الوقف النقدي ودوره في التمويل في ضوء تجربة سنغافورة لتطوير الوقف في ليبيا : (دراسة حتليلية)

Abstract

The Islamic philanthropic foundations contribute in meeting the challenges encountered in Muslim societies. In spite with the developmental role these foundations, however, the Libyan Awqaf remains in a status of quo between weakness and underdevelopment, and faces many obstacles toward its developmental role for the Libyan society. Thus, this research aimed to develop the Awqaf institution in Libya that enable the implementation of the Cash Waqf, provide the Shari'ah and legal framework for the Cash Waqf, indicate the most significant difficulties and obstacles that could obstruct its application, and explicate how to benefit from the Cash Waqf in financing various development projects by taking advantage of Singapore's experience in the development of endowments. The researcher applied a qualitative analysis using inductive and deductive approach to conclude and clarify the provisions related to the monetary suspension and its applications, the difficulties that may be faced in its application, as well as the descriptive analytical method for determining the applicability of the Cash Waqf in Libya and its ability to finance the various development projects, through personal interviews with some employees from the Libyan Awqaf public authority. The results showed that Singapore has developed the Awqaf Law Administration of Muslim Law Act (AMLA), that specifies tasks and functions of the Awqaf charging authorities, and it has depended on productivity management system to manage and invest in Waqf, and it has succeeded in merge both traditional and modern methods to develop the endowments. Through the lesson learnt from Singapore in the management and investment of endowments could be used to develop endowments in Libya, and the application of the monetary endowment in the General Authority of the Libyan Endowments, provision a set of requirements, including: effective management and good governance, mutual trust between the endowment institution and the public, accurate political drive, and the establishment of an independent monetary endowment that is part of the endowment department, and accordingly, a monetary endowment can be more effective in developing unutilized endowment lands in Libya and financing many development projects in different forms and methods, which makes the endowment a great supporter of government development projects. The research recommends the review of legislations and laws related to the management and investment of Awqaf, establish an institution for Cash Waqf of its independence, and to adhere to the system of corporate governance because of its importance in raising levels of performance and preserving the rights of those standing and holding them and to promote development and growth in the Awqaf institution.