International Journal of Sukuk and Waqf Research 2021-06-08T10:24:15+00:00 Managing Editorial Board Open Journal Systems IMPEDIMENTS FOR ISSUING SUKUK BONDS FOR IMPROVING ECONOMIC DEVELOPMENT IN PALESTINE 2020-11-02T17:21:32+00:00 Orobah Ali Barghouthi Ali Abdullah Shaheen Sameh Al-Ghazali K. M. Anwarul Islam Firas S. Q. Barakat <p><em>The study aimed to identify the obstacles facing the issuance of Islamic bonds by Islamic banks as a financing tool for economic projects. Descriptive and analytical method was used, and a questionnaire consisting of (36) paragraphs covering all the study variables was designed and distributed to the study community consisting of 4 Islamic banks working in Palestine. The study concluded with a set of results, the most important of which is the fear of issuing Islamic sukuk by Islamic banks due to the lack of sufficient technical capacity and experience to work in this financial industry, in addition to the weak cultural awareness among the Palestinian public of what sukuk are, their types, nature and importance, in addition to the lack of economic clarity and lack of appropriateness of environmental conditions surrounding the Palestinian national economy, which generates concerns about these sukuk, and the absence of an appropriate legislative and legal environment for issuing these sukuk constitutes an impediment to those banks for issuing them. The study recommended the necessity of seeking to develop mechanisms for issuing Islamic sukuk and exerting vigorous efforts to work to attract investors to this financing tool and work to spread the culture related to Islamic sukuk by holding conferences, seminars and workshops that contribute to educating the public about the importance of dealing with Islamic instruments, with the necessity to provide the legislative and legal environment necessary to motivate investors to issue and trade in sukuk, and implementing laws to ensure the rights and duties of this financing process parties, and to benefit from the experiences of Islamic banks in countries of the world in this regard</em>.</p> 2020-11-02T00:00:00+00:00 ##submission.copyrightStatement## SUKUK: SOME CONCEPT 2021-06-08T10:18:19+00:00 Hasan Zaman <p><em>In 2002, the jurisprudence committee of the Islamic Development Bank recommended the concept of "sukuk" for Islamic financial instruments. Juridical Standard No 17 of the Islamic Financial Institution accounting &amp; auditing organisation, defined Sukuk as "The certificate of equal nominal value after underwriting operation confirm the payment of the fornamed nominal amount to a publisher on a certificate by the purchaser and its owner shall be the owner of one or more of the assets of the project or its beneficiary. </em></p> 2020-12-10T00:00:00+00:00 ##submission.copyrightStatement## HISTORICAL ORIGINS OF SUKUK 2021-06-08T10:22:49+00:00 Hasan Zaman <p><em>As ṣukūk is an Arabic word, examination of ṣukūk origins should start by looking at the contexts in which this word has been used in the Arabic language. It is evidenced that Arab people used this word during the classical period in two denotations. The first is to strike, to hit, or to touch. In this respect, it is used when two things meet or touch each other, sometimes strongly and with intensity, in various situations, for example, putting the knees closer, closing the door, giving a slap, and shooting an arrow. The Quran (51:29) uses this word as a verb, which is translated thus: ‘Then his wife came forward with a loud voice: she smote her face. Also, the verb form of the word ṣak can be found in Hadith in Ṣaḥıḥ Muslim (one of the six canonical collections of Hadith) (19:4450) where the ṣaḥabi (companion) said: ‘...shoot at him an arrow...’. The second meaning of the word sukuk is a book or written document that records and acknowledges debt, property, commercial transactions, or financial rights. In this respect, it has the connotation of dhikru al-ḥaq (right mentioning). One should note that the term sukuk in the current Islamic finance press is originated from the second meaning of the sukuk in Arabic language.</em></p> 2020-12-12T00:00:00+00:00 ##submission.copyrightStatement## WAQF: ORIGINS AND EVOLUTION 2021-06-08T10:24:15+00:00 Mahbuba Zaman <p><em>Waqf, an Arabic word meaning ‘to prevent, restrain’, in Muslim legal terminology means to protect a thing from becoming the property of a third person. The origins of waqf have long been a subject of debate among scholars; some believe the institution to be authentically Islamic, and others consider it to originate in pre-Islamic societies. One of the pioneers of waqf studies, compared its characteristics to Byzantine charity foundations and suggested there was a strong relationship between them. Öztürk and Akgündüz identify the attributes of the institution with Islam and believe it has evolved directly from the principles of the Koran</em></p> 2020-12-30T00:00:00+00:00 ##submission.copyrightStatement## WAQF’S ROLE IN PROVIDING KEY URBAN FACILITIES 2021-06-08T10:24:02+00:00 Mahbuba Zaman <p><em>At the beginning of the classical Ottoman era, the waqf institution had already reached its form, supported by a legal, administrative and operational structure, and the institution was already widespread in the Ottoman territories. Individually established autonomous waqf had already gained a primary role in the development of key urban facilities in Islamic cities. During the classical Ottoman era, while the state carried out essentially military constructions, including castles and fortifications, palaces for the royal family and public infrastructure such as roads and bridges; religious, educational, commercial, health and charity buildings for the public’s welfare were constructed via the waqf.</em></p> 2020-12-30T00:00:00+00:00 ##submission.copyrightStatement##