• ISSN: 2010-023X
    • Frequency: Bimonthly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Executive Editor: Ms. Cherry L. Chen
    • Abstracting/ Indexing: Engineering & Technology Digital Library, ProQuest, Crossref, Electronic Journals Library, DOAJ , EBSCO, and Ulrich's Periodicals Directory
    • E-mail: ijtef@ejournal.net
IJTEF 2011 Vol.2(5): 381-386 ISSN: 2010-023X
DOI: 10.7763/IJTEF.2011.V2.135

Towards an Islamic Social (Waqf) Bank

Mohammad Tahir Sabit Haji Mohammad
Abstract—This paper looks at the permissibility of establishment of a waqf (a non-profit social bank) in Islamic law. Considering the needs of the poor majority in all Muslim nations, unattended to by current banking system, it explores and extends the views of Muslim jurists regarding the validity of cash waqf to the permissibility of waqf bank. Cash waqf donations and proceeds can be used to form the capital of the bank. The principles of waqf and its perpetuity and the protection of the cash waqf can also apply to the capital of the bank. The structure of this bank and its functions has to be in conformity with waqf principles too.

Index Terms—Cash waqf, waqf bank, Social bank.

M. T. Sabit is with the Universiti Teknologi Malaysia, Johor, Malaysia (e-mail: mtahir@ utm.my).

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Cite:Mohammad Tahir Sabit Haji Mohammad, "Towards an Islamic Social (Waqf) Bank," International Journal of Trade, Economics and Finance vol.2, no.5, pp. 381-386, 2011.

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