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Chapter 10
DOI: 10.4018/978-1-7998-1245-6.ch010
ABSTRACT
The financial re-engineering of old concepts is a new trend in the field of Islamic
finance. It has been termed as ‘New Horizon 2.0’ by Shinsuke (2014)―an approach
which aims to revitalize original instruments once practiced in medieval Islam to
harness the potential of Islamic finance to better meet the needs of communities.
It is also in line with the continuous innovative efforts of the industry to apply
existing concepts, contracts, and instruments that are Shari’ah-compliant in the
modern context to resolve contemporary socio-economic issues. In light of this
background, this chapter examines how the age-old philanthropic concept of waqf
has been integrated in the Islamic finance industry to revive its applications in
contemporary societies. The chapter focuses on the inter-links between waqf and
the Islamic capital market (ICM). Accordingly, it examines the new trends of waqf
that have emerged in the ICM.
Exploring New Trends of Waqf
in the Islamic Capital Market
Salma Sairally
International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia
Marjan Muhammad
International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia