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Waqf Law and Islamic Religious Revenue: New Sources of a State Revenue

  • Abdul Ghafar Ismail
  • Wahyu Ario Pratomo
Chapter

Abstract

The state constitution makes a provision that they can expand the sources of revenues for socio-economic purposes. Among these revenues are waqf, zakat and similar Islamic religious revenue. This study will present an evidence based on the consolidated account in several states in OIC member countries. The results will try to prove that (i) there are several advantages to compiling a consolidated account, such as being able to centralize the planning, and reporting of the revenue. In addition, it also helps in formulating the public policy. This study may have an impact on the disbursement made by the waqf institutions in one state that should be recognized and endorsed by the relevant authorities or operational regulations.

References

  1. Attorney General Office, Negara Brunei Darussalam. Akta Majlis Ugama Islam dan Mahkamah-Mahkamah Kadi. Retrieved from http://www.agc.gov.bn/AGC%20Images/LOB/Order%20PDF%20(BM)/Penggal%2077.pdf. Accessed 31 August 2017.
  2. Ismail, A. G. (2018). Money, Islamic Banking and Real Economy (2nd ed.). Singapore: Cengage Learning Asia Pte. Ltd.Google Scholar
  3. Ismail, A. G., & Pratomo, W. A. (2017). Crowding Out and Waqf Crowdfunding: Do They Create Macroeconomic Imbalances (IESTC Working Paper Series: No. 6).Google Scholar
  4. Mallinak, B. (2006). The Revenue Rule: A Common Law Doctrine for the Twenty-First Century Duke. Journal of Comparative & International Law, 16, 79–124. Retrieved from http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=1107&context=djcil. Accessed 28th August 2017.
  5. Ministry of Law, Bangladesh. Awqaf Ordinance of 1962. Retrieved from http://bdlaws.minlaw.gov.bd/print_sections_all.php?id=326. Accessed 31 August 2017.
  6. Oseni, U. A. (2015). Towards the Effective Legal Regulation of Waqf in Nigeria: Problems and Prospects. https://www.researchgate.net/publication/228298207_Towards_the_Effective_Legal_Regulation_of_WAQF_in_Nigeria_Problems_and_Prospects.

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Abdul Ghafar Ismail
    • 1
    • 2
    • 3
  • Wahyu Ario Pratomo
    • 4
  1. 1.Faculty of Islamic Economics and FinanceUniversiti Islām Sultan Sharif AliGadongBrunei
  2. 2.Islamic Economic Studies and Thoughts CentreBangiMalaysia
  3. 3.AmBank Group Resident FellowPerdana Leadership FoundationPutrajayaMalaysia
  4. 4.Department of EconomicsUniversitas Sumatera UtaraMedanIndonesia

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