Revitalization of Waqf for Socio-Economic Development, Volume II
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Revitalization of Waqf for Socio-Economic Development, Volume II “The benefcial impact Zakat and Waqf on achieving SDGs can be achieved by integrating them with the fnancial 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 effciency 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 fnance.” —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-proft sector. The papers in this book offers comprehensive analysis of conceptual and practical implementation of Islamic social fnance in society.” —Professor Datuk Rifaat Ahmed Abdel Karim, Henley Business School, University of Reading, UK Khalifa Mohamed Ali · M. Kabir Hassan · Abd elrahman Elzahi Saaid Ali Editors Revitalization of Waqf for Socio-Economic Development, Volume II Editors Khalifa Mohamed Ali M. Kabir Hassan Islamic Research and Training Department of Economics Institute and Finance Islamic Development Bank University of New Orleans Jeddah, Saudi Arabia New Orleans, LA, USA Abd elrahman Elzahi Saaid Ali Islamic Research and Training Institute Islamic Development Bank Jeddah, 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 2019 This 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, specifcally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microflms 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 specifc 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 affliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland 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-frst century. Jeddah, Saudi Arabia Sami Al-Suwailem Acting Director General Islamic Research and Training Institute (IRTI) v 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 Pacifc 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 offciating this conference at Hotel Pan Pacifc Sonargaon. We also want to thank the Governor of vii 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 fnancial 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. Hafzur 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 Offce of Bangladesh Waqf Administrator for dis- cussing papers in the different workshop sessions. We also want to thank the diplomats,