“The beneficial impact Zakat and Waqf on achieving SDGs can be achieved by integrating them with the financial sector. Providing interest free loans to poor and vulnerable people from Zakat and Waqf sources will assist them to become less vulnerable and more resilient, thus allowing them to take part in produc-tive economic activities. It is imperative to expand the Zakat base, develop exist-ing Waqf properties for income generation, and enhance the efficiency of these institutions to revive Zakat and Waqf for social development. The anthology of scholarly papers offers comprehensive knowledge about this important aspect of Islamic social finance.”

—Dr. Mulya Effendi Siregar, Chief Commissioner, PT Bank Syariah Mandiri, Indonesia

“This edited volume on waqf results from a workshop on the ‘Revival of Waqf for Socio-Economic Development’, jointly organized by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group, Islami Bank Bangladesh Limited (IBBL) and the Center for Zakat Management (CZM), in Dhaka, Bangladesh during November 4th–5th 2017. The focus is on sustainable development, legal issues and management strategy. This book rep-resents a valuable addition to the literature on waqf from a contemporary per-spective. It should be essential reading for both academic researchers and those involved in waqf management professionally.”

—Rodney Wilson, Emeritus Professor, Durham University, UK

“The institutions of zakat and Awqaf have jointly played an important role in socio-economic development of Muslim societies and are still capable of offering a universal solution to achieve SDGs. Along with the private and public sectors, Awqaf, in particular, is capable of serving as an effective vehicle for sustainable development. Waqf can provide an effective basis of channeling charitable funds in the private non-profit sector. The papers in this book offers comprehensive analysis of conceptual and practical implementation of Islamic social finance in society.”

—Professor Datuk Rifaat Ahmed Abdel Karim, Henley Business School, University of Reading, UK

Revitalization of Waqf for Socio-Economic Development, Volume II

Khalifa Mohamed Ali · M. Kabir Hassan · Abd elrahman Elzahi Saaid Ali

Editors

Revitalization of Waqf for Socio-Economic

Development, Volume II

EditorsKhalifa Mohamed AliIslamic Research and Training InstituteIslamic Development BankJeddah, Saudi Arabia

M. Kabir HassanDepartment of Economics and FinanceUniversity of New OrleansNew Orleans, LA, USA

Abd elrahman Elzahi Saaid AliIslamic Research and Training InstituteIslamic Development BankJeddah, Saudi Arabia

ISBN 978-3-030-18448-3 ISBN 978-3-030-18449-0 (eBook)https://doi.org/10.1007/978-3-030-18449-0

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

v

Foreword

Waqf has been historically a major source of support for socio-economic development in the Islamic world. The Islamic Development Bank is lead-ing the revival of waqf to contribute towards the Sustainable Development Goals in our member countries.

This book comprises of research papers analysing and proposing inno-vative applications of waqf. The book highlights the role of waqf man-agement in socio-economic development, poverty alleviation, and the role that waqf institutions might potentially play in expediting inclusive and sustainable growth.

On behalf of the Islamic Research and Training Institute, I thank the authors and editors who made this book a reality. We hope such efforts contribute to better understanding and creative formulations of waqf to meet the challenges of the twenty-first century.

Jeddah, Saudi Arabia Sami Al-SuwailemActing Director General

Islamic Research and Training Institute (IRTI)

vii

Acknowledgements

The two volumes of Revitalization of Waqf for Socio-Economic Development book result from an International Workshop on Revival of Waqf for Socio-Economic Development held at Pan Pacific Sonargaon in Dhaka, Bangladesh on 4–5 November 2017, under the auspices of Islamic Research and Training Institute (IRTI), Jeddah, Islami Bank Bangladesh Limited (IBBL) and Center for Zakat Management (CZM). We want to thank all workshop paper presenters, participants, session chairs, and paper reviewers for their timely and valuable contribution for the realization of this international workshop. The thought-provoking engagement of Islamic scholars in the two-day international workshop generated innovative ideas, new dimension and dynamics enabling waqf to mobilize resources for facilitation of health, education, poverty reduc-tion, and other social services. This may open up a new source to shoring the resource gap for SDG goals and targets within the stipulated time frame.

The workshop was planned when Professor Dr. Azmi Omar was the DG of IRTI, and Arastoo Khan was the Chairman of the Board of Directors of Islami Bank Bangladesh Limited (IBBL). Niaz Rahim, Chairman of Center for Zakat Management (CZM), joined this effort with open arms. The book publishing was approved with Palgrave Macmillan when Dr. Humayon Dar was the DG of IRTI.

We want to thank the Honorable President of Bangladesh, His Excellency Md. Abdul Hamid for officiating this conference at Hotel Pan Pacific Sonargaon. We also want to thank the Governor of

viii ACKNOWLEDGEMENTS

Bangladesh His Excellency Fazle Kabir, the Honorable Chairman of IBBL Board His Excellency Arastoo Khan and Chairman, Center of Zakat Management, His Excellency Niaz Rahim for contributing to the success of this international conference.

Our special thanks go to Dr. Miah Muhammad Ayub and Mr. Arastoo Khan who played critical role at each stage of the workshop from orig-inal idea to completion of this conference. Without their much needed timely intervention and active engagement, this conference would not have been possible. Our sincere thanks are to Mr. Mohammad Habibur Rahman of IBBL International Wing for connecting us all across conti-nents and different time zones in the world. We also thank Md. Abdul Hamid Miah, Ex-MD of IBBL and Md. Mahbubul Alam, ex-AMD and current MD of IBBL for their financial and logistical support for this international workshop.

We want to thank Eman Ahmed Adam of IRTI and Sydul Karim of University of New Orleans for editorial and formatting assistance. We want thank Dr. Mamun Rashid, now at University of Brunei Darussalam, Dr. Mizanur Rahman of Islamic Bank Training and Research Academy (IBTRA), Dr. Mahmood Ahmed, DG of IBTRA, Abdul Awwal Sarker, GM of Bangladesh Bank, Professor Muhammad Muzahidul Islam of Dhaka University, Professor M. Kabir Hassan of University of New Orleans, Dr. Khalifa Mohamed Ali and Dr. Abd elrahman Elzahi Saaid Ali of IRTI for reviewing papers for this conference.

We want to thank Professor Dr. Md. Nazmul Hassan, current IBBL Chairman, Professor Dr. M. Shamsher Ali, Professor Emeritus, Southeast University, Mr. Salahuddin Kasem Khan, Executive Chairman, SEACO Foundation, Dr. Mohammad Ayub Miah, CEO, Center for Zakat Management, Mr. Abdul Muyeed Chowdhury, Former Secretary of Government of Bangladesh, Mohammed Humayun Kabir, Director, IBBL, and Dr. Muhammad Abdul Mazid, Former Secretary of the Government of Bangladesh for chairing different sessions of the workshop.

We also want to thank Dr. Hafizur Rahman, former Waqf Administrator of Government of Bangladesh, Dr. Manzur-e-Elahi, Professor Mokhtar Ahmed, Asian University of Bangladesh, Professor Muzahidul Islam of Dhaka University, Dr. Sheikh Abdul Rashid, former Additional Secretary of Government of Bangladesh, Dr. Zubair Mohammad Ehsanul Hoque, Dhaka University, Professor Dr. Mohammad Main Uddin of Rajshahi University, Professor Dr. Mahbubur Rahman of North South University,

ACKNOWLEDGEMENTS ix

Professor Dr. Farid A. Sobhani of Daffodil University, AMM Nasiruddin, Former Secretary, Government of Bangladesh, Professor Dr. Syeda Sultana Razia of BUET and Dr. Shariful Alam, Chairman of ASEAB and Md. Shahidul Islam of the Office of Bangladesh Waqf Administrator for dis-cussing papers in the different workshop sessions. We also want to thank the diplomats, high officials, bankers, industry leaders, and civil society for their participation and deliberations at the conference.

Finally, we want to thank Tula Weis, Senior Editor of Palgrave Macmillan for her support gracious support for publishing this book and Jacqueline Young for helping us through the production process for this book.

Khalifa Mohamed Ali M. Kabir Hassan

Abd elrahman Elzahi Saaid Ali

xi

contents

1 Introduction 1Khalifa Mohamed Ali, M. Kabir Hassan and Abd elrahman Elzahi Saaid Ali

Part I Waqf and Sustainable Development

2 Role of Waqf to Attain the “SDG-1: Ending Poverty” in Bangladesh 15Md. Abdullah Al Zobair and Mohammad Azizul Hoque

3 Financing the Sustainable Development Goals (SDGs): The Socio-Economic Role of Awqaf (Endowments) in Bangladesh 35Foyasal Khan and M. Kabir Hassan

4 Integrating Family Waqf into an Inheritable Going Concern Business: An Instrument for the Sustainable Welfare of Exempted Heirs 67Umar Habibu Umar

xii CONTENTS

Part II Legal Issues in Waqf Management

5 Exploring Dynamics of Private Giving as Income Support Institution for Endowment Deficient Consumers 91Salman Ahmed Shaikh and Mohd Adib Ismail

6 Analysis of the Law of Waqf in Thailand 115Anis Pattanaprichawong and Sulaiman Dorloh

7 Waqf Law and Islamic Religious Revenue: New Sources of a State Revenue 127Abdul Ghafar Ismail and Wahyu Ario Pratomo

8 Legal Constraints to the Development of Waqf 153Habib Ahmed

Part III Other Issues in Waqf Management Strategies

9 Management of Mudaraba Waqf Cash Deposit in Islami Bank Bangladesh Limited: An Evaluation 177Mahmood Ahmed

10 Cash Waqf and Preferred Method of Payment: Case of Malaysia Using an AHP Approach 187Mohamad Isa Abd Jalil, Anwar Allah Pitchay and Sofri Yahya

11 The Indonesia Waqf Board (BWI): An Analytical Network Process Analysis 207Qurroh Ayuniyyah, Abrista Devi and Tika Kartika

12 Waqf Management in the Light of Maqasid al Shariah: Bangladesh Perspective 229Abu Ayub Md. Ibrahim and Shahadat Hossain Khan

CONTENTS xiii

13 Decomposing Problems in Cash Waqf Fund-Raising in Indonesia 249Khairunnisa and Anita Priantina

14 Do Religiosity and Socio-Economic Aspects Influence Zakat and Waqf Payment? 269Permata Wulandari and Miqdad Rabbani

15 Mediating Role of Trust in Cash Waqf Donations 293Rashedul Hasan, M. Kabir Hassan and Mamunur Rashid

Index 319

xv

notes on contributors

Md. Abdullah Al Zobair is a Lecturer (Political Science) in the General Education Department at Bangladesh Islami University. He is awarded UNDP Young Research Grants 2019 for doing research on resource mobilization strategy for strengthening local government. Mr. Zobair received his B.S.S. and M.S.S. degrees in Political Science with distinc-tion from the University of Dhaka and now enrolling as an M. Phil. researcher with the same university. Mr. Zobair has four published aca-demic articles in peer-reviewed journals and two dozens of post-ed-itorial columns on sociopolitical issues in national and international dailies and magazines. Mr. Zobair holds the Executive Director posi-tion at Bangladesh Initiative for Policy and Development, Organization Secretary of Bangladesh Political Science Association, and member of several professional bodies and research groups. He worked for the coun-try’s leading news media: Radio Today, The Daily Sun, The Financial Express, The Daily Star and United News of Bangladesh. He concur-rently works as a Lead Writer at the country’s oldest daily The New Nation. Mr. Zobair received more than ten scholarships, research and travel grants for his outstanding academic results, and expertise in pol-itics and governance. He participated in summer schools, peace camps, seminars and conferences in Nepal, Sri Lanka and Turkey.

Professor Habib Ahmed received his M.A. from University of Chittagong, Bangladesh, Cand. Oecon. from University of Oslo, Norway and Ph.D. (Economics) from University of Connecticut, USA. Before joining Durham

xvi NOTES ON CONTRIBUTORS

University as Professor and Sharjah Chair in Islamic Law and Finance in 2008, Professor Ahmed was Manager, Research & Development, Islamic Banking Development Group, National Commercial Bank and worked at Islamic Research and Training Institute of the Islamic Development Bank Group in Saudi Arabia. He has taught at the University of Connecticut, USA, National University of Singapore, University of Bahrain and worked as Visiting Professor at Hamad Bin Khalifa University, Qatar. Professor Ahmed has authored/edited more than 100 research papers and publications, which include articles in international refereed journals, books, chapters in books and other academic papers/monographs/reports. He has also worked as consultant for organizations such as United Nations, World Bank, Islamic Development Bank (IRTI), Islamic Financial Services Board, COMCEC and CIBAFI.

Dr. Mahmood Ahmed is an executive Vice-President and Director General of Islami Bank Training and Research Academy (www.ibtra.com), Dhaka, Bangladesh. Dr. Ahmed has published 32 research papers on Islamic Economics Finance and Banking in the academic and pro-fessional journals. He has been a consultant of Islamic microfinance development programme for Islamic Development Bank microfinance development programme in Bangladesh. He presented papers in interna-tional conferences of Islamic Development Bank (IDB), Jeddah. He was a member of Editorial Advisory Board of the Lahore Journal of Economics published from Pakistan and is a member of Editorial Boards of Journal of Islamic Economics Banking and Finance.

Abd elrahman Elzahi Saaid Ali currently works at the Research & Advisory Services Department, The Islamic Research and Training Institute. Abd elrahman does research in Financial Economics, Econometrics and Behavioural Economics. Their current project is ‘Enhancing Women’s Capability and Financial Inclusion in Sudan, Yemen, Comoros and Morocco’.

Dr. Khalifa Mohamed Ali is a Senior Research Economist at the Islamic Research and Training Institute (IRTI), Islamic Development Bank (IsDB), the leaders in promoting Islamic economics banking and finance and in knowledge dissemination. Before joining IRTI, he worked as assistant and associate Professor of Economics at the United Arab Emirates University and awarded merits of distinction (two times) for his outstanding contribution to the development of academic life in the

NOTES ON CONTRIBUTORS xvii

University. Dr. Khalifa holds undergraduate degree in Economics and Statistics (with honors) from the University of Khartoum, Sudan and a graduate degree in Islamic Economics and Banking from The Islamic University, Sudan. He received his M.A. and Ph.D. in Economics from Iowa State University, USA, where he taught economics. Dr. Khalifa is the editor of the Islamic Economic Studies Journal, which one of IRTI’s flagship publications, his research and books are published by some of the world leading publishers such as Springer, Wiley, Taylor & Francis Group and IRTI. Dr. Khalifa has developed several publications for teaching Islamic banking and finance at various levels, which are cur-rently used to create Massive Open Online Courses for IRTI on line learning program with edX.

Qurroh Ayuniyyah, Ph.D. has just passed her Ph.D. viva on February 2019 with minor correction and CGPA 4.00 at Department of Economics, Kuliyyah of Economics and Management Sciences, International Islamic University Malaysia (IIUM). She was awarded as the Best Student at Bachelor degree level from Bogor Agricultural University in 2010 as well as the Best Student at Master of Economics level from IIUM in 2013. Currently she is working as a Project Manager of Program Usahawan Tijaari (i-Taajir), Centre for Islamic Economics, IIUM in collaboration with CIMB Islamic Bank Berhad Malaysia. She is also engaged as a lecturer at Department of Islamic Economics, University of Ibn Khaldun Bogor, Indonesia. She has been involved in various academic activities, such as international conferences, research activities, and community services. She has published several number of journal articles at national and interna-tional levels. She received Achievement Award for Best Presentation of the session of Shariah Economics Conference 2013 in Hannover University, Hannover, Germany.

Abrista Devi is currently working as lecture at Ibn Khaldun University, Bogor, West Java, Indonesia and researcher at SMART Consulting. She teaches Research Methodology and banking and financial insti-tutions subject. Abrista Devi received her bachelor degree in Islamic Financial Management at Tazkia Islamic Business School and obtained Master degree in Islamic Economics at Ibn Khaldun University, Bogor, West Java, Indonesia. Abrista Devi has managed to publish a num-ber of articles in various local and international refereed journals. She also actively presented her works in various conferences and has very well analytical in research. She also control in the field of the research

xviii NOTES ON CONTRIBUTORS

methodology, i.e. Analytic Hierarchy Process (AHP), Analytic Network Process (ANP), Structural Equation Modeling (SEM)/Path Analysis, Measuring Efficiency using Data Envelopment Analysis (DEA), Vector Auto Regression (VAR)/Vector Error Correction Model (VECM), Interpretative Structural Modeling (ISM), Regression (Tobit, Probit, and Logistic Regression), etc. The most phenomenon published book was Islamic Economic Research Methodology which has been written with Hendri Tanjung. The last award she won was as “Best Paper” of the 4th International Islamic Monetary Economic and Finance Conference which was held by Bank of Indonesia, last December, 2018.

Sulaiman Dorloh is a faculty of Law and International Relations, Universiti Darul Iman Malaysia (UDM), Kusza Campus, Gong Badak, 21300 Kuala Terengganu, Malaysia.

Dr. Rashedul Hasan is a Senior Lecturer in the Faculty of Business, Communication and Law at INTI International University, Malaysia. Dr. Hasan has completed his B.B.A. (Accounting and Finance) and M.B.A. (Finance) from American International University Bangladesh (AIUB) with Summa Cum Laude distinction and Ph.D. in Accounting from International Islamic University Malaysia (IIUM). His research interests include Islamic Finance, Corporate Governance, Voluntary Disclosure, Intellectual Capital and Sustainability. He has published papers in ABS, ABDC and SCOPUS indexed journals. Papers published by Dr. Hasan have appeared in Thunderbird International Business Review, Islamic Quarterly, Journal of Economic Development and Cooperation, Journal of Islamic Economics, Banking and Finance, Journal of Islamic Economic Studies and International Journal of Public Sector Performance Management. He has presented papers at international conferences and served as guest editor for the Journal of Business and Globalization. He has served as the editor of the Book of Proceedings for Asian Conference on Entrepreneurship. Dr. Hasan is actively involved in applied research and has worked on projects under the funding of the South-Korean and the Malaysian government.

Prof. M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance in the University of New Orleans. He cur-rently holds two endowed Chairs-Hibernia Professor of Economics and Finance, and Bank One Professor in Business in the University of New Orleans. Professor Hassan is the winner of the 2016 IDB Prize in Islamic

NOTES ON CONTRIBUTORS xix

Banking and Finance. Professor Hassan received his B.A. in Economics and Mathematics from Gustavus Adolphus College, Minnesota, USA, and M.A. in Economics and Ph.D. in Finance from the University of Nebraska-Lincoln, USA, respectively. Professor Hassan is a leading authority on empirical Islamic finance scholarship and published Islamic finance papers in top academic journals. Professor Hassan has over 300 papers published in refereed academic journals. Dr. Professor Hassan is the Editor International Journal of Islamic and Middle Eastern Finance and Management (Scopus and SSCI). He has guest edited special Issues of Islamic finance for a number of leading academic journals. He has published a number of book on Islamic finance, law and entrepreneur-ship by Edward Elgar, John Wiley, Palgrave Macmillan, Routledge, Pearson, and Emerald publishing company. Professor Hassan has won several awards for his outstanding teaching and research accomplish-ments by USA and international bodies.

Mr. Mohammad Azizul Hoque is a Research Assistant of Centre for Peace and Justice of BRAC University, Dhaka. He is concurrently hold-ing a project officer position at “Community Based Learning project” in Cox’s Bazar of Bangladesh which promotes social cohesion, resil-ience and peace among the Refugees and the host community youths. Mr. Hoque received his Bachelor and Masters in Public Administration from University of Dhaka, Bangladesh and also received another Masters in Education from Institute of Educational Development of BRAC University, Bangladesh. Mr. Hoque is involved with various research pro-ject around the Rohingya refugee crisis and the host community. He has published a couple of research articles on governance, public policy, rule of law, poverty and sustainable development in refereed academic jour-nals. He wrote dozens of editorial articles at national daily of Bangladesh on social justice, rule of law, democracy and poverty. Previously he worked with a couple of humanitarian organizations including Teach for Bangladesh, Centre for Social Integrity and Bangladesh Initiatives for Policy and Development.

Dr. Abu Ayub Md. Ibrahim is an Assistant Professor at the Center for Islamic Studies, Manarat International University, Dhaka, Bangladesh. He has published on Islamic Banking and Finance.

Abdul Ghafar Ismail is a professor of Islamic financial economics, Johor Islamic Studies College and Chairperson, Organization of Islamic

xx NOTES ON CONTRIBUTORS

Economic Studies and Thoughts. He got his Ph.D. from University of Southampton, England. His experience includes Head of Research Division, Islamic Research and Training Institute, Islamic Development Bank; Professor of Islamic financial economics, Universiti Kebangsaan Malaysia and Universiti Islam Sultan Sharif Ali; Bank Supervision Advisor of the International Monetary Fund for Djibouti; AmBank Group Resident Fellow for Perdana Leadership Foundation; Consultant for Ministry of National Development Planning, Indonesia and Shariah Committee Member for Citibank Malaysia. He has published extensively in several refereed journals among others Journal of Business Ethics; European Journal of Law and Economics; Review of Islamic Economics; Journal of Islamic Economics, Banking and Finance; Humanomics; International Journal of Social Economics; Savings and Development; Global Journal of Finance and Economics; Review of Financial Economics; Journal of Financial Services Marketing; International Journal of Islamic and Middle Eastern Finance and Management; Research in Financial Qualitative Markets; and Investment Management and Financial Innovations. His papers have also been presented in many international and local conferences, such as International Seminar on Islamic Economics and Finance, IRTI International Conference and Malaysia Finance Association Conference. His research interests include learning process and growth theory, inter-temporal allocation of resources, earning management, capital adequacy standard for Islamic financial institutions, risk management and institutional economics. His recent books are Money, Islamic Banking and Real Economy; Ar Rahnu —An Islamic Pawnbroking; and Policy Discussion on Maqasid Shariah for Social Economic Development.

Mohd Adib Ismail, Ph.D. is a Senior Lecturer at FEP, Universiti Kebangsaan Malaysia.

Isa, J or formally known as Dr. Mohamad Isa Abd Jalil is Lecturer at Labuan Faculty of International Finance, Universiti Malaysia Sabah. He joined the university upon completing his Ph.D. in 2018 from the Universiti Sains Malaysia (USM). His research interests are in the area of Islamic Banking and Finance, Waqf and Philanthropy. He has published several articles related to Waqf and Islamic Finance in indexed and refer-eed journals, both local and international. Currently, he is holding sev-eral grants at the local and university levels in the area of philanthropy.

NOTES ON CONTRIBUTORS xxi

Tika Kartika, S.Hut, M.ESy has completed graduate studies at Tazkia University College of Islamic Economic (STEI Tazkia) with a degree Magister of Sharia Economic. Accomplishments ever achieved among others: Best Graduate of Faculty of Forestry, 3rd Best Graduate III IPB and 3rd Best Graduate Muamalat Officer Development Program Batch 4—Bank Muamalat Indonesia. The following are her employment expe-riences: Non-permanent lecturer of computer application program, Introduction to Informatics, and ecology at Faculty of Forestry IPB. As a sharia finance practitioner, has also been active in Bank Muamalat as a Product Manager of Research and Development of Individual Banking. Her current activity is as lecturer in Islamic economics at the university of Ibn Khaldun Bogor. In the field of social affairs, she has been also active as a caretaker of sharia finance applications in the community of mothers of entrepreneurs (LemaKs) in Sekolah Alam Bogor.

Mrs. Khairunnisa is a Lecturer at Faculty of Islamic Economics and Business at University of Muhammadiyah Sumatera Utara. She received a Bachelor of Islamic Economics from Tazkia University College of Islamic Economics. She then obtained Master of Management specializing in Islamic Management from Bogor Agriculture University. Khairunnisa is now secretary of Head of Islamic Management Business Department. Mrs. Khairunnisa teaches a number of courses in Islamic Economics at undergraduate levels and already published several articles. Her particular research interest is in the field of ZISWAF and small micro-enterprises.

Foyasal Khan is currently pursuing Ph.D. at the Department of Economics in the International Islamic University Malaysia (IIUM) with the generous support of the International Institute of Islamic Thought (IIIT). His Ph.D. thesis entitled “The Role of Religion in Sustainable Development: The evidence from OIC member countries”. He also completed a master in economics at IIUM in 2013 before joining in the Ph.D. programme. Earlier he received his Bachelors of Social sciences (BSS) and Master of Social sciences (MSS) from the Department of Economics, University of Dhaka (DU) of Bangladesh in 2009 and 2010 respectively. During his study period at IIUM, he got the rare oppor-tunity being the first elected president of IIUM UNESCO Club for 2014–2015 session. Moreover, he was actively involved with the Centre for Islamic Economics (CIE), IIUM to organize a seminar series on the Economies of the Muslims. Previously during his DU period, he

xxii NOTES ON CONTRIBUTORS

represented as president of the Economics Study Center for two consec-utive terms in 2006–2007 and 2007–2008. His research interests include Social financing for Sustainable Development Goals (SDGs), Economics of Education, Maqasid al Shariah-based socio-economic policies, Economics of Religion and Religious Economics, Economics of Islamic banking and finance, etc.

Dr. Shahadat Hossain Khan completed his Ph.D. from the University of Sydney, Australia. He has been working as a professor of the department of Technical and Vocational Education (TVE), at the Islamic University of Technology (IUT), Bangladesh, since 2018. He was awarded Australian Leadership Award Scholarship (Australia), Graduate Research Scholarship (Brunei), Skill-Road Scholarship (Seoul University, South Korea) and Turkish Government Scholarship (Turkey) based on his outstanding aca-demic results, teaching and research expertise. Professor Khan is a lead-ing researcher on ICT-enhanced teaching and published papers in top academic journals and book chapters. He has a wide experience in ICT-enhanced teaching and learning at national and international levels. He has wider expertise on TPCK (Technology, Pedagogy, Content, Knowledge) Framework, Curriculum development in tertiary level, professional devel-opment particularly focus on scholarship in teaching (student-centred teaching, ICT-integration, improving assessment technique).

Dr. Anis Pattanaprichawong is Assistant Professor in the Academy of Islamic and Arabic Studies, Princess of Naradhiwas University, Thailand.

Dr. Anwar Allah Pitchay is a Senior Lecturer at School of Management, Universiti Sains Malaysia. Currently, he is holding a posi-tion of Head of Islamic Social Finance and Development (ISFIND) research cluster. He joined the university upon completing his Ph.D. in 2015 from the International Islamic University Malaysia (IIUM). His research interests are in the area of Islamic Banking and Finance, Non-Banking Islamic Finance Institutions (NBFI) and Corporate Governance. He has published several articles related to waqf, Islamic Banking and corporate governance in indexed and refereed journals, both local and international. Currently, he is holding several grants at the international (such as Sumitomo, Indonesia education grant), local and university levels in the area of philanthropy. He has achieved numer-ous recognitions as reflections of his achievements such as the best paper award and postgraduate scholarships.

NOTES ON CONTRIBUTORS xxiii

Wahyu Ario Pratomo is a senior lecturer in the Department of Economics at the University of Sumatera Utara. Wahyu received his B.Sc. in Economics from Gadjah Mada University, Yogyakarta, Indonesia, and M.Ec. in Economics from Macquarie University, Australia. Currently, he holds Ph.D. candidate in Regional Economics from University of Sumatera Utara. Wahyu has published several aca-demic journals in Islamic Banking, and Economics.

Anita Priantina is currently Ph.D. student in Islamic Finance and Muamalah. She accomplished her Master of Economics (Honours) in 2010 from International Islamic University Malaysia and Bachelor of Economics (Honours) in 2006 from Sekolah Tinggi Ekonomi Islam Tazkia (STEI Tazkia), Indonesia. Anita is currently Director of International Office in STEI Tazkia, and previously was Head of Islamic Economics Department. She has been a full time lecturer in STEI Tazkia since 2010. Her main research interest is Islamic Economics and Finance. She has published several articles in national journal and pre-sented in international conferences, some sponsored by IRTI-IDB in Jakarta, Dhaka, and Islamabad. Anita (with team) received research grant from Ministry of Religious Affairs for international collaborative research in 2018, and Empowerment Grant from Ministry of Religious Affairs for empowerment activity in 2017. She was also awarded STEI Tazkia Best Lecturer in September 2018.

Muhammad Miqdad Rabbani is a research and teaching assistant in the Department of Management in Universitas Indonesia. He achieves his bachelor in Economics from Universitas Indonesia, and currently pursues his master study in Finance at Tilburg University, Netherland. Financial econometrics, financial management, and financial market and institution are several modules that have been taught. He actively involves in some research about small-medium enterprises. He also par-ticipates in some projects which assist the Indonesian government to improve SMEs quality.

Mamunur Rashid holds a Ph.D. in Behavioural Finance and cur-rently is a Senior Assistant Professor of Finance at Universiti Brunei Darussalam, Brunei Darussalam. He has been teaching International Finance, Financial Economics, Islamic Capital Markets and Corporate Finance for the last twelve years in different countries. An active researcher, Dr. Mamunur, publishes widely in financial economics, Islamic economics, investor behaviour and corporate social responsibility

xxiv NOTES ON CONTRIBUTORS

and has presented papers in 25 international conferences including the Harvard University Islamic Finance Forum. Dr. Mamunur has pub-lished over forty journal papers, edited a book for Emerald on Islamic finance and awarded a Ph.D. as co-supervisor. His papers have appeared in, among others, Pacific-Basin Finance Journal, Review of Financial Economics, Journal of Financial Economic Policy, Accounting Auditing & Accountability Journal, Tourism Analysis. In 2016–2017, Dr. Rashid has co-edited a special issue for International Journal of Business and Society on Islamic finance. Mamunur has worked on several corporate and government projects.

Salman Ahmed Shaikh has completed Ph.D. in Economics at the National University of Malaysia in 2017. Currently, he is working as an Assistant Professor in Department of Management Sciences at SZABIST Karachi. He is a well-published author with 25 peer-reviewed indexed research papers, half of which have been published in either Web of Science, Scopus or ABDC ranked journals. He has also presented in 24 international research conferences held in Malaysia, Turkey, Brunei, Indonesia and Pakistan. He has also contributed 7 book chapters in book publications by Routledge, Springer, Palgrave, Edward Elgar and Gower Publishing. He has taught courses in Finance and Economics at undergraduate and graduate level at various top national universities in Pakistan including IBA, Karachi and SZABIST, Karachi. In professional corporate career, he has worked for Meezan Bank, BMC Pakistan (part-ner of Reuters in Pakistan) and Bankers’ Academy, USA. During his career, he has also worked for ABN AMRO and Citibank for manage-ment internships. He has also conducted corporate training at leading multinational companies like Coca Cola.

Umar Habibu Umar worked for a short while with Ahmed Zakari & Co. (Chartered Accountants), Nigeria, before joining Northwest University Kano, Nigeria in 2013. He is currently a Lecturer in the Department of Accounting of the University. Umar obtained his B.Sc. and M.Sc. Degrees in Accounting from Bayero University Kano, Nigeria. He served as a member of various committees in the University, such as Committee for the Proposal of Establishment of Faculty of Islamic Banking and Finance and Committee for the Establishment of Center for Halal Products Development. He is a member of the Institute of Chartered Accountants of Nigeria (ICAN), which qualifies him to have been teaching Performance Management and Financial Accounting at

NOTES ON CONTRIBUTORS xxv

the ICAN Center, Kano since 2013. In addition, he served as a mem-ber of the ICAN’s Committee for Mutual Cooperation Agreement with Tertiary Institutions (MCATI) during 2017/2018 presidential year. His major areas of research interest include Islamic accounting, banking and finance. Hence, most of his presentations at both national and interna-tional conferences as well as publications in both local and international journals were in these areas. Moreover, Umar develops a special inter-est in non-banking Islamic accounting research, particularly the one that links accounting to Islamic inheritance.

Permata Wulandari, Ph.D. is lecturer in the Department of Management Faculty of Economy and Business Universitas Indonesia. She has wrote many papers and journal in refereed academic jour-nals. She got best young researcher Faculty of Economy and Business Universitas Indonesia in 2016 and best researcher Faculty of Economy and Business Universitas Indonesia in 2017. In 2018, she is awarded as best awardee from Indonesia eduction fund Management (LPDP) Ministry of Finance. Permata Wulandari received his B.A. in manage-ment from Faculty of Economy and Business Universitas Indonesia, M.Sc. in Islamic finance and Ph.D. in Islamic Banking and Finance from International Islamic University Malaysia as best Ph.D. award. She also appointed as reviewer in several referred academic journals. Currently, she also works in SMEs center Faculty of Economy Universitas Indonesia as research and laboratory microfinance manager which focus on Indonesia SMEs and microfinance improvement. She engage with several study related to SMEs and microfinance in Indonesia.

Professor Dr. Sofri Yahya, Ph.D. is a Professor in Innovation and Strategy and the Deputy Vice-Chancellor of Academic and Research at DRB-HICOM University. Sofri graduated with a bachelor’s degree in Business Administration specialized in Accounting using a liberal arts curriculum from Eastern Michigan University, USA in 1987. After working with several organizations, in 1992 he pursued master’s degree in Accounting and Management Science and subsequently to Ph.D. in Accounting at Southampton University, UK. Being an educator and researcher since 1998 in the areas of Accounting, Innovation and Strategy and Islamic Finance. Sofri has published more than 50 publi-cations in various international journals and more than 100 in the pro-ceedings and others. Sofri has supervised and graduated more than 20 students from Ph.D., D.B.A. and Masters programmes. He has

xxvi NOTES ON CONTRIBUTORS

been appointed as consultant to several organizations such as Tenaga Nasional Berhad, Pharmaniaga Berhad, Intel, Seagate and Universitas Teknologi Yogyakarta, Indonesia. Sofri is a life member of the Malaysian Association of Certified Coaches and Senior Assessor of Malaysian Qualification Agency (MQA). Sofri has received several awards includ-ing the Best Teacher Award, Excellence Service Award and Best Paper Award. Sofri has served as the Vice-President for Asian Academy of Management and Editors to several internationally indexed and rec-ognized journals and proceedings. Sofri is a regular reviewer to several internationally indexed journals. Sofri is frequently invited as keynote speaker and trainer/coach in Design Thinking and Service Design for Innovation, Strategy and Entrepreneurship.

xxvii

list oF Figures

Chapter 3

Fig. 1 Indifference curve (Source Mannan [2000]) 41Fig. 2 The potential sources of financing SDGs and the role of waqf

and zakat (Source Modified from United Nations [2014]) 46Fig. 3 The conceptual link between waqf fund and Socio-economic

development 48

Chapter 5

Fig. 1 a Log charity on log income. b Log charity on log savings 102

Chapter 7

Fig. 1 Government revenue: collection actors and processes 132

Chapter 9

Fig. 1 Money movements (Arrow indicates flow of funds) 183Fig. 2 Trend of growth of IBBL’s MWCD (Source Table 1) 184Fig. 3 Trend of growth of IBBL’s MWCD profit rate (Source Table 2) 185

Chapter 10

Fig. 1 AHP priority question example in questionnaire 198

Chapter 11

Fig. 1 The ANP model 218

xxviii LIST OF FIGURES

Fig. 2 Synthesis of results for the opportunity cluster for waqf development in Indonesia 218

Fig. 3 Synthesis of results for the strengths cluster for waqf development in Indonesia 219

Fig. 4 Synthesis results for the threat cluster for waqf development in Indonesia 221

Fig. 5 The synthesis of results for the weaknesses cluster for waqf development in Indonesia 222

Fig. 6 The synthesis of results of the strategies to optimize the role of BWI in Indonesia 224

Chapter 13

Fig. 1 Stages of research 254Fig. 2 Decomposing problems and solutions in waqf fund-raising 257Fig. 3 Problems priority 263Fig. 4 External problem priority 263Fig. 5 Internal problems priority 264Fig. 6 Overall problems priority 264Fig. 7 Long-term solutions priority 265Fig. 8 Short-term solutions priority 265Fig. 9 Overall solutions priority 266

Chapter 14

Fig. 1 The influence of socio-economic and religiosity factors to zakat of fitra 275

Fig. 2 The influence of socio-economic and religiosity factors to zakat of wealth 275

Fig. 3 The influence of socio-economic and religiosity factors to cash waqf 276

Fig. 4 The influence of socio-economic and religiosity factors to land waqf 276

Chapter 15

Fig. 1 Mudaraba cash waqf deposit growth 296Fig. 2 Modified key mediating variable model (MKMV) for Waqf

institutions 300Fig. 3 Structural modified key mediating variable (MKMV) model

from AMOS 307Fig. 4 Summary of the findings (Note Bold line indicates significant

relationships, and the dotted line indicates non-significant relationships. *p < 0.005, **p < 0.01) 308

xxix

list oF tAbles

Chapter 2

Table 1 Division-wise classification of waqf estates in Bangladesh 20Table 2 Income and expenditure of waqf properties from 2006

to 2009 fiscal year 20Table 3 Government and NGOs poverty alleviation programmes 22

Chapter 3

Table 1 Types of awqaf institutions 43Table 2 Issues in sustainable development goals (SDGs) 3–5 44Table 3 Financing sustainable development goals (SDGs) through

awqaf 47Table 4 Some economic indicators of Bangladesh economy: 1980–2016 49Table 5 Health and education public expenditure in Bangladesh:

1990–2010 52Table 6 Misappropriation of waqf land and property 55Table 7 Special scholarships for Muslim students in 1890

from Mohsin Fund 57Table 8 Stipends for Muslim students in 1915 from Mohsin Fund 58Table 9 Bangladesh in the global gender gap index: 2006–2016 61

Chapter 4

Table 1 Complete exclusion 74

xxx LIST OF TABLES

Chapter 5

Table 1 Occupation of the respondents 101Table 2 Charity, income and savings 101Table 3 Religious charitable giving break-up 102Table 4 Beneficiaries of charity 103Table 5 Charity modes in individual to individual giving 103Table 6 Motives of charitable giving 105Table 7 Problems faced in charitable giving 106Table 8 Perception of effectiveness of organized charities 106Table 9 Regression results for determinants of charitable giving 108

Chapter 7

Table 1 State law and government revenues 130Table 2 Federal government revenues in selected countries 134Table 3 Provision under Waqf Act 141

Chapter 8

Table 1 Types of awqaf institutions 157Table 2 Asymmetry between trust and waqf laws 169

Chapter 9

Table 1 Growth of MWCD of IBBL since inception 180Table 2 Growth of profit rate on MWCD of IBBL since inception 181

Chapter 10

Table 1 Type of cash waqf payment method offered at SIRC Malaysia (2015) 194

Table 2 Random consistency index 196Table 3 Demography of the Respondent 199Table 4 Respondent priorities of payment method 201Table 5 Aggregate priority for categories by geometric means 202

Chapter 11

Table 1 The collection of cash waqf from Islamic financial institutions (IFIs) as at 31 December 2014 209

Table 2 The collection of cash waqf from Shariah financial services cooperatives (SFSCs) as at 31 December 2014 209

Table 3 The fundamental scale for making judgements 216Table 4 Clusters and sub-clusters of the model 217

LIST OF TABLES xxxi

Chapter 13

Table 1 Potential calculation amount of cash waqf in Indonesia 250Table 2 ANP scale 255Table 3 Cluster rating and rater agreement 262

Chapter 14

Table 1 Socio-demographic 277Table 2 Socio-economic 279Table 3 Goodness-of-fit, pseudo R2 and classification accuracy

of religiosity aspects and socio-economic influence to zakat and waqf payment 282

Table 4 Religiosity and socio-economic aspects to influence zakat and waqf payment 286

Chapter 15

Table 1 Mudaraba cash waqf deposit in Islamic Banks 295Table 2 Demographic profile of the sample 304Table 3 Validity and reliability of measures 305Table 4 Model fit indices 309Table 5 Summary of findings 311Table 6 Test of mediation 311