Assoc. Prof. Dr.
Magda Ismail Abdel Mohsin
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- PublicationSmart waqf city for education - an experience in Darussalam Gontor, IndonesiaAminudin Ma'ruf; Magda Ismail Abdel Mohsin (Routledge, 2020)
Historically speaking, waqf has played a remarkable role in economic growth and development of Muslim countries. Recently, the call for productive waqf has grown widely and its implementation shows significant impact in various Muslim societies. Interestingly, the revival of idle waqf properties and the creation of cash waqf are becoming economic drivers that will improve the welfare of Muslim societies. It is also surprising to discover the creation of waqf cities in different types such as the Hamdard Waqf City of Health in India, Pakistan and Bangladesh, Al-Rahmah Complex City in Somaliland and Darussalam Gontor Smart Waqf City for Education in Indonesia. The main objective of this chapter is to present an overview of the development of Darussalam Gontor Smart Waqf City for Education and to discuss how this waqf city has been able to maintain its financial sustainability without resorting to any external funding since 1750 (starting with Atiq Waqf Mosque) until today. This study is exploratory and adopts qualitative research methodology to achieve the aforementioned objectives. Data are collected from published reports, journals and the relevant web sites. Expected Findings: To conceive the founding Gontor Smart Waqf City for Education as a good model in financing the development of multilevel education infrastructure through decent, high quality and friendly environment. Practical Implications: The study presents a schematic framework for new waqf founders to build new waqf. Social Implications: Waqf is a viable non-governmental source of funding for education.
- PublicationPotential of zakat in eliminating riba and eradicating poverty in Muslim countriesMagda Ismail Abdel Mohsin (IISTE, co-published with Center for Research on Islamic Management and Business (CRIMB), 2013)
From a mere glance at Muslim countries today, we realize that they are classified as third world though they adopt a secular system. The recent statistical data of 2009 shows the majority of people who live below poverty are found in Muslim countries. Some scholars related this fact to the oppression, humiliation and the bad policies which had been imposed in almost all Muslim countries during colonization and have continued up to the present time. Others related this to the incompetence and the corruption on the part of their governments.
- PublicationZakah from salary and EPF: issues and challengesLahsasna, Ahcene; Ezamshah Ismail; Magda Ismail Abdel Mohsin (Center for Promoting Ideas, 2011)
The beginning of the 1980's witness a new approach of collecting zakah on monthly bases in some of the Muslim countries such as Sudan, Pakistan and Malaysia. At first, this creates an ambiguous situation amongst Muslim scholars as to its legitimacy, since the payment of zakah is known to be given on annual bases and once it reaches the nisab (the minimum assigned). Recently, a consensus has been given amongst contemporary Muslim scholars that it is lawful to pay the zakah on monthly basis. Malaysia is one of the countries that start implementing zakah deduction on monthly basis through participating in a scheme called the Salary Deduction Scheme. This raises the question on some of the conventional created funds, such as the Employees Provident Fund (EPF), and whether zakah is applicable on them or not. The main objective of this paper is to study the Shariah aspect not only on the validity of the payment of zakah on monthly salaries in Malaysia but the validity of the payment of zakah on other funds such as the EP.
- PublicationDiscussion on affordable housing problem: with special reference to the concept of brotherhood, waqf & zakatMagda Ismail Abdel Mohsin (2016)
The slides highlight: 1) issue and challenges of affordable houses; 2) Islamic teaching help in providing affordable housing; 3) creation of waqf to meet demand for affordable houses; 4) successful cases in transforming idle waqf properties into productive waqf properties.
- PublicationCorporate waqf as a vehicle for Islamic microfinance - a proposal worth attentionMagda Ismail Abdel Mohsin (Red Money, 2015)
Ever since the 1970s, microfinance has become one of the schemes for poverty eradication and economic redevelopment strategies around the world. The main objective of this microfinance scheme is to eradicate poverty through financing the unemployed or low-income individuals or groups who are usually outside the formal banking system. Later on after the 1970s, millions of people from different countries, including Muslim countries, were accessing services from formal and semi-formal microfinance institutions (MFIs). All of a sudden, it has become a vast global industry involving a large number of governments, financial institutions and non-governmental organizations (NGOs) aiming to eradicate global poverty.
- PublicationCase study: waqf-shares—financing through movable waqfMagda Ismail Abdel Mohsin (Business Islamica, 2011)
Historically speaking the institution of waqf, which is a non-governmental organization (NGOs), has played a significant role throughout Islamic history, from the time of the Prophet (pbuh) to the beginning of the 19th century. Although this institution existed before the coming of Islam, yet, Islam was the first religion to develop its legal framework and regulate it. Thus, it became one of the devices created by Muslims to fulfill many services that are financed by the state or the government today, such as education, healthcare, national security, transportation facilities, basic infrastructure, food, shelter, and jobs for many. It acted like a network, penetrating many service sectors whenever it found a need to promote a particular sector. We cannot deny the role of this institution in the development of Islamic civilization before its destruction towards the end of the 19th century. With the recent revival of some of the Islamic institutions in the 21st century, the waqf found its way back with a new dimension focusing mainly on the creation of movable waqf in different countries. Waqf-share is one of the movable waqf which has been practiced in many Muslim and Muslim minority countries today. With the current financial crisis and the urgent need for capital to continue providing services needed by the different societies, the introduction of waqf-shares as a fundraising effort was totally accepted. The main objective for introducing waqf-shares is not only for capital accumulation but also to facilitate the process of creating waqf by the different sects of people in any society, regardless of whether they are rich or not, with the minimum amount of money they can afford in order to participate in developing their societies. This paper will address the current practice of waqf-shares in four different countries.
- PublicationDeveloping sustainable social benefit scheme for the hard core poor using Islamic finance - zakah, waqf and qard hassanMagda Ismail Abdel Mohsin (2016)
The slides highlight: 1) the objective of the paper - to draw the attention to the four remarkable financial institutions which are meant to eradicate poverty, reduces inequalities and narrowing down the gap between the rich and the poor in an ethical and a just way; 2) current scenario/global poverty; 3) zakah financial institutions and products; 4) sadaqah financial institutions; 5) financial products under waqf.
- PublicationWaqfcoin: an innovation to serve humanityAishath Muneeza; Magda Ismail Abdel Mohsin (CPI Financial, 2018)
Serving humanity must be an objective of all human beings. There are many ways in which humanity can be served. One of the most convenient ways to do this is via donation. The most critical challenge facing the donors is uncertainty in knowing whether the donation is spent on the intended purpose. The lack of transparency by trustees managing donation funds have created lack of trust among the donors when it comes to donating for humanity. The Islamic concept of Waqf in which donations are made for noble causes faces the same issue as well. This is the main reason why Waqf is declining in today's era, where finding donors is a challenge. According to reports, Singapore-based fintech firm Finterra has developed a crowdfunding platform that uses blockchain to create smart contracts that would be linked to specific Waqf projects.
- PublicationZakah: a social financial institution for just and equitable distribution of wealth (successful cases from the past and the present)Magda Ismail Abdel Mohsin (2017)
The slides highlight: 1) to show how the institution of zakah, which is one of the socio-financial institutions, can collect huge amount of funds to be redistributed to the less fortunate and hence not only narrowing the gap between the rich and the poor but eradicating poverty on annual basis while eliminating riba from Muslim society; 2) current scenario poverty in Muslim countries; 3) current situation of zakah in Muslim countries; 4) current successful cases in Sudan and Malaysia.
- PublicationCash waqf: a new financial productMagda Ismail Abdel Mohsin (Prentice Hall, 2009)
This book will be a valuable addition to the growing literature on this finance subject. In the book, an attempt is made to explain the concept of cash-waqf, its mechanism, operations and management in the light of Shariah. As the book deals with both theory and application of the cash-waqf concept in Muslim countries as well as in non-Muslim countries, it will serve as a basis for further research work.
- PublicationFinancing & galvanizing idle waqf properties into income generating propertiesShaikh Abdul Razak, Shaikh Hamzah; Magda Ismail Abdel Mohsin (Sudan Academy of Banking and Financial Sciences, 2017)
The main objective of this study is to present the current successful cases in making a revolution reform of the old and idle waqf properties into income generating properties in Muslim and Muslim minority countries. These reforms include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the mass, taking care of the health of the people, and sheltering the poor and needy in the different countries. Case under studies are: Turkey, Malaysia, Singapore, Sudan, Indonesia, New Zealanf, Kuwait, India, Pakistan and Bangladesh.
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