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Waqf-Based Social Micro Venture Fund: A Proposal for the Malay-Muslim Community in Singapore صندوق للتمويل الأصغر القائم على الوقف للمشاريع الاجتماعية: مقترح لمجتمع المسلم الماليزي في سنغافورة

Author

Listed:
  • Norliana Mohammad Hamber

    (Chief Operating Officer in Kapital Boost, Singapore)

  • Mohamed Aslam Haneef

    (Professor, Department of Economics, International Islamic University Malaysia)

Abstract

The institution of waqf in Singapore is limited from playing a broader developmental role in society, especially with respect to the ethnic Malay community who consistently underperformed when measured against key socio-economic indicators. It maintains a largely religious orientation, as evidenced by the launch of Wakaf Ilmu for Islamic education in 2012. As a way of reinvigorating its developmental role to be in sync with the current needs of the Malay community in Singapore, this paper proposed the establishment of a waqf-based social micro venture fund (WSMVF) that promotes inclusive financial development for micro-entrepreneurs. This would help strengthen the community’s economic status, amidst existing efforts on education, social and religious fronts. It reduces vulnerabilities of low-income families, strengthens their earning capability and promotes upward social mobility. This paper looked at charitable institutions which practice innovative and progressive forms of giving that the WSMVF could adopt. Resultantly, WSMVF is conceptualized based on the content analysis of cash waqf operations, profit and loss sharing modes and venture capital strategies. The organizational structure and operations of WSMVF bring new features into the present institution of waqf in Singapore, effectively expanding its role in the community. إن مؤسسة الوقف في سنغافورة تلعب دورا تنمويا محدود في المجتمع، وخاصة فيما يتعلق بالمجتمع المالاي الذي تدنى أدائه باستمرار مقارنة ببقية الجنسيات عندما ننظر إلى المؤشرات الاجتماعية والاقتصادية الرئيسية. وهو يحافظ على التوجه الديني إلى حد كبير، كما يتضح ذلك من إطلاق وقف علمو للتعليم الإسلامي في عام 2012. وكوسيلة لتنشيط دور الوقف التنموي ليكون متزامنا مع الاحتياجات الحالية للمجتمع الملايو في سنغافورة، تقترح هذه الورقة إنشاء صندوق للتمويل الأصغر القائم على الوقف للمشاريع الاجتماعية لتعزيز التنمية المالية الشاملة لأصحاب المشاريع الصغيرة. وهذا من شأنه تعزيز الوضع الاقتصادي للمجتمع، وسط الجهود القائمة على الجبهات التعليمية والاجتماعية والدينية. وسيقلل هذا الوقف من نقاط الضعف في الأسر ذات الدخل المنخفض، ويقوي قدراتهم على الكسب، ويعزز الحراك الاجتماعي الصاعد. وتدرس هذه الورقة بعض المؤسسات الخيرية التي تمارس أشكال مبتكرة ومتقدمة من الإعطاء والتي يمكن أن نستفيد منها في الصندوق المقترح. ونتج عن ذلك أن مفهوم الصندوق المقترح تم بنائه استنادا إلى تحليل المحتوى من عمليات الوقف النقدي، وصيغ تقاسم الأرباح والخسائر واستراتيجيات رأس المال الاستثماري. كذلك يقدم الهيكل التنظيمي والعملي للصندوق المقترح ميزات جديدة إلى المؤسسة الحالية للوقف في سنغافورة، وبالتالي توسع دورها في المجتمع.

Suggested Citation

  • Norliana Mohammad Hamber & Mohamed Aslam Haneef, 2017. "Waqf-Based Social Micro Venture Fund: A Proposal for the Malay-Muslim Community in Singapore صندوق للتمويل الأصغر القائم على الوقف للمشاريع الاجتماعية: مقترح لمجتمع المسلم الماليزي في سنغافورة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 37-60, January.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:1:no:3:p:37-60
    DOI: 10.4197/Islec.30-1.3
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    References listed on IDEAS

    as
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    3. Asyraf Wajdi Dusuki & Abdulazeem Abozaid, 2007. "A Critical Appraisal On The Challenges Of Realizing Maqasid Al-Shariaah In Islamic Banking And Finance," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 15(2), pages 999-1000, December.
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    More about this item

    Keywords

    waqf; socio-economic objectives; social finance. وقف، الأهداف الاجتماعية والاقتصادية، التمويل الاجتماعي.;
    All these keywords.

    JEL classification:

    • N30 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - General, International, or Comparative
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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