http://www.ojs.unito.it/index.php/EJIF           ISSN 2421-2172  1 

SUKUK-WAQF: THE ISLAMIC SOLUTION FOR PUBLIC FINANCE 

DEFICITS 

Lahsen Oubdia, Abdessamad Raghibib 

aUniversity Professor, National School of Business & Management, Entrepreneurship, Finance and Audit

Laboratory, Ibn Zohr University. 

l.oubdi@uiz.ac.ma
bPhD Candidate, National School of Business & Management, Ibn Zohr University. 

Abdessamad.raghibi@edu.uiz.ac.ma 

Abstract-- The majority of Muslim countries face increasing 

pressure on their budget, which pushes to more public 

spending. Eventually, the main victim of this situation will be 

the welfare of Muslim communities. Despite Islam does not 

tolerate negligence regarding the importance of State as major 

player in preserving the welfare of Muslim communities, it 

offers a third option to support public effort through the 

institution of Waqf. Indeed, this institution has played a crucial 

role all along Muslim civilization and it is invited to more 

innovation to answer to today’s challenges. Sukuk-Waqf can 

be seen as the perfect sustainable financing instrument offered 

by Islam to help sustain public spending by the people and for 

the people. This paper will try to examine the concept of Waqf, 

cash Waqf and Sukuk Waqf is Islam and their evolution 

during Muslim civilization. Finally, it will go through modern 

attempts to implement this model that can answer the need for 

financing to support public effort to preserve the welfare of 

Muslim citizens.   

Key words: Sukuk-waqf, public spending, sustainability. 

I. INTRODUCTION 

Upon this earth, wealth belongs to Allah as He is the 

sole Creator of everything. However, Humans were 

chosen to accomplish the duty of viceregency on this 

earth by exploiting the bounties given to him 

through economic activities permitted by Islam. 

Consequently, Humans acquire and transfer 

properties through different form of contract that can 

be divided into lucrative and non-profit transaction. 

Waqf can be categorized under the second type of 

contract of non-profit transaction. It be defined as 

the concept of dedicating any property for posterity 

from which its profit may be used for any charitable 

intention [3]. 

Prophet Muhammad once said: "The record [Book 

of Deeds] is closed when a person passes away, yet 

those who leave behind knowledge, good children or 

1 Khaybar is a city 153km north of Medina, it was the place of 
one of the battle conducted by the Prophet against the Jews. 

works of charity are exceptions. Good deeds will 

continue to be written in that person's record."  

Prophet Muhammad founded Waqf himself and 

advised his devotees and future Muslims followed 

his advice. He donated the date garden in Khyber1 to 

Muslims.  

Waqf-like charity has a history older than Islam, 

which seems to have existed in ancient 

Mesopotamia, Greece, Rome as well as pre-Islamic 

Arab Societies [7]; [15]; [18]. Lately, all empires 
that ruled on Muslim territories have given a crucial 

place to Waqf institution as a tool to develop and 

secure the welfare of Muslim communities. Indeed, 

throughout History, Muslim civilizations have 

adopted the concept of Waqf mainly to mitigate the 

burden of public services especially during the 

Ottoman Empire where the size of Muslim 

population reached more than twelve million and a 

half Muslim [13]. One can say that no such thing as 

municipal authorities had ever existed in those 

cities, the Waqf proved the most important (if not the 

only) means by which Ottoman sultans and senior 

state officials could provide their citizens with the 

most basic and essential public services [14]. 

Moreover, Waqf has been promoted to a viable pillar 

of state governing as it considerably helps rulers to 

optimally govern with a high level of financial ease. 

Even government financing of education used to 

take form of constructing a school and assigning 

certain Waqf property that provides regular 

revenues to cover operating expenses of the school 

[6]. 

The current economic situation of almost all Muslim 

countries in terms of their illiteracy rate, lack of 

good healthcare, high unemployment rate, and the 

spread of poverty is a call to policy makers and 

researchers to rethink strategies to re-born Waqf 

institution. Furthermore, the need for growing 

infrastructure project is a crucial component of the 

growth equation for any country. However, states 

mailto:l.oubdi@uiz.ac.ma
file:///C:/Users/hp%20folio/AppData/Roaming/Microsoft/Word/Abdessamad.raghibi@edu.uiz.ac.ma


EJIF – European Journal of Islamic Finance   No 9, April (2018) 
 

 
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cannot afford taking big investment project alone 

anymore due to budget constraints, global recovery 

slow down and the fallen of raw materials prices. In 

fact, basic social needs should maintain a parallel 

growth similar to the demographic growth as to 

satisfy the population’s demand but the lack of 

financial resources breaches this rule leaving the 

way to disequilibrium within the society that can put 

the stability of states in jeopardy. Consequently, 

public sector and government should search for 

sufficient sources of financing and private sector 

sounds to be the optimal fit for this equation. 

Nevertheless, Muslim communities have another 

way that might solve the problematic of 

infrastructure financing which is the development of 

Sukuk-Waqf as an efficient instrument to secure 

sustainable financing for the growing needs for 

infrastructure. The adoption of such instruments 

aims to combine both religious duty of charitable 

spending and economic development. 

This paper aims to raise the attention of public to the 

crucial role of Waqf to solve the current lack of 

financing towards infrastructure projects that 

impedes the development of Muslim countries. The 

proposed instrument is composed of two Islamic 

products, which are Sukuk and Waqf. Both of them 

will help to make the idea of Waqf within reach of 

all Muslim in order to make economic development 

a matter of all the community. 

II. THEORITICAL FRAMEWORK OF WAQF 
 

In the Arabic language, the word “waqf” (pl. awqaf) 

literally means to hold, confine, prohibit, detain, 

prevent, or restrain. Legally, it means “to protect 

something, by preventing it from becoming the 

property of a third person” [11]. In other terms, 

Waqf is an endowment made by the rich to benefit 

the poor. It is one of the important elements in Islam 

in alleviating poverty through providing basic needs 

to increase general welfare of people [19]. In Islamic 

Law, Waqf requires restriction of a particular 

property as it is highlighted from the literal 

definition despite the existence of some divergences 

regarding the periodicity of Waqf. The hanafis, 

Chafi’is and Hanbalis2 opt for a permanent Waqf. 

However, it could be temporary for the Malikis who 

confirm that the Waqif has the right to define a 

certain period for the contract, which by its end the 

property returns to him3. In other terms, Waqf  is  

also explained as  an action of  conserving  some 

property  for a  specific charity that prohibits any  

use  of it outside the  specific  purpose [5]. 

Property/money provided as Waqf ceases to belong 

                                                           
2 Islamic Schools of thought are in the number of four: Maliki, 

Shafi’i, Hanbali and Hanafi.    
3 Al-charh al-saghir li-dardir 4/94 

to the contributing individual or organization. Waqf 

cannot be transferred to anyone, inherited or put up 

for sale, since it is considered to belong to Allah 

(SWT) [10].  

The structure of Waqf is based on four elements: the 

Waqif, the element endowed (Mawquf), the 

beneficiary (Mawquf ‘alayh) and the form of the 

contract (Al-sighah). For each element cited below, 

there is certain condition by which the process of 

Waqf is considered valid. 

According to ElKhatib (2016) the waqif or founder 

of the waqf must be a: 

 

 ‘aqil: (someone in full possession of their 
mental capacity) 

 Baligh (adult) 

 Hurr (free person) 

 Capable  of  transferring  the  ownership  of  
the  asset  or property  from  himself  to the 

ownership of Allah 

 

According to Mahmood (2008), the corpus  must  be  

entirely  owned  by the donor before he/she  

contributes it  and he/she understands  that his/her  

has to relinquish  responsibility of  the assets  since  

ownership is transferred  to Allah  (SWT). Once the  

element endowed is given  to the  waqf, the role of  

the  donor toward his/her assets  becomes inactive,  

and a  manager or trustee of the Waqf property will 

take  over  responsibility  to  utilize  the property  in 

line with  the donor  intentions [4]. 

 

The founder should specify the beneficiaries in his 

will or waqf deed.  They should be members of the 

family of the founder or members of public who are 

in need for financial assistance. The  

Benefit of the trust can also be allocated to activities 

such as building a medical facility, mosque, or 

setting up a shelter or a school [8]. 

 

The  contract  is  normally  prepared  in writing 

(orally declaration  is also allowed),  to avoid  

disagreements  or misunderstandings  in the future 

and also for  record purposes [4]. An example of Al-

sighah4 normally employed is “I donate my land as 

a waqf for the sake of helping needy”.  

 

Originally, the periodicity of Waqf is to be eternal 

according the Hanafis, Hanbalis and Shafi’is5. 

However, the Malikis authorize a Waqf restriction of 

one year or so for a known period to which after its 

achievement, the ownership returns to the Waqif or 

other6. 

 

4 The forms by which Waqf contract is been established. 
5 Bada’i’ Al-sana’i’ lil-kassani 336/6. 
6 Al-charh al-saghir 106/4. 



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From Maqasid Al-shari’ah7 perspective, cheikh 

Tayyeb ibn Achour listed four roles of Waqf in 

Islam: 

 

1. Encouraging and multiplying Waqf actions 
as it brings public and private interest 

(Maslahah). For that, it is recognized by 

shari’ah as deeds which Divine reward is 

continuous after one’s death. The 

Messenger of Allah peace be upon Him 

said, "When a man dies, his deeds come to 

an end except for three things: Sadaqah 

Jariyah (ceaseless charity); a knowledge 

which is beneficial, or a virtuous 

descendant who prays for him (for the 

deceased)."8 

2. For the Waqf to be given from a clear and 
unhesitating conscious because it is 

consider as a Ma’rouf and a generous act. 

Also, Waqf is given with no expectation of 

an instant compensation. Therefore, the 

highest intention of Waqif is public good 

and Allah’s reward.  

3. Offering and providing a multitude of 
means by which Waqf can be achieved. 

This objective fully falls into the first one 

of inciting and encouraging Waqf actions. 

4. Not making Waqf an excuse to waste the 
money of heirs or debtors as it was the case 

during the time of jahiliyya9.  

 

It is obvious that waqf represents the highest form of 

giving in Islam because of its privileged value and 

the sustainability that it presents. It can be seen as a 

genius response of Islam to public financing through 

unconventional ways. Indeed, as most of countries 

suffer budget cuts and the pressure of public debts, 

Waqf can be the perfect instrument to rebalance the 

equation and preserve the welfare of Muslim 

communities.  

III. CASH-WAQF 

 

The cash waqf is a form of certificates with different 

denominations to raise money against the planned 

projects. The issued certificate will be bought by a 

number of individuals or institution to finance the 

planned projects. Separate cash waqf will be raised 

for each individual waqf activity [12]. Historically 

speaking, Çizakça (1998) stated in his paper that 

during Ottoman economy, cash waqf played 

important role.  

According to classical Scholars of Hanbalis and 

Shafi’is cash Waqf is not permissible, because cash 

                                                           
7 Maqasid Al-shari’ah refers to the highest goals of Islam. 
8 Sahih Muslim ‘an Abi-hurayra N°1631 
9 Before the rise of Islam. 

waqf results of consuming the money in order to 

spend it. Because of that, the element endowed in 

this case money is destroyed by the act of 

spending10. Oppositely, the Malikis and Hanbalis 

consider cash waqf permissible. Ibn Taimiyyah 

quoted from Ahmad bin Hanbal and said that cash 

waqf is beneficial through utilizing it. 

In its fifteenth meeting, Al-mujamma’ al-fiqhi 

(Islamic Fiqh Academy) issued a statement N°140 

that confirms the permissibility of cash Waqf ending 

the discussion of this issue.  

Based on Maqasid Al-shari’ah cited in the previous 

section, Ahmed Hadad the Grand Mufti of Dubai11 

extended these Maqasid to cash Waqf. They can be 

resumed as follow: 

1. The implementation of cash Waqf will, 
evidently, encourage more individuals to 

restrict part of their wealth, as contribution 

would take form of small amount of 

money, which will amplify the practice of 

Waqf. 

2. As for the matter of clear and willing 
conscious, cash Waqf through small or big 

amount is obvious evidence that the Waqif 

does not ask for anything else except the 

blessing of Allah.   

3. The expansion of cash Waqf falls logically 
in the Maqsid of diversifying the means by 

which Waqf is practiced and offers an 

alternative to those with small means. 

4. The Maqsid of not wasting others wealth 
exists in cash Waqf because of the structure 

of such instruments that accepts all amount 

of contribution, which cannot cause any 

harm for anyone’s wealth or heritage.  

The current structure of cash Waqf can be presented 

as follow: 

Figure I. The General Structure of Cash-waqf Operation 

 

10 See Al-mughni by Ibn-Kudama 5/640 
11 Fiqh Al-waqf Ahmed Hadda pp: 48-51. 



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Source: The Global Islamic Finance Report 2015 

The presented structure offers a high level of 

flexibility regarding the use of the proceeds 

depending on the need of community. Although the 

Waqif specifies the use of its money within the 

contract, the structure can be personalize to match 

the needs of the community though different pools.  

Additionally, cash waqf is a special type of 

endowment that differs from the ordinary real estate 

waqf in that its original capital consists, purely or 

partially, of cash. Social Islamic Bank in Bangladesh 

has been offering a cash waqf deposit for a few years 

now. Other banks offering deposits based on the 

cash waqf include Islamic Bank Bangladesh, EXIM 

Bank, Bank Asia, Shahjalal Islami Bank, Al-Arafah 

Islami Bank, Prime Bank (all in Bangladesh) and 

Bank Islam in Malaysia. All these are examples of 

indirect cash waqf models12. 

IV. SUKUK-WAQF 

 

The origins of sukuk can be traced back to the 

classical Islamic period (700-1300AD) where a sakk 

(singular of sukuk) was used to describe any 

document representing financial liability. This 

instrument represents financial obligations resulting 

from trade and other commercial activities. Such 

practice was practiced in conformity with verse 

2:282 of the Holy Qur’an:  

“When ye deal with each other, in transactions 

involving future obligations in a fixed period of 

time, reduce them to writing…It is more just in the 

sight of God, more suitable as evidence and more 

convenient to prevent doubts among yourselves.” 

The International Islamic Fiqh Academy issued a 

statement in 1988, holding that “Any combination of 

assets (or the usufruct of such assets) can be 

represented in the form of written financial 

instruments which can be sold at a market price 

provided that the composition of the groups of assets 

represented by the sukuk consist of a majority of 

tangible assets”.   

According to AAOIFI, Sukuk is defined as: 

“Investment sukuk are certificates of equal value 

representing undivided shares in ownership of 

tangible assets, usufructs and services or (in the 

ownership of) the assets of particular projects or 

special investment activity, however, this is true 

after receipt of the value of the sukuk, the closing of 

subscription and the employment of funds received 

for the purpose for which the sukuk were issued.”13 

                                                           
12 Global Islamic Finance Report 2015 

The securitization of assets is a highly important 

stage for the development of capital raising because 

of its standardization and regulation. All strategies 

that aims to raise sufficient funds through public 

source shall opt for Bond or Sukuk in the case of 

Islamic finance.  

Sukuk-waqf is composed of a merger of Sukuk based 

contract and Waqf. It can be defined as tradable 

certificate of equal monetary value that represent the 

money restricted (Al-mal al-mawquf) [17]. 

There is a variety of types of Sukuk, which are based 

on the existing Islamic contracts: Murabahah, Ijarah, 

Mudarabah, Musharakah, Wakalah and Salam. 

Other hybrid and complex structure of Sukuk can be 

found depending on the development of Islamic 

financial engineering.   

The general process of Sukuk issuance which will 

be later used for Sukuk-waqf structuring can be 

presented as follow:  

 Creation of an SPV to represent the 
investors; 

 Issuance of the certificates and putting 
them into circulation; 

 Secure the cash-flow through the period of 
the contract from the issuer to the investor. 

Also, it is worth to note the main parties involved in 

the issuance of Sukuk: 

 the Originator, which is the company 
wishing to raise funds,  

 the Issuer of the Sukuk, which will be an 
existing or a newly incorporated special 

purpose vehicle (“SPV”); 

 the Lead Arranger/Manager, which is the 
party arranging/managing the whole Sukuk 

process;  

 the Trustee, who is an appointed party to 
represent and oversee the rights of the 

Sukuk holders from the beginning of the 

arrangement of Sukuk issuance until the 

full redemption of the Sukuk by the SPV; 

and 

 the Sukuk holders, who are the investors 
intending to invest in the project, and who 

holds the Sukuk certificates as evidence of 

their investment in the Sukuk. 

The structuring of Sukuk-waqf may not differ from 

the structure of investment Sukuk in the form but in 

the purpose. In fact, the holder of normal investment 

Sukuk aims at profit based on the rule of “Al-

ghunmu bil ghurm”. However, the holder of Waqf-

sukuk is not driven by any lucrative consideration as 

13 Accounting and Auditing Organization for Islamic Financial 

Institutions AAOIFI, Shari’s standard No. 17, 2008, p.307. 



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he only aims at Allah’s blessing and serving public 

interest. 

It is important to note that it should be feasible to 

merge other form of financing in the case of big 

public project because of insufficient fund or time 

pressure. Al-qard al-hassan could be one the 

instrument that could complete the structure of the 

project [16]. 

The structure by which public authorities could raise 

fund for socioeconomic project can be presented as 

follow: 

 

Figure II. The Structure of a Sukuk-waqf operation 

 

Source: Adapted from Hassan (2014) 

The mention of Qard al-hassan14 within the model 

does not mean its prevalence; it is strictly a support 

instrument in case of big project. 

The equation below explains with more light the 

statement above: 

𝐾𝑝 =  𝑎 𝑤 +  𝑐     ;    𝑤 ∈  [0,
𝐾𝑝

𝑎
]  ;   𝑐 ≥ 0 

With: 

Kp: the total amount of the project; 

a: Nominal value of Waqf certificates; 

w: the slope; 

c: total amount of qard al-hassan. 

The other issue that may arise with the use of a debt 

component within the structure is the element of 

                                                           
14 Qard Al-hassan means a debt that does not generates any 

interest. 

guaranties as the amount borrowed is due on the 

waqf fund. For that, it is advised to subscribe to a 

takaful product for more insurance and viability of 

the project.  

The next point that requires clarification is the 

provenance of the funds. Normally, the most 

common way would be spontaneous acts from 

people seeking charitable activities. However, as we 

aim into making this instrument a sustainable 

support for the state in providing decent 

socioeconomic services to its community, effort to 

standardize and regulate sources of funds must be 

undertaken. As most of Muslim countries now have 

Islamic banks, the ideal path would the implication 

of banks in spreading the instrument of Sukuk-waqf 

and makes it a commonplace within their daily life. 

Government bodies through intensive media 

campaign must also engage in explaining the idea of 

Sukuk-waqf to their citizens and its consequences on 

their socioeconomic development. 

Many would wonder why choosing to merge a tool 

of complete lucrative goals with a charitable 

instrument like Waqf. In fact, he market for sukuk is 

now maturing and there is an increasing momentum 

in the wake of interest from issuers and investors. 

sukuk have confirmed their viability as an 

alternative means to mobilize medium to long-term 

savings and investments from a huge investor base. 

Consequently, the chances of raising important 

funds through Sukuk-waqf are more likely to happen 

within the environment of Sukuk market. 

V. WAQF AND PUBLIC BUDGET 

FINANCING THOUGHOUT HISTORY 

 

A closer look into the History of our civilization will 

show the crucial place of Waqf within the structure 

of Muslim Empires. From the age of The Prophet 

Peace be on Him to the Ottoman Empire, Waqf 

played a big role in education, healthcare and 

defense replacing the conventional tools of public 

financing such as tax. One of the first example of a 

waqf for social purposes was a drinking water well 

(called Rummah), which was bought from a Jewish 

man to provide free drinking water to all. Although 

the primitive role of Waqf used to finance mosques 

and religious teachers, it is important to note the 

expansion of the financing to all forms of education 

from the Umayyad and Abbasside reign15. In fact, in 

their periods, it was fact that there were no organized 

structures of waqf institutions as specific 

departments or ministers for taking care of public 

works, roads, bridges, mosques, schools, libraries 

and hospitals in order to cover those public needs. 

15 Global Islamic Finance Report 2015 



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Zubaidah, the wife of Harun al-Rashid16, as an 

individual, made land as well as cash waqfs in order 

to construct high ways from Baghdad to Makkah, 

bridges, and shelters for helpless [1]. 

Awqaf of the Ayubites (1171-1249) and the 

Mamalik (1249-1517) in Palestine, Syria, Lebanon 

and Egypt are good examples. Jerusalem had 64 

schools at the beginning of the twentieth century all 

of them are Waqf and supported by Awqaf 

agricultural and metropolitan properties in Palestine, 

Turkey and Syria [6]. At its creation in 1923, three-

quarters of the arable land in the Republic of Turkey 

belonged to awqaf. Also, one-eighth of all cultivated 

soil in Egypt and one-seventh of that in Iran were 

known to be waqf property. In the middle of the 19th 

century, one-half of the agricultural land in Algeria, 

and in 1883 one-third of that in Tunisia, was owned 

by Awqaf. It is surprisingly clear the remarquable 

value of Waqf and its stake in the economy was, 

which shows the leverage that it plays in creating a 

third option separate from the profit-based private 

sector and the official public sector.  

The Waqf institution has reached its peak during the 

Ottoman Empire where Waqf is directly involved in 

the economic cycle through job creation, 

agricultural, education and public welfare. 

Roadhouses and arcades, bakeries, grinders, 

workshops of candle and lead, bozahouses, 

abattoirs, etc., fair and market places, which were 

built in order to provide religious, cultural and social 

institutions, generally located around a mosque, 

such as madrasah, library, foodhouse (imaret), 

guesthouse (tabhane), hospital (darussifa), bath 

(hamam), caravansary and residences of the officers 

and employee of these institutions as well as 

infrastructure facilities such as water channel and 

sewerage system with regular income (each one is to 

be allocated to a group of art or trade competent), 

comprised the skeleton of the new city or district to 

be built or an old city (Barkan ve Ayverdi, 1970) 

quoted from [20]. Also, most of our architectural 

masterpieces such as Suleymaniye and Selimiye 

were created with the help of waqfs [20]. Also, it has 

also been estimated that the ratio of people 

employed by the waqf institutions to those employed 

directly by the state Turkey in 1931 was 8.23% to 

12.68% [1]. This shows the role of Waqf in 
alleviating the civilization through rapid and self-

financed urbanization far from the intervention of 

the State. 

                                                           
16 Harun Al-rashid (763-809) was one of the Abbassid-era’s 

caliph.  

VI. SUKUK-WAQF AND ITS MODERN 

APPLICATION 
 

Questions about the viability and applicability of 

Sukuk-waqf should be raised by this stage. It is 

believed that such papers and models are always left 

behind after short formal discussion. However, the 

current awareness about the social dimension of 

Islamic finance has brought public attention towards 

Waqf again. Indeed, projects based on Sukuk-waqf 

have started to merge. The most important one 

would the initiative of ISRA to lunch a social project 

in New Zealand based on Sukuk-waqf. The project 

will be implemented conjointly by Awqaf New 

Zealand, ISRA and Security Commission of 

Malaysia. The goal is to issue the world`s first 

Waqf-Sukuk worth of $1bn. The proceeds of the 

sukuk will be utilized to establish farming industry 

in New Zealand and Canada. Via these farms, 

Qurbani (slaughtering animals) will be provided for 

Muslims particularly in the west. The waste of the 

animals and skins will be used to produce shoes and 

bags etc. The revenue will be used for charitable and 

social purposes all over the world.  

Also, Indonesia has joined the path of implementing 

Sukuk-waqf to develop social property assets to be 

commercially self-sustaining. 

Addition to these examples, has launched an 

initiative to develop and finance existing Waqf 

properties through Sukuk issuance. The issuance 

conducted by the MUIS (Majlis Ugama Islam 

Singapura) has raised a total of USD60 million 

which is significant looking at the nature of the 

operation. Hence, the success of this operation has 

led the MUIS to further extend its willingness to 

issue more sukuk in order to develop the existing 

Waqf properties in Singapore.  

It is clear that this project with its worldwide 

dimension would provide an astonishing framework 

for Muslim countries to lunch the experience of 

Sukuk-waqf and merge it within their financing 

planning.   

CONCLUSION 

 

Islamic Moral Economy has provided the Umma 

with the adequate tools to maintain its prosperity and 

social development. Waqf represents the perfect 

illustration for this system. It played a tremendous 

role throughout the History of Muslim civilization. 

Now, it is the time that waqf should go through an 

innovative process in order for it to maintain its 

viable role within Muslim societies. Hence, sukuk-

http://www.isra.my/
http://www.sc.com.my/


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waqf seems to be the suitable instrument that could 

enhance the role of waqf and make it a common and 

familiar tool for Muslims who seek Divine blessing 

and Mercy.  

As most of states struggle to match deficit limit, it 

becomes difficult to provide enough financing for 

the growing socioeconomic needs pressured by an 

exponential demographic decrease. Hence, sukuk-

waqf seems to be the suitable remedy for public 

authorities to match their budget goal along with 

ensuring a constant prosperity for their citizens. 

Sukuk-waqf can be considered as the perfect tool to 

mobilize fund from Muslim communities through a 

regular and sustainable way. It combines the 

flexibility of sukuk and the sustainability of waqf.  

We believe that waqf could be the adequate answer 

for the socioeconomic problems that imped 

development in most Muslim countries. However, 

this concept would find a way to success without the 

engagement of both public authorities and Muslim 

individuals, which are aware of the current 

challenges that face the Umma.  

REFERENCES 
 

[1] Ali, Md Yussof & Khanom, F (2014). 

Understanding Cash Waqf: It’s Role Toward 

Alleviating Poverty In Contemporary 

Context. Universiti Sains Islam Malaysia. 

[2] Çizakça, M. (1998). Awqaf in History and its 

Implications for Modern Islamic Economies. 

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EJIF – European Journal of Islamic Finance Editorial Team 

Editor in Chief 

Prof. Paolo Pietro Biancone, University of Turin, Italy 

Editorial Board 

Prof. Dian Masyita, University of Padjadjaran, Indonesia 

Prof. Abdulazeem Abozaid, Qatar Faculty of Islamic Studies – Qatar 

Prof. Ahmad Aref Almazari, King Saud University, Saudi Arabia 

Prof. Nidal A. Alsayyed, Inayah Islamic Finance Research Institute, USA 

Prof. Roberta Aluffi, University of Turin - Italy 

Prof. Ghassen Bouslama, NEOMA Business School - Campus de Reims, France 

Prof. Nazam Dzolkarnaini, Salford University, UK 

Prof. Kabir Hassan, University of New Orleans, USA 

Prof. Khaled Hussainey, University of Plymouth, UK 

Prof. Rifki Ismal, University of Indonesia 

Prof. Tariqullah Khan, Hamad bin Khalifa University, Qatar 

Prof. Ali Khorshid, ICMA Centre Reading University - UK 

Prof. Amir Kia, Utah Valley University, USA 

Prof. Laurent Marliere, Université Paris-Dauphine France 

Prof. Federica Miglietta, University of Bari - Italy 

Prof. Hakim Ben Othman, University of Tunis - Tunisia 

Prof. Mohamed Ramady, King Fahd University of Petroleum and Minerals, Saudi Arabia 

Prof. Mamunur Rashid, Nottingham University, Malaysia 

Prof. Younes Soualhi, International Islamic University Malaysia 

Prof. Laurent Weill, University of Strasbourg, France