its ability to provide a complement to the conventional system. This is evident during the recent financial crisis (2007-2009), the resilience of Islamic finance makes it promising for not only absorbing financial shocks but in providing fair and efficient alternative means of financial intermediation. Similarly, the potential contributions of Islamic finance are viewed from their ability to foster financial inclusion, support small and medium enterprises through risk sharing and asset-back financing, and Shariah restrictions to speculation may also reduce systematic risk (Kammer et al. 2015). Consequently, the United Nations’ paradigm shift to Sustainable Development Goals (SDGs) is another avenue that paves the way for Islamic finance to excel since its models focus on the societal well-being and environmental protections through Magasid Shariah realization (Ahmed et al. , 2015; World Bank & Islamic Development Bank Group, 2016). The models of Islamic banking and finance have been linked with the institutional and welfarist concept of sustainability that aims at providing long-term solvency of the financial institution as well as the well-being of society (Aliyu et al. 2016). Islamic social finance-waqf, zakat, microfinance- is such a link for socio-economic development of the masses.
An efficient Waqf management helps to preserve valuables either in the form of cash or non-cash fixed asset earned from voluntary but permanent distribution of wealth in an Islamic society. An Waqf institution transforms this value to enhance socio-economic contributions of Muslims and Islamic entities in a Shari’ah compliant way. It is considered as a charitable capital gift, and more explicitly “a beautiful loan” to Allah swt. Since Ibn Umar (r.a) with his land in Khaibar until today, numerous initiatives are considered to explore and justify the importance of Waqf as (1) a voluntary contribution, (2) a sustainable development institution, and (3) an effective socio-economic development tool.
Malaysia started Waqf management in the fifties by enacting number of rules at the state as well as central government level. The Council of Islamic Religion is the trustee of all Islamic Waqf resources. Management of the Waqf properties are vested upon the Council, not on the Mutawalli, which is considered to be a major impediment in Waqf management. Since 2007, National Fatwa Council in Malaysia agreed to allow cask Waqf, opening a vast opportunity for socio-economic development. The amount of cash Waqf collection alone can reach USD 1 billion a year in Malaysia. Recent studies have identified trust (on Waqf management), convenience and religiosity are the major determinants of successful Waqf management. Waqf in India is traced back to the Delhi Sultanate when Sultan Mohammad bin Tuglaq appointed Ibn Batuta, the famous traveller, as the trustee of the first known Waqf in India. In Pakistan, the Awqaf Ordinance and the West Pakistan Waqf Properties Rules of 1960 opened rooms for formal Waqf management. Waqf properties in Pakistan are managed by an administrator from the central Waqf management authority, and that authority will be supported by several legislations. Bangladesh chapter of Awqaf Ordinance is the consequence of the Bengal Waqf Act of 1934 and Waqf Ordinance of 1962. Later, Waqf Ordinance Amendment Act (2013) and Waqf (estate transfer and development) Special Ordinance Act (2013) were introduced to enhance efficiency in Waqf management. At present, the Waqf Administration Bangladesh administers collection, transfer, management of moveable and immovable properties that are registered under Waqf Bangladesh. The administration also manages the proportion of income from the Waqf properties for charitable and other causes in various types of Waqfs (Public versus endowments). However, not much information on the contribution of Waqf is available on public and academic domain. In order to achieve the full potential of an Islamic system, Waqf resources should be managed alongside mainstream Islamic resources – Islamic banks, equities, Zakat, microfinance, etc. Waqf can also significantly contribute to eradicate poverty through its addition in National Financial Inclusion Strategy.
In light of the above, Workshop seeks:
• To explore Waqf regulation in IDB Member and Non-Muslim majority countries, it modernization, and relationship to shari’ah.
• To stack the performance of Waqf activities in IDB Member Muslim countries/jurisdictions.
• To offer activity- and time-wise distribution of Waqf resource management in Member countries.
• To understand the antecedents and consequences of Waqf assets (both physical and cash) in Member countries.
• To understand the strategies and models to promote Waqf related activities for greater socio-economic development.
• To enhance good governance practices through the formulation of informed policies for Waqf projects in the country.
• To understand the confluence of waqf, zakat, charity, Islamic microfinance impacting socio-economic development of Member countries
SUB-THEMES
The contributions will cover the following areas related to Waqf but not limited to:
• Fiqh of Waqf – Comparative Schools of Thought: Issues and challenges in Fiqh of Waqf according to four schools of thoughts.
• Waqf collection and management strategies
• Waqf and socio-economic development
• Waqf fund management, investment, and financing
• Governance and sustainability using Waqf system
• Poverty eradication and Waqf
• Financial inclusion and Waqf
• Implication of Baitulmal, Waqf, Zakat, Sadaqah, Hibah and Infaq
• Learning from research experience from other countries in SAARC and beyond
• Antecedents and consequences of efficient Waqf management
• Cash Waqf
• Distribution of income in Waqf
• Islamic social finance: zakat, waqf, microfinance, charity
• And other interesting research areas.
PUBLICATION OPPORTUNITIES:
A number of selected conference papers will be considered through fast-track reviewing process for publication in the Journal of Islamic Economics, Banking and Finance (SCOPUS, ABDC, ABS). Other publication opportunity also exists in other scholarly journals such as International Journal of Islamic and Middle Eastern Finance and Management (SCOPUS, ESCI, ABDC, ABS) and scholarly book indexed by scopus.
Academic Contact:
M. Kabir Hassan, Ph.D.
2016 IDB Laureate in Islamic Banking and Finance
Professor of Finance and
Hibernia Professor of Economics and Finance and
Bank One Professor in Business
Department of Economics and Finance
University of New Orleans
New Orleans, LA 70148
Office Email: mhassan@uno.edu
Alternate Email: KabirHassan63@gmail.com
Office Phone: 504-280-6163
Cell Phone: 610-529-1247
Dr. Khalifa Mohamed Ali
Senior Economist
Islamic Research and Training Institute (IRTI)
Islamic Development Bank Group (IDBG)
P.O.Box 9201 Jeddah 21413
Kingdom of Saudi Arabia
Phone: 966-12-646-6226
Email: khalifaali@isdb.org
Assoc. Prof. Dr. Abd elrahman Elzahi Saaid Ali
Senior Economist
Islamic Research and Training Institute (IRTI)
Islamic Development Bank Group (IDBG)
P.O. Box 9201 Jeddah 21413 Jeddah- Saudi Arabia
Phone: 966 (12) 646 6328
Email: aelzahi@isdb.org
PAPER SUBMISSION GUIDELINES:
1. All papers must be submitted via online submission system.
Step 1: Click on Log in (For existing ConfBay Account User) or Register (First time ConfBay User)
Step 2: Log in the ConfBay System
Step 3: Click on "My Submission" and follow the instruction
2. Please submit extended abstract with detailed about topic, methodology, analytical framework, and an outline.
3. Paper must be in Microsoft Word format (doc, docx). Please do not submit ZIP files.
4. An academic committee will review the abstracts and papers and depending on the quality of the papers, up to 10 best papers will be selected for presentations.
5. Please limit the use of acronyms, abbreviations and references in the abstract.
6. Papers have to follow formatting: A4 paper, single-spaced, with Times New Roman 12.
7. We recommend Harvard referencing system.
8. Keywords for the article: 3-5 keywords are sufficient.
9. Submitted paper should not have been published nor under the consideration for publication elsewhere
TRAVEL AND ACCOMMODATION
This workshop is envisioned as a meeting of minds among thinkers, scholars and practitioners (maximum 20 persons). Authors of the accepted papers will be covered for round-trip economy class air ticket and hotel accommodation during the workshop.
ORGANISER