Member Newsletters

Date Title Jurisdiction
1468801401 July 2016 GSNH newsletter July 2016 - How Brands Work (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1463531001 May 2016 The Insider - unfair preference claims.pdf (download)
Written by Polczynski Lawyers
Sydney, Australia
1456881801 March 2016 Budget - 2016 Synopsis (download)
Written by Kundra & Bansal
New Delhi, India
1450747401 December 2015 Dec 2015 Employment Law Update - Staying Compliant in the New Year.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1444004601 October 2015 Oct 2015 Husband saves home from wife's secret gambling habit and the Bank.pdf (download)
Written by Polczynski Lawyers
Sydney, Australia
1436142201 July 2015 Brazil´s US$64 billion infrastructure plan 2015 (download)
Written by Doria, Jacobina, Gondinho Advogados Associados
Rio de Janeiro, Brazil
1432167801 May 2015 Danish employment law briefing - April 2014.pdf (download)
Written by Kirk Larsen & Ascanius
Esbjerg, Denmark
1432167801 May 2015 International recruitment reform implemented in Denmark.pdf (download)
Written by Kirk Larsen & Ascanius
Esbjerg, Denmark
1424913801 February 2015 NP Employment Law Update, February 2015.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1418088201 December 2014 News from Washington December 2014 (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1418088201 December 2014 Nexsen Pruet EMPLOYMENT LAW NEWS December 2014.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1416446601 November 2014 USTR initiates annual “section 1377” review of compliance with Telecom-Trade commitments (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1395710601 March 2014 March 2014, LegaLife, Russia, Newsletter.pdf (download)
Written by LegaLife
Moscow, Russia
1389144201 January 2014 W&G Regulatory Advisory re USTR's 2014 Special 301 Review.pdf (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1389144201 January 2014 NP January 2014 Employment Law Update.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1386897801 December 2013 NP December 2013 Employment Law Update - supplemental.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1385688201 November 2013 GSNH newsletter November 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1384565001 November 2013 Business News from Croatia November 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1381796601 October 2013 Business News from Croatia October 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1381364601 October 2013 GSNH newsletter October 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1379377401 September 2013 Business News from Croatia September 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1376958201 August 2013 NP September 2013 privacy law – why compliance is crucial in your business.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1375143801 July 2013 NP August 2013 Employment Law Update - Two Supreme Court Rulings Improve.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1371515001 June 2013 Nexen Pruet June 2013 Employment Law Update.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1371515001 June 2013 The Netherlands - tax options for foreign companies final.pdf (download)
Written by Van der Steenhoven Advocaten NV
Amsterdam, Netherlands
1370391801 June 2013 June 2013, Employment Law Update, Employers Beware (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1369268601 May 2013 Legal Update 2013 from Florida, USA.pdf (download)
Written by Devine Goodman Rasco & Watts-FitzGerald LLP
Miami, USA
1368491001 May 2013 May 2013 Employment Law Update, To Pay or Not to Pay.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1365639801 April 2013 April 2013 The 10 Things You Must Know About Architectural Copyrights.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1364261001 March 2013 Nexen Pruel Employment Law Update, April 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1363656201 March 2013 Nexen Pruet Employment Law Update, March 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1363573402 March 2013 Oil & Gas, newsletter March 2013 (download)
Written by Doria, Jacobina, Gondinho Advogados Associados
Rio de Janeiro, Brazil
1360805001 February 2013 GSNH newsletter February 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1359941001 February 2013 Lightswitch IP Bulletin 1st quarter 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1359336201 January 2013 Employment Law Update, Nexen Pruet, Who is TheBoss, Jan 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1354584201 December 2012 Employment Law Update, Nexen Pruet, November 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1352856201 November 2012 Employment Law Update Nov 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1350260601 October 2012 Intellectual Property Law Bulletin, Oct 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1349223801 October 2012 Employment News Update Oct 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1346459001 September 2012 Employment News Update September 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1343780601 August 2012 Employment News Update August 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1341102201 July 2012 Reversal of Fortune Lenders Beware As Eleventh Circuit Reinstates Tousa Bankruptcy Court Decision.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1340929401 June 2012 Intellectual Property News Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1340929401 June 2012 Ship Arrest - A 2012 report by Peter Koh, Yeo Leong and Peh, Singapore.pdf (download)
Written by Yeo-Leong & Peh LLC
Singapore City, Singapore
1338521004 June 2012 Legal Update from Russia (4th quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (3rd quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (1st quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (2nd quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338510201 June 2012 Distressed Debt Buyers Beware Delaware Bankruptcy Court Holds That Claim’s Defect Follows Claim Purchaser.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1338510201 June 2012 Chapter 9 — Municipal Bankruptcy.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1338510201 June 2012 International Maritime News 2012.pdf (download)
Written by Yeo-Leong & Peh LLC
Singapore City, Singapore
1338510201 June 2012 Employment News Update June 2012 (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1338510201 June 2012 New Domain Names for Global NGO Community.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1335831801 May 2012 Guidelines for US Employers of Active Duty - May 2012 from Nexsen Pruet, Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1335831801 May 2012 JOBS Act Fundamentals.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 Buyer Beware Bankruptcy Court Rules That A Non-Collusive Foreclosure Sale May Be A Bankruptcy “Preference”.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 Federal Court Endorses Computer-Assisted Review in E-Discovery.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 New Social Media Site Can Pose Significant Intellectual Property Issues.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 SEC Staff Issues Risk Alert on Strengthening Practices for Preventing and Detecting Unauthorized Trading.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1328054401 February 2012 Feb 2012 Newsletter Recent ruling that class action are illegal.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1328054401 February 2012 Romance in the Workplace (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1328054401 February 2012 Feb 2012 Romance in the workplace.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1326936201 January 2012 Hungary Business News January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1326677001 January 2012 New Company Law January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1326677001 January 2012 New Employment Code January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1325379601 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Jan 2012 Employment Report The Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Jan 2012 Avoiding traps of new US Federal Security Features, supplement.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1322697601 December 2011 Dec 2011 Employment Update The Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1320109201 November 2011 Nov 11 Employment and Labor Law.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1320105601 November 2011 Nov 2011 Employment and Labor Law .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1318291201 October 2011 Oct 2011 Pro-union NLRB presents challenges to employers.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1316048402 September 2011 Employment News Update June 2012 (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1314835201 September 2011 Sept 11, Intellectural Property Law Bulletin from The Carolinas - USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1313371401 August 2011 057_Nexsen Pruet Employment Law Update August 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1313371401 August 2011 057_Employment and Labor Law August 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1308101001 June 2011 062_RUSSIAN ECONOMIC NEWS MAY JUNE 2011.pdf (download)
Written by LegaLife
Moscow, Russia
1308101001 June 2011 057_Social Media Policies June 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1308014601 June 2011 057_Intellectual Property Law, June 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1305681801 May 2011 057_Employment News from Nexsen Pruet, LLC - May 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1302657801 April 2011 057_Intellectural Property Law Bulletin April 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1302571401 April 2011 057_Employment Law update April 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1300847001 March 2011 107_Business news from Turkey March 2011.pdf (download)
Written by Özkan Law Office
Istanbul, Turkey
1300242201 March 2011 057_Employment Update The Carolinas March 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1297823001 February 2011 057_Employment Brief Feb 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1297736601 February 2011 062_RUSSIAN ECONOMIC NEWS FEBRUARY 2011.pdf (download)
Written by LegaLife
Moscow, Russia
1295403801 January 2011 057_Employment Brief Jan 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1295403801 January 2011 062_RUSSIAN ECONOMIC NEWS JANUARY_2011.pdf (download)
Written by LegaLife
Moscow, Russia
1292984601 December 2010 057_News from Nexen Pruet Dec 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1292379801 December 2010 057_News from Nexen Pruet December 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1292379801 December 2010 057_News from Nexen Pruet Dec 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1289874201 November 2010 057_News from Nexen Pruet.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1289874201 November 2010 027_ILBUNOV2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1287537801 October 2010 057_Employment Brief.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1287537801 October 2010 062_RUSSIAN ECONOMIC NEWS OCTOBER 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1286933001 October 2010 027_India Legal and Business Update October 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1284513801 September 2010 057_employment news update september 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1284513801 September 2010 027_India Legal and Business Update September 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1282094601 August 2010 027_Indid Legal and Business Update August 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1281489801 August 2010 057_employment news update august 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1279070601 July 2010 062_RUSSIAN_ECONOMIC SUMMARY JULY 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1279070601 July 2010 027_India Legal and Business Update July 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1276651401 June 2010 070_Key tax measures for SME enterprises - June 2010 Budget.pdf (download)
Written by Kenneth Elliott + Rowe
Essex, United Kingdom
1276651401 June 2010 062_RUSSIA ECONOMIC SUMMARY JUNE 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1276651401 June 2010 057_NP 2010-6 Employment Law Update - 4th Circuit Expands Definition of Supervisor w Regards to Employer Liability.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1276651401 June 2010 057_Carolinas Employment Law Update - June 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1276651401 June 2010 027_India Legal and Business Update June 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1275354002 June 2010 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1275350401 June 2010 Key tax Measures for SME Enterprises (download)
Written by Kenneth Elliott + Rowe
Essex, United Kingdom
1274232201 May 2010 027_India Legal and Business Update May 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1273541001 May 2010 057_NP 2010-5 Employment Law Update - Major Revisions to the SC Unemployment Compensation System.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1273541001 May 2010 057_Carolinas Employment Law Update - May 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271208201 April 2010 057_NP 2010-4 Employment Law Update Employer Victorious in Recent Fourth Circuit ADA Suit.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271208201 April 2010 057_Carolinas Employment Law Update - April 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271121801 April 2010 027_India Legal and Business Update April 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1270171401 April 2010 057_South Carolina, USA, Intellectual Property Update 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1270083602 April 2010 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1268792601 March 2010 057_South Carolina, USA, Labor and Employment news March 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1268792601 March 2010 027_India Legal and Business Update March 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1265768601 February 2010 027_India Legal and Business update Feb 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1260930201 December 2009 027_India Legal and Business Update December 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1258511001 November 2009 058_Legal and Business News, Seattle, Washington, USA - Nov 2009.pdf (download)
Written by Betts, Patterson & Mines, PS
Seattle, USA
1258511001 November 2009 059_Legal Update from California Nov 09.pdf (download)
Written by Gipson Hoffman & Pancione
Los Angeles, USA
1257819801 November 2009 027_India Legal and Business Update November 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1255483401 October 2009 027_India Legal and Business Update October 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1255397001 October 2009 057_South Carolina USA Intellectual Property Law - 4th quater 2 .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1253064201 September 2009 027_India_Legal_and_Business_Update_Sept_09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1250645001 August 2009 027_India_Legal_and_Business_Update_August09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1250040201 August 2009 057_South Carolina USA Employment Law - Aug 09.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 057_South Carolina USA Intellectual Property Law - 3rd quater 2 .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 057_South Carolina USA Employment Reminder for SC Employers July 2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 027_India_Legal_and_Business_Update_July09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1245201801 June 2009 057_South_Carolina_USA_Employment_Reminder_for_SC_Employers.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1244597001 June 2009 027_India_Legal_and_Business_Update_June09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1242782601 May 2009 058_Legal and Business News, Seattle, Washington, USA - May 2009.pdf (download)
Written by Betts, Patterson & Mines, PS
Seattle, USA
1242696201 May 2009 059_Legal Update from California May 09.pdf (download)
Written by Gipson Hoffman & Pancione
Los Angeles, USA
1242177801 May 2009 060_Legal News Update from Chicago, USA - May 2009.pdf (download)
Written by Schoenberg Finkel Newman & Rosenberg LLC
Chicago, USA
1242177801 May 2009 027_India_Legal_and_Business_Update_May09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1241136001 May 2009 Legal News Update from Chicago, USA (download)
Written by Schoenberg Finkel Newman & Rosenberg LLC
Chicago, USA
1239758601 April 2009 027_India_Legal_and_Business_Update_April09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1239153801 April 2009 057_South Carolina USA intellectual property - 2nd quarter 2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1238549001 April 2009 057_South_Carolina_USA_intellectual_property_2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1234923801 February 2009 035_Italian New Financial Law Reforms - Feb 2009.pdf (download)
Written by Studio Corno Avvocati
Milan, Italy
1234319001 February 2009 029_Argentinian_New_rules_foreign_funds_feb_09.doc (download)
Written by Kahale Abogados
Buenos Aires, Argentina
1199845401 January 2008 035_Restructuring_your_business_in_Italy_2009.pdf (download)
Written by Studio Corno Avvocati
Milan, Italy

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LAWorld News

WAQF: CHARITABLE GIVNG IN THE ISLAMIC TRADITION

Islamic law and religion strongly encourage philanthropy.  Malaysia, a financial and geographic leader in the Islamic world, is at the forefront of development as a means of philanthropy.  Mohamed Ridza, Managing Partner of our Kuala Lumpur member firm, Mohamed Ridza & Co, is a leading architect of these efforts on behalf of his clients.

The word ‘waqf’’ is derived from the Arabic language which means confinement, hold or prohibition. Waqf is a very unique instrument of charity whereby the assets will be maintained while the benefits will be enjoyed by the community, irrespective of religion. Waqf is a charitable deed that is highly encouraged in Islam, wherein wealth or possession is endowed by the donator who desires to attain nearness to Allah s.w.t, for the usage or benefit of the general community. A lot of Muslims are interested in giving waqf due to the fact that the donor will still receive the rewards so long as the waqf is being utilised by the community. Prophet Muhammad s.a.w had in one of the famous hadith stated, "When man dies, his deeds cease to continue except for three things: Continuous charity, beneficial knowledge, and pious son who supplicates Allah for him".

 It was said that the first waqf was endowed by Prophet Muhammad s.a.w in Madinah by the establishment of Mosque of Quba’. There is no reference to waqf in  the Holy Quran but there are abundant of references to waqf in Hadith. It was contended that waqf had existed since the time of Saidina Umar r.a i.e. around 586 AD – 644 AD when Saidina Umar met Prophet Muhammad s.a.w to inquire about the land which he had obtained. Umar r.a asked the Prophet, "O Messenger of Allah, I got some land in Khaibar better than any property I ever owned. What do you suggest that I do with it?" The Prophet (SAW) said, "If you like, you can give the land as waqf and give its fruits in charity."[i]

The development and management of waqf properties has improved tremendously in recent years.  For example, in Singapore, a large number of waqf properties are administered by Majlis Ugama Islam Singapura (“MUIS”). In 2006, MUIS had issued a Sukuk based on the concept of musyarakah. The Sukuk was issued in two tranches. In the second tranche, MUIS had decided to rais the fund of $35 million for the development of a waqf property at the Bencoleen Street owned by an Arab merchant named Shaikh Ali Bin Omar Aljunied. In this Sukuk, the waqf institution, the baitulmal and the Warees (a wholly-owned subsidiary of MUIS) had created a joint venture where the waqf institution will contribute the land, the baitulmal will provide $35 million from investors and the Warees will provide a nominal amount together with their expertise. Subsequently, a leasing agreement was entered between the Special Purpose Vehicle (SPV) incorporated by the parties and Ascott International Pte. Ltd where the latter had agreed to lease the property for a period of 10 years. It is interesting to note this transaction had increased the revenue of MUIS for that year from $19,000 per annum to $5.3 million and MUIS was awarded Mohammad Bin Rashid Al Makhtoum Islamic Finance Awards in the category of Regional Continuing Contribution to Islamic Finance in the same year.[ii]

 We can also see the development of management of waqf in the United Kingdom, where an institution named as Islamic Relief was established to manage waqf fund that they collect through cash waqf. Islamic Relief sells waqf share for the amount of £890 each. Over the years, Islamic Relief has assisted many projects. For example, Kharan Water Project in Pakistan, Orphan Home’s Reconstruction Project in Bosnia, Rehabilitation of Primary Education Infrastructure in Kandahar and Tsunami Response in Indonesia.

 In my home country of Malaysia, there are a number of successful waqf development. For example, Majlis Agama Islam Wilayah Persekutuan (“MAIWP”) had adopted the ‘Build, Operate and Transfer’ model for the construction of a 34 storey building in Jalan Perak which is now known as Menara Bank Islam. In this waqf transaction which is also known as Ahmad Dawjee’s Waqf, MAIWP had entered into an agreement with Lembaga Tabung Haji (“LTH”) whereby MAIWP had offered the land waqf by the late Ahmad Dawjee for the construction of the building and LTH will develop the land using its own funds. LTH subsequently assigned the project to one of its subsidiaries, TH Technologies Sdn Bhd. to construct the building based on the principles of Al-Istisna and Al-Wakalah. LTH is given the right to utilize the building and the land for a period of 25 years and pursuant to principle of Ijarah, MAIWP will receive an agreed rental payment for the lease of the land. At the end of the lease period, LTH will hand over the building and the land to MAIWP.

Another example of well-developed waqf land is in Penang wherein Majlis Agama Islam Negeri Pulau Pinang (“MAIPP”) had utilised a waqf land by constructing a 21 storey UMNO Tower’s building in Georgetown. The building was erected on a waqf land and the building were subsequently leased back to MAIPP for a period of 99 years. At the end of the lease period, MAIPP will own the building through sale transaction.

Although we do have a number of successful development of waqf properties, creative and innovative solutions should be used to expedite the development of waqf in Malaysia. Recently, the development of waqf activities has been broadened by the introduction of contemporary waqf. In Johor, Johor Corporation had created Waqaf An-Nur Corporation Berhad, a company limited by guarantee which had been established to manage the assets and shares of Johor Corporation Group of Companies endowed for waqf. Johor Corporation also had established Waqaf An-Nur Hospital and chain of Waqaf An-Nur Clinics, Waqaf Dana Niaga, Waqaf Brigade, and Waqaf Community Centres for the benefit of society, especially for the people of Johor. In Selangor, Majlis Agama Islam Selangor through the Selangor Waqf Corporation has taken an active role in facilitating waqf via Saham Wakaf Selangor scheme where the public can purchase unit of shares at a minimum price of RM10 per unit which will then be converted to permanent assets.

The development of waqf activities has also been widened by the introduction of cash waqf, which is recognized as one of the effective waqf instrument in helping the community and to alleviate poverty. In cash waqf, a person can donate a certain amount of money to obtain the cash waqf certificate. The money received will then be utilised by the waqf institution for investment and also to obtain assets which will benefit the society in the long run. For example, Majlis Agama Islam Negeri Selangor had purchased 5 units of shop-houses at Bandar Bukit Puchong by using Cash Waqf Fund for the sum of RM1.05 million and Center for Cyber and Knowledge Community at Wisma MAIS, Shah Alam for the amount of RM350,000.00 for social and commercial purposes.[iii]

The investments made using the funds obtained through the cash waqf certificate can be used for short and long term investment and through this fund, waqf institution can also be a financial provider to offer assistance to small business and medium enterprises (“SMEs”). This is an additional alternative to the banks and financial institutions. In fact, the banks and financial institutions can play an effective role in financing waqf ventures.

Additionally, issuance of sukuk i.e. Islamic bond can also be used as financing of the development of waqf properties. It can provide long term financial support to waqf institutions to develop and utilise existing waqf land. The waqf institution may liquidate its assets through securitization in the form of Islamic securities or asset-backed securities to finance its investment project. Securitization of the investment project is permissible when the waqf institution is ready to be in charge of the project management or jointly in charge with a third party.

In Saudi Arabia, Sukuk al intifa’a was issued in 2000 in Makkah where King Abdul Aziz Waqf (“KAAW”) has been appointed as a nazir. Apart from collecting waqf properties from waqf payer, KAAW has the obligation to manage the waqf properties. The most prominent transaction managed by KAAW is the lease of a piece of land at the centre of Makkah to the Binladin Group on a BOT (Build- Operate-Transfer) concession contract for 28 years. Binladin Group has been given the task to build shopping complexes, towers and a hotel for KAAW as a payment. The construction project were later subcontracted by Binladin to Munshaat, a real estate company based in Kuwait to finance the construction, operate it and transfer it back to Binladin after 28 years. Sukuk Al-Intifa’a of US$ 390 million was issued to finance this project. Munshaat estimates 26% rate of return from this investment.[iv]

Another interesting proposal in relation to waqf is idea that a waqf market should be created as an additional segment in the composition of Islamic finance besides Islamic banking, takaful and Islamic capital market. Waqf is said to be a powerful concept with sound structure, flexible and dynamic mechanism in designing products and services that will benefit in this world and the Hereafter. Waqf market is proposed to be structured the same way as the other Islamic financial market where there should be regulations by the Central Bank and the securities commission together with the Fatwa Council. The return from the waqf market can be utilized in many sectors such as health care, education, poverty elevation and rural development.[v]

There are many innovative ways to improve administration and development of waqf in Malaysia. Over the years, the landscape for development and management of waqf had improved tremendously. However, there are so much potential and opportunities created by waqf which has yet to be discovered. As reiterated earlier, financial institutions in Malaysia can take proactive steps to explore such opportunities by collaborating with waqf institutions for the development of waqf.

All parties, whether the government, financial institutions, the waqf institutions and even the community should contribute efforts and ideas to improve and enhance the development of waqf locally and globally. We should all work together to invent ideas and initiatives to bring the development of waqf to a better level than its current position. My firm can help you in those endeavours.

‘If you keep good relations with your Kith and kin, help the poor and the destitute, serve your guests generously and assist the deserving calamity-afflicted ones, Verily! The Lord Almighty will never disgrace you.’ (Sahih Bukhari) 

Mohamed Ridza

Managing Partner

Email: ridza@ridzalaw.com.my

Mohamed Ridza & Co

Unit No. 50-10-9, Level 10

Wisma UOA Damansara

No. 50, Jalan Dungun

Damansara Heights

50490 Kuala Lumpur

Malaysia

Phone: +603-2092 4822

[i] Rakhimberdiev Sokhibdzhon , Cash Waqf: An Alternative To
Economic Development And Poverty Alleviation In Malaysia;
[ii] http://giem.kantakji.com/article/details/ID/533#.V0PQB2O9hSU;
[iii] http://www.mais.gov.my, accessed on 16 May 2016.
[iv] Muhamad Kholid & etc, Waqf through Sukuk Al-Intifa’a : A Proposed Generic Model;
[v] Assoc. Prof. Dr. Ahcene Lahsasna’s article dated 15 October 2014.

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