A re-examination of musharakah bonds and Waqf development: the case of Singapore

This research re-examines the structured financing involving two waqf real estate development projects in Singapore and the issuance of musharakah bonds in 2001 and 2002. This study seeks to address how and why the financing was structured. Moreover, the research had no influence over the behavioura...

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Main Authors:	Abdullah, Adam, Saiti, Buerhan
Format:	Article
Language:	English English
Published:	International Islamic University Malaysia 2016
Subjects:	HG Finance HM826 Social institutions KBP Islamic Law
Online Access:	http://irep.iium.edu.my/54440/ http://irep.iium.edu.my/54440/ http://irep.iium.edu.my/54440/1/933-2076-1-SM.pdf http://irep.iium.edu.my/54440/7/54440_A%20re-examination%20of%20musharakah%20bonds_Scopus.pdf

id	iium-54440
recordtype	eprints
spelling	iium-544402017-03-29T07:09:12Z http://irep.iium.edu.my/54440/ A re-examination of musharakah bonds and Waqf development: the case of Singapore Abdullah, Adam Saiti, Buerhan HG Finance HM826 Social institutions KBP Islamic Law This research re-examines the structured financing involving two waqf real estate development projects in Singapore and the issuance of musharakah bonds in 2001 and 2002. This study seeks to address how and why the financing was structured. Moreover, the research had no influence over the behavioural events surrounding these transactions and that the projects are both contemporary in nature. The methodology involves case study research, including documentary and content analysis of selected materials. In terms of analytical generalization and external validity, we adopt the framework of the Islamic normative theory of profit. The study finds that despite the noble intention of the Islamic Religious Council of Singapore (MUIS) to issue musharakah bonds in developing the waqf properties in assessing substance over form, they do not satisfy the conditions relating to a valid contract and lawful income. Accordingly, we recommend an alternative mechanism for the future development of waqf projects, structured on the basis of a real estate investment trust. International Islamic University Malaysia 2016-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/54440/1/933-2076-1-SM.pdf application/pdf en http://irep.iium.edu.my/54440/7/54440_A%20re-examination%20of%20musharakah%20bonds_Scopus.pdf Abdullah, Adam and Saiti, Buerhan (2016) A re-examination of musharakah bonds and Waqf development: the case of Singapore. Intellectual Discourse, 24 (special issue). pp. 541-562. ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/download/933/679
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG Finance HM826 Social institutions KBP Islamic Law
spellingShingle	HG Finance HM826 Social institutions KBP Islamic Law Abdullah, Adam Saiti, Buerhan A re-examination of musharakah bonds and Waqf development: the case of Singapore
description	This research re-examines the structured financing involving two waqf real estate development projects in Singapore and the issuance of musharakah bonds in 2001 and 2002. This study seeks to address how and why the financing was structured. Moreover, the research had no influence over the behavioural events surrounding these transactions and that the projects are both contemporary in nature. The methodology involves case study research, including documentary and content analysis of selected materials. In terms of analytical generalization and external validity, we adopt the framework of the Islamic normative theory of profit. The study finds that despite the noble intention of the Islamic Religious Council of Singapore (MUIS) to issue musharakah bonds in developing the waqf properties in assessing substance over form, they do not satisfy the conditions relating to a valid contract and lawful income. Accordingly, we recommend an alternative mechanism for the future development of waqf projects, structured on the basis of a real estate investment trust.
format	Article
author	Abdullah, Adam Saiti, Buerhan
author_facet	Abdullah, Adam Saiti, Buerhan
author_sort	Abdullah, Adam
title	A re-examination of musharakah bonds and Waqf development: the case of Singapore
title_short	A re-examination of musharakah bonds and Waqf development: the case of Singapore
title_full	A re-examination of musharakah bonds and Waqf development: the case of Singapore
title_fullStr	A re-examination of musharakah bonds and Waqf development: the case of Singapore
title_full_unstemmed	A re-examination of musharakah bonds and Waqf development: the case of Singapore
title_sort	re-examination of musharakah bonds and waqf development: the case of singapore
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/54440/ http://irep.iium.edu.my/54440/ http://irep.iium.edu.my/54440/1/933-2076-1-SM.pdf http://irep.iium.edu.my/54440/7/54440_A%20re-examination%20of%20musharakah%20bonds_Scopus.pdf
first_indexed	2023-09-18T21:17:03Z
last_indexed	2023-09-18T21:17:03Z
_version_	1777411632014557184

A re-examination of musharakah bonds and Waqf development: the case of Singapore

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