Affiliation:
1. International Shari'ah Research Academy for Islamic Finance (ISRA), Malaysia
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.
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