Abstract
Mevcut çalışma, karma finansmanın vakıf projelerinin geliştirilmesinin olumlu etkisini ne ölçüde artırdığını ve çeşitli İslami ticari sözleşmelerin (temel olarak takas ve katılım sözleşmeleriyle paylaşım sözleşmeleri) harmanlanmasının net finansman yükünü nasıl azalttığını ve vakıf finansmanını nasıl daha imtiyazlı hale getirdiğini incelemektedir. Çalışma, İslam Kalkınma Bankası'nın Evkaf Gayrimenkulleri Yatırım Fonu'ndan (APIF) alınan iki vaka çalışmasının niteliksel incelemesine dayanmaktadır. Bu inceleme, vakıf mülklerinin geliştirilmesinin etkisini artırmak için ilgili paydaşlar tarafından benimsenebilecek çeşitli politika önerilerine yol açmaktadır.
References
- Awqaf Properties Invesment Fund (APIF). (2019). The Development Impact of the Awqaf Properties Investment Fund: A Model for Sustainable Development. Jeddah: Islamic Development Bank (IsDB). Retrieved from https://www.isdb.org/pub/reports/2019/the-development-impact-of-the-awqaf-properties-investment-fund
- Ebrahim, M. S., & Sheikh, M. (2016). Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30(2), 185-189. Retrieved from https://www.jstor.org/stable/24811044
- Ebrahim, M. S., Salleh, M. O., & Sheikh, M. (2014). Rationalizing Hybrid Financial Instruments from an Ușūlī Perspective. Arab Law Quarterly, 28(3), 295-306. Retrieved from https://www.jstor.org/stable/43294671
- Grassl, W. (2011). Hybrid Forms of Business: The Logic of Gift in the Commercial World. Journal of Business Ethics, 1(Supplament 1), 109-123. Retrieved from https://www.jstor.org/stable/41475807
- Khan, T., & Badjie, F. (2020). Islamic Blended Finance for Circular Economy Impactful SMEs to Achieve SDGs. The Singapore Economic Review. doi:10.1142/S0217590820420060
- Lall, S. A., & Park, J. (2020). How Social Ventures Grow: Understanding the Role of Philanthropic Grants in Scaling Social Entrepreneurship. Business & Society, 1-42. doi:10.1177/0007650320973434
- Roesch, J. L., Doebbel, S., & Rahmaty, M. (2017). Unlocking the “Trillions” Needed to Achieve the SDGs. In A New Way of Doing Business: Partnering for Peace and Sustainable Development (pp. 16-21). International Peace Institute. Retrieved from http://www.jstor.com/stable/resrep09587.8
- Sachs, J., McCord, G., Maennling, N., Smith, T., Fajans-Turner, V., & Loni, S. S. (2019). Policy Options to Close the SDG Financing Gap. In SDG Costing & Financing for Low-Income Developing Countries. Sustainable Development Solutions Network. Retrieved from https://www.jstor.org/stable/resrep25843.7
- Sugden, R. (1982, June). On the Economics of Philanthropy. The Economic Journal, 92(366), 341-350. Retrieved from https://www.jstor.org/stable/2232444
Abstract
It is observed that financing revenue generating awqaf projects to serve socio-economic development purposes requires considerations and provides opportunities that are different from those of typical development finance. Notably, the positive impact of these projects fully depends on their ability to generate revenue utilizable for social purposes, requiring minimization of the debt burden on such projects. Furthermore, the nature of awqaf projects provides an excellent avenue to attract legacy-conscious donors, looking for long-term impact. In light of these observations, the pertinent question that arises is: what is the impact of using Islamic blended financing to support revenue generating awqaf projects? The literature has been silent on this issue. The present study examines the extent to which this type of financing increases the positive impact of developing awqaf projects and how blending the various Islamic commercial contracts (mainly exchange and sharing contracts with contributory contracts) decreases the net financing burden and makes awqaf financing more concessional. The study is based on a qualitative review of two case studies from the Islamic Development Bank’s Awqaf Properties Investment Fund (APIF). This review leads to various policy recommendations that can be adopted by relevant stakeholders to enhance the impact of developing awqaf properties.
References
- Awqaf Properties Invesment Fund (APIF). (2019). The Development Impact of the Awqaf Properties Investment Fund: A Model for Sustainable Development. Jeddah: Islamic Development Bank (IsDB). Retrieved from https://www.isdb.org/pub/reports/2019/the-development-impact-of-the-awqaf-properties-investment-fund
- Ebrahim, M. S., & Sheikh, M. (2016). Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30(2), 185-189. Retrieved from https://www.jstor.org/stable/24811044
- Ebrahim, M. S., Salleh, M. O., & Sheikh, M. (2014). Rationalizing Hybrid Financial Instruments from an Ușūlī Perspective. Arab Law Quarterly, 28(3), 295-306. Retrieved from https://www.jstor.org/stable/43294671
- Grassl, W. (2011). Hybrid Forms of Business: The Logic of Gift in the Commercial World. Journal of Business Ethics, 1(Supplament 1), 109-123. Retrieved from https://www.jstor.org/stable/41475807
- Khan, T., & Badjie, F. (2020). Islamic Blended Finance for Circular Economy Impactful SMEs to Achieve SDGs. The Singapore Economic Review. doi:10.1142/S0217590820420060
- Lall, S. A., & Park, J. (2020). How Social Ventures Grow: Understanding the Role of Philanthropic Grants in Scaling Social Entrepreneurship. Business & Society, 1-42. doi:10.1177/0007650320973434
- Roesch, J. L., Doebbel, S., & Rahmaty, M. (2017). Unlocking the “Trillions” Needed to Achieve the SDGs. In A New Way of Doing Business: Partnering for Peace and Sustainable Development (pp. 16-21). International Peace Institute. Retrieved from http://www.jstor.com/stable/resrep09587.8
- Sachs, J., McCord, G., Maennling, N., Smith, T., Fajans-Turner, V., & Loni, S. S. (2019). Policy Options to Close the SDG Financing Gap. In SDG Costing & Financing for Low-Income Developing Countries. Sustainable Development Solutions Network. Retrieved from https://www.jstor.org/stable/resrep25843.7
- Sugden, R. (1982, June). On the Economics of Philanthropy. The Economic Journal, 92(366), 341-350. Retrieved from https://www.jstor.org/stable/2232444
Abstract
من الملاحظ أن تمويل مشاريع الأوقاف المدرّة للدخل لخدمة أغراض التنمية الاقتصادية والاجتماعية يتطلب اعتباراتٍ ويتيح فرصًا مختلفة عن تلك الخاصة بالتمويل التنمويّ المعتاد. فمن ذلك أن الأثر الإيجابي لهذه المشاريع يعتمد بشكل كامل على قدرتها على توليد إيرادات حُرّة خالية من أيّة التزامات يمكن استخدامها للأغراض الاجتماعية، مما يتطلب تخفيف عبء الديون على هذه المشاريع. علاوة على ذلك، تُوفّر طبيعة مشاريع الأوقاف وسيلة ممتازة لجذب المتبرعين المهتمّين بإِرثهم وذكراهم، والذين يبحثون عن تأثير طويل المدى. وفي ضوء هذه الملاحظات، فإن السؤال المناسب الذي يطرح نفسه هو: ما هو تأثير استخدام التمويل الإسلامي المختلط لدعم مشاريع الأوقاف المدرّة للدخل؟ الأدبيات المتخصّصة صامتة بهذا الشأن. تتناول الدراسة الحالية بالبحث مدى زيادة نوع التمويل هذا من التأثير الإيجابي لتطوير مشاريع الأوقاف وكيف أن خلط العقود التجارية الإسلامية المختلفة (غالباً عقود التبادل والمشاركة مع عقود التبرّع) يقلل من صافي عبء التمويل ويجعل تمويل الأوقاف أكثر تيسيراً. تعتمد الدراسة على مراجعة نوعية لدراسَتَي حالة من صندوق تثمير ممتلكات الأوقاف التابع للبنك الإسلامي للتنمية، وتنتج عن هذه المراجعة توصيات مختلفة يمكن تبنّيها من قبل أصحاب المصلحة المعنيّين لتعزيز تأثير تطوير ممتلكات الأوقاف.
References
- Awqaf Properties Invesment Fund (APIF). (2019). The Development Impact of the Awqaf Properties Investment Fund: A Model for Sustainable Development. Jeddah: Islamic Development Bank (IsDB). Retrieved from https://www.isdb.org/pub/reports/2019/the-development-impact-of-the-awqaf-properties-investment-fund
- Ebrahim, M. S., & Sheikh, M. (2016). Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30(2), 185-189. Retrieved from https://www.jstor.org/stable/24811044
- Ebrahim, M. S., Salleh, M. O., & Sheikh, M. (2014). Rationalizing Hybrid Financial Instruments from an Ușūlī Perspective. Arab Law Quarterly, 28(3), 295-306. Retrieved from https://www.jstor.org/stable/43294671
- Grassl, W. (2011). Hybrid Forms of Business: The Logic of Gift in the Commercial World. Journal of Business Ethics, 1(Supplament 1), 109-123. Retrieved from https://www.jstor.org/stable/41475807
- Khan, T., & Badjie, F. (2020). Islamic Blended Finance for Circular Economy Impactful SMEs to Achieve SDGs. The Singapore Economic Review. doi:10.1142/S0217590820420060
- Lall, S. A., & Park, J. (2020). How Social Ventures Grow: Understanding the Role of Philanthropic Grants in Scaling Social Entrepreneurship. Business & Society, 1-42. doi:10.1177/0007650320973434
- Roesch, J. L., Doebbel, S., & Rahmaty, M. (2017). Unlocking the “Trillions” Needed to Achieve the SDGs. In A New Way of Doing Business: Partnering for Peace and Sustainable Development (pp. 16-21). International Peace Institute. Retrieved from http://www.jstor.com/stable/resrep09587.8
- Sachs, J., McCord, G., Maennling, N., Smith, T., Fajans-Turner, V., & Loni, S. S. (2019). Policy Options to Close the SDG Financing Gap. In SDG Costing & Financing for Low-Income Developing Countries. Sustainable Development Solutions Network. Retrieved from https://www.jstor.org/stable/resrep25843.7
- Sugden, R. (1982, June). On the Economics of Philanthropy. The Economic Journal, 92(366), 341-350. Retrieved from https://www.jstor.org/stable/2232444
Details
| Primary Language | English |
|---|---|
| Subjects | Islamic Economy, Islamic Finance |
| Journal Section | Articles |
| Authors | |
| Early Pub Date | November 30, 2023 |
| Publication Date | December 31, 2023 |
| Submission Date | November 7, 2023 |
| Acceptance Date | November 12, 2023 |
| Published in Issue | Year 2023 Volume: 9 Issue: 2 |
All articles published in the Journal of Islamic Economics and Finance are licensed under the Creative Commons Attribution-NoDerivatives 4.0 International License.
Publisher: Istanbul Sabahattin Zaim Univeristy, Halkalı Caddesi No:2 Küçükçekmece / İstanbul