Islamic Economics Studies Bi-quarterly Journal

Pathology of Waqf Assets Revenue Model: A Case Study of Residential Properties, Arena and Standing property of Waqfs

Document Type : Research Paper

Authors

1 Assistant Professor, Faculty of Islamic Studies & Management, Imam Sadiq University, Tehran, Iran.

2 Professor, Faculty of Islamic Studies & Economics, Imam Sadiq University, Tehran, Iran.

3 Researcher at Technology Studies Institute & Ph.D. Student in Economic studies, Imam Sadiq University, Tehran, Iran

Abstract

Waqf is regarded as one of the first financial and civil systems to solve the problems in the Islamic society. Mutawilli (trustee) is legally responsible for maintaining and repairing Waqf Assets and reserving the waqf interests to be possible to enjoy legal beneficiary at any time in the future. Arena and standing property is one of the beneficial-motasarrefi waqfs of residential‏ ‏properties and has a significant contribution among the motasarrefi waqfs. The present case study gathered data through document analysis, interviews and focus group techniques and data analysis and used thematic analysis procedure to address the pathology of Waqfs revenue Model (i.e. renting). According to the stakeholder analytical framework including Waqif, waqf Asset, tenant, Mutawilli, government, and pathologies were identified and classified. The main pathologies are insignificant non-optimal conditions and restrictions of Waqif in the waqf document, increasing costs and decreasing income of waqf assets, lack of tenant's attention to contractual obligations and dignity of the waqf, Mutawilli's improper maintenance and renting of waqf assets and incorrect regulation and improper monitoring of government. Some solutions for pathologies can be the design of an electronic rental system to enhance the transparency in the performance of Endowment and Charity Organization (Oghaf organization), providing rental rate updates, assignment of rental activity to the private sector and the establishment of a special prosecutor’s office for waqf.

Keywords

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Islamic Economics Studies Bi-quarterly Journal
Volume 12, Issue 2 - Serial Number 24
May 2020
Pages 137-170