Introduction
Definitions of Waqf
History of Waqf
- The Age of the Prophet Mohammad PBUH
- The Age of the Sahaba i.e. the prophets friends
- Umawi Era
- Mamaleek Era
- Ottoman Era
As the reins of the Ottoman Empire looked upon the Muslim world, the sultans of the empire were very interested in the Waqf concept and almost every sultan established his own Waqf. Having said that after the fall or the Islamic Empire, the Muslim world still retains some of the old rule and traditions put forth by the Islamic Empire.
The current situation in Saudi Arabia
When this happened, this institute was codified and legislated in a way that we still use today.
Problem Statement
Research Objectives
Significance of the research
Scope and Limitations
Thesis Outline
Introduction
Types of Waqf
Religious Waqf
Philanthropic Waqf
Waqf types according to the Saudi and the Kuwaiti Legal system
Private Endowments: which in hand makes the Waqif's lineage the beneficiaries of the Waqf. The said Waqf is not permitted until full transfer of ownership of the subject.
Comparison of Waqf with conventional and Islamic institutions
The difference between Islamic Waqf and Conventional Trust
The Waqif must specify who the beneficiaries are and must propose an alternative for these beneficiaries if they have seized to exist. Furthermore, in order for the beneficiaries to receive returns, they must not be at war with other Muslims or use the Waqf in a non-Sharia compliant manner.
Islamic Jurisprudence and Waqf
Regarding the terms of the beneficiaries according to Alshibani (1999), the beneficiaries can be public entities or even individuals. Yet, according to Kahf (2007), the most important characteristics of the Islamic Waqf as a special form of charity are perpetuity and duration of provisions from the Waqf founder.
Zakat and Waqf
Waqf is one of the main providers of current expenditure in the non-profit sector besides Zakat18.
Accountability of Waqf in Islamic Jurisprudence, and the Saudi Companies’ Law
The legal personality of the Waqf
However, according to Sanusi, conventional companies enjoy different legal entities that are separate from the shareholders. However, according to the above-mentioned Proceedings of the Conference (1422H), some scholars argue that when the ownership of the Waqf is transferred from the original owner and does not enter the ownership of the beneficiary, whether he is named or not. As a result, the responsibility of the waqf is not on the waqif or the beneficiary.
However, the Hanfi School of thought rejected the exception of the "benefit of waqf" under the two rules. Although most scholars have sanctioned "legal personality for the waqf", it is not necessary that such a sanction is sufficient to treat it as such. However, the source of Saudi Arabian law is the Qur'an and Sunnah, so Waqf is considered a legal entity, due to already existing Awqafs being treated as such in Saudi Arabia.
Below, this chapter will discuss the key aspect of the paper liability of the Waqf, the legal entity.
Waqf Accountability
Is Waqf considered as a Company
With reference to the last table, it is concluded that the initial structure of the Waqf entity and the Company is different. In other words, legally speaking, a Waqf is not considered a corporation because the corporation has a birth certificate and death certificate and is governed by conventional man-made laws. However, the Waqf is an endowment made by the people to the divine and the purpose behind such an endowment is to enrich the relationship with god, not to increase the accounts of the shareholders.
Referring to the above section of this paper and knowing the difference between the two entities, it is concluded that within the framework of the management of the structure of the two entities, Vakëfi has a better methodology in the governance of the accountability of the Board of Directors, and Vakëfi in these time can apply such a methodology if it is not contrary to the requirements of Sharia.
Accountability of the Board of Directors in the Joint Stock Company
Legislation
Miscellaneous accountability
According to Osman, downward accountability is "more comfortably placed because beneficiaries are given authority by rights." However, the said author discussed holistic accountability after downward accountability and merged both types of accountability. Holistic accountability, however, expands aspects of short-term monitoring and focuses on the isolated campaign favored under hierarchical accountability.
By referring to the aforementioned arguments and the Companies Act, the paper will shift to the framework of responsibility of Waqf management. Since accountability is an embedded feature in Islamic teachings that de facto includes the notion of accountability downwards to society and less fortunate groups, Osman suggests that such accountability be further strengthened by adding holistic accountability if theoretically added to the framework of Waqf accountability. As mentioned earlier in this chapter, the responsibility of the waqf lies with Allah, because the operationalization of responsibility to Allah is intangible, in order to prove that the management of the waqf is indeed accountable to Allah, it must be accountable to the beneficiaries.
Osman proposed a framework that is hierarchical in nature in which the focus is on accountability to higher principles.
Conclusion
Introduction
Research Design
Sample Selection
Types of interviews
Qualitative Data Management
Interview Schedule
Content Analyses
Conclusion
Introduction
Interviewees’ Profiles
Themes to be discussed
Content Analyses
In the Abbasid period it was under the judge, and in Egypt under the divan. But after the period of colonization, the Waqf was revoked and it comes entirely under the government of Lopa.
Discussions
- Brief overview of Waqf according to the experts
- Reasons behind non development of Waqfs in the current Islamic World
- Legal personality of Waqf
- Legalities
- Lope whole in the Waqf system in Saudi Arabia
T stated that Waqf is Sunna, he further stated that some of the conventional laws crippled the development of Waqfs. But in the case of – Family Endowment – A,B and C suggest that due to lack of codification people have lost interest in creating Waqf. X also regards the rules in the Islamic countries as not particularly affective because they come under the Ministry of Waqf or Awqaf.
In addition, T states that waqfs are not developing in the expected way because waqf entities are part of the courts and are not treated as separate entities like corporations. Which makes it a legal entity with legal personality, although Waqf is not defined as a legal entity in Saudi law, it is in practice. Z, on the other hand, gave another reason for establishing it as a legal entity. Nevertheless, A, B and C agree that Waqf is a legal entity in Saudi Arabia and worldwide by practice.
Another unfortunate practice that ALL the experts have referenced is that when Nether is negligent, the reaction of judges in court is usually to save Nether.
Conclusion
Z on the other hand suggested that the rules be codified regarding the responsibility of Majlis Nethara and that Nethara should not be under one person but be under a commission. Agreeing with Y, he said that control and transparency should not be under a particular court or unit, but rather by a committee, and should be developed in such a way that measures for the same standards of accountability of the Board of Directors designated in Saudi Arabia. Law on commercial companies. Due to the fact that A, B and C are working in IDB and have worldwide exposure, it makes them more flexible in the sense that they consider that no problem has a solution.
Mentioned is a great example of how people step forward and try to increase the profit of the Waqf. Moreover, there is no law that compels Vaquf to submit its quarterly or even annual financial statements, in many cases they are based on hearsay. What also cripples development, on the one hand, there are strong methods of control and responsibility, as mentioned in the second chapter of the paper, but these methods of responsibility are limited to the object - property, Mawkoof - and on the other hand, Nather responsibility is not properly addressed in the law.
Finally, after the efforts outlined in the aforementioned chapters of this paper, the fourth chapter will be a suggested model that regulates the increasing obligation that was mentioned in the second chapter.
Introduction
Corporate Governance Majlis Nethara Template Agreement
Definitions
Suggested Template “Agreement”
A trustee should have no interest, either directly or indirectly, in the transactions carried out on behalf of the trust. . i) The Trustee shall inform the Beneficiary of any interest he may have in the Transaction. The above-mentioned section regulates the administrator's responsibility towards the beneficiaries in the same way as the board of directors is responsible towards the shareholders in the limited company. Nevertheless, the Trustees should not raise loans with maturities exceeding 3 years, or sell or mortgage the Waqf's Property, unless the judge and the beneficiaries give permission to do so.
Under no circumstances can the trustee release the debtors of the Waqf from their obligations, unless ALL the beneficiaries approve it. Para is also derived from a joint stock company to manage the financial obligations of the Waqf through corporate governance. The above paragraph regulates the trustee's benefits in the same way as in a joint-stock company.
Three months written notice by the Trustee One month written notice by the Beneficiaries 2) The expiration of the term specified in Article One.
Conclusion
The Trustee shall maintain strict confidence in all matters relating to the Waqf, including all documents, data and information, in writing or otherwise, except those disclosed by it necessary for the performance of its duties. Either party may terminate their relationship upon the first of the following events: 1) Written notice.
Limitations
Many limitations will be found under any subject that comes under Waqf just because it is neglected.
Recommendation
The Ordinary General Meeting appoints the members of the Board of Directors for the term specified in the company's Articles of Association, which may not exceed 3 years. A member of the board of directors must own a number of shares, the value of which shall not be less than SR 10 thousand. A member of the board of directors may not have any interest, direct or indirect, in the transactions or contracts entered into on behalf of the company.
The member must inform the board of directors of any interests he may have in dealings or contacts made on behalf of the company. A contract concluded in violation of the provisions of this article shall be deemed null and void." The board of directors has all powers in the management of the company, taking into account the powers of the general meeting.
How the board members are remunerated must be determined in the company's articles of association.
