The waqf has witnessed an evolution in concepts and types where the latest one is the cash waqf w... more The waqf has witnessed an evolution in concepts and types where the latest one is the cash waqf which is as important as the property waqf. The cash waqf has been permitted by Islamic Fiqh Academy in 2004. The most important characteristics of cash waqf are the liquidity and the diversity of its fund collect instruments. This fund collect should be allocated to investment and direct awqaf. In this context, the aim of this paper is firstly to identify the optimal financial structure of cash waqf and secondly to know the position of cash waqf in financing policy of waqf institution. This paper discusses the optimal structure of cash waqf through theses interrogations: how to identify and select the instruments of fund collect as well as cash waqf resources combination and what is the relationship of the cash waqf with Islamic financing and the impact of all these elements on the perpetuity of Awqaf and the maintain of their value away from deficiencies and risks. We have reached some interesting results related to the importance of cash waqf through its central role in promoting the donator participation, the diversification of fund collects instruments. The paper highlighted also the necessity of efficient structure of cash waqf to better allocate the funds to investment by taking into consideration the temporary impact on the level of risk and liquidity, repayment of debt, term investment and the cost of bank financing. Consequently, some recommendations are required including the promotion and the development of cash waqf, the development of financial structure of cash waqf in order to success the investment process and finally take benefit of Islamic banking experience in financing and investment and its application in waqf. شهد مجال الأوقاف تطورا في المفاهيم والأنواع كان من أهمها وقف النقود الذي لا يقل أهمية عن وقف الأعيان وقد أجازه مجمع الفقه الإسلامي سنة 2004. ومن أهم خصائص وقف النقود المشاركة الجماعية والسيولة وتنوع صيغ تعبئة الأموال لتوظيفها في الأوقاف الاستثمارية والمباشرة. في هذا الإطار يهدف هذا البحث أولا إلى التعرف على الإطار المالي للوقف النقدي وثانيا إلى معرفة مكانة وقف النقود في السياسة المالية لمؤسسة الوقف. وقد جاء البحث كمحاولة جادة لاستكشاف الهيكلة المالية المثلى للوقف النقدي وذلك، من خلال التساؤل عن كيفية تحديد واختيار وسائل تجميع الأموال وكذلك تركيبة موارد الوقف النقدي المؤبد والمؤقت، وعلاقة الوقف النقدي بالتمويل الإسلامي وأثر ذلك على استمرارية الأوقاف والمحافظة على قيمتها من النقص والمخاطر. توصل البحث إلى إبراز أهمية وقف النقود من خلال دوره المحوري في تعزيز المشاركة الجماعية وتنويع أدوات تجميع النقود. كذلك أبرز البحث وجوب فعالية هيكلة الوقف النقدي من أجل حسن توظيف الأموال وذلك من خلال الأخذ بعين الاعتبار تأثير التأقيت على المخاطر ومستوى السيولة وكذلك سداد الديون والمدى الاستثماري وكلفة التمويل المصرفي. بناء عليه يقدم هذا البحث جملة من التوصيات أهمها ابتكار صيغ جديدة لتعبئة النقود الوقفية وكذلك اختيار الهيكلة المالية المثلى من خلال زيادة وتنويع الموارد النقدية خاصة المؤبدة وأخيرا الاستفادة من خبرة المصارف الإسلامية في التمويل وتوظيفها في مجال الوقف.
The purpose of this paper was to assess the profitability determinants of commercial Islamic bank... more The purpose of this paper was to assess the profitability determinants of commercial Islamic banks in Gulf Cooperation Council (GCC) countries during the period 2005-2019. The literature review reveals the lack of consensus on the fundamental Islamic banking profitability drivers in these countries considered as the core of the Islamic banking industry in the world. This paper, therefore, considered the most potent factors that might influence the profitability of Islamic banks in countries that rely on a dual banking system. This study used the panel data methodology and Generalized Method of Moments (GMM) estimation with a robustness check. The results reveal that the Islamic banks profitability is strongly influenced by the assets quality, deposits position and cost efficiency. The sizable Islamic banks are not the most robust in profits generation and therefore a reduced size could be recommended for profitability. The capitalisation does not play a crucial role in profitability...
The waqf is one of the most important types of donations and charity. The most prominent characte... more The waqf is one of the most important types of donations and charity. The most prominent characteristic of waqf is reflected in the continuation of donations and benefits to cover the needs of society. The waqf institution faces social and economic challenges that require the development of resources and assets in order to meet the waqf policy goals in accordance with the donor conditions and Sharia objectives. This chapter highlights the central role of cash waqf in ensuring the development of awqaf. In fact, as an essential component of the waqf system and a complement of property waqf, the development of cash waqf can be achieved through the continuous mobilization of resources, the reinforcement of the relationship of donors with waqf institution, the optimal waqf investment and return distribution. These factors of cash waqf development could be supported by the development of legislation enabling the promotion of the waqf role in society.
Advances in Finance, Accounting, and Economics, 2020
The digitization of payment and the development of private digital currencies have constrained ce... more The digitization of payment and the development of private digital currencies have constrained central banks to examine the issuance of their own central bank digital currency (CBDC) in order to face the competition of the new peer-to-peer payment system and the decline of cash use. This chapter addresses the topic of CBDC and places the discussion within the context of dual banking intermediation and financial stability. The design of CBDC in term of accessibility, anonymity, interest rate, and payment mechanism depends on the cryptocurrency use and money characteristics regarding the use of cash and deposit. The CBDC Sharia compliant, free of interest or PLS-based, fulfilling money value stability might be a solution. The effects of CBDC on banking intermediation and financial stability depend importantly on the CBDC design and switch significance of banks deposit to CBDC but remain an open question given the pros and cons arguments. In a dual banking system, Islamic banks could l...
Research in International Business and Finance, 2018
This paper examines the monetary transmission mechanism through Islamic banks' debt financing cha... more This paper examines the monetary transmission mechanism through Islamic banks' debt financing channel. Its purpose is to test if this channel effectively works and to verify whether the reaction of Islamic banks to interest rates depends on their specific characteristics. The research main focus is on the possible mitigating effect that profit sharing investment accounts (PSIA) could exert on the debt financing channel, since that this source of funding, specific to Islamic banks, is expected to be more stable than deposit accounts for conventional banks. The study uses a quite representative sample composed of 50 Islamic banks and the estimation of a dynamic panel model observed between 2005 and 2014 using the system GMM estimator. Empirical findings confirm the presence of a debt financing channel of monetary policy since that interest rates variation affects Islamic bank financing. PSIA growth, capitalization, assets liquidity and size are among major determinants of Islamic banks' debt assets supply. Besides, using several robustness tests, we show that, in addition to asset liquidity and bank size, growth rate of PSIA significantly mitigate the negative effect of interest rates on debt financing growth, which highlights the importance of this specific category of deposits in monetary transmission especially for countries where Islamic and conventional banking systems coexist.
This paper examines the roles of money time value in Islamic monetary economics, time preference ... more This paper examines the roles of money time value in Islamic monetary economics, time preference decisions and economic pricing. We establish the perimeter of money time value and its implications in terms of time preference behavior and investment decisions. In the Islamic perspective, time value of money can be distinguished as economic time value through real transactions on one hand and social time value where an economic agent considers the reward of his transactions in the hereafter, on the other hand. We conclude that aside from loans, time preference is positively related to time value of money in sales operations. The social time value of money reinforces the preference for the future. Consequently, the time horizon of economic decision is lengthened in Islamic economics and the time preference is always positive under Sharia rules.
Journal of Islamic Economics Banking and Finance, 2014
Profits and Losses Sharing (PLS) involves specificities in the Islamic bank liquidity issue. Usin... more Profits and Losses Sharing (PLS) involves specificities in the Islamic bank liquidity issue. Using hypothetic-deductive methodology, this paper tries to examine whether the participative intermediation is responsible for high exposition to liquidity shortage or leads to less exposition to liquidity risk. Seeing maturity transformation, we conclude that PLS intermediation leads to a more exposition to liquidity risk since Islamic banks often use shortterm deposits to allow financing of musharaka and mudarabah at long term. However, for the risk transformation, the PLS mechanism between the banks and its depositors on the one hand and the bank and entrepreneurs on the other hand, permits less exposition to liquidity risk. The participative intermediation seems to generate a limited liquidity function and is characterized by less money creation. This implies that it is critical to reinforce the liability management of liquidity risk. Nevertheless, the impact of PLS intermediation on liquidity risk is influenced by the degree of development of islamic money market and the existence of Islamic lender at last resort.
The main purpose of this paper is to examine the compliance of investment deposit return with pro... more The main purpose of this paper is to examine the compliance of investment deposit return with profit and loss sharing principle. This compliance is analyzed through the impact of bank's risk, governance mechanisms and competition environment on investment deposit return. We use a pooled regression model applied to a panel of sixty Islamic banks during the period 2004e2012. The estimation indicates that the management of investment deposit and PLS assets is characterized by a moral hazard behavior and excessive risk taking. The estimation reveals that capital ratio and interest rate affect positively investment deposit return. Small Islamic banks offer a better return of deposit compared to the large bank. We find no evidence of the impact of board of directors and Sharia board. Following these results, we suggest that investment accounts holders should be integrated in the bank governance system. Besides, the Islamic banks are incited to develop a new generation of investment deposits.
This paper examines the relationship between the volume of investment deposits (profit sharing in... more This paper examines the relationship between the volume of investment deposits (profit sharing investment accounts-PSIA) and capitalization of Islamic commercial banks in a context of asymmetric information. Unlike current accounts holders, investment accounts holders may support part or all of the losses on assets value, which could be a source of moral hazard among bank managers and shareholders. To test these assumptions, we use the system generalized method of moments (System GMM) on a dynamic panel of 59 Islamic banks observed during the period 2005-2009. After controlling for a set of variables that may influence capital level, the results show a significant negative relationship between PSIA and regulatory capital ratio. This may indicates that the specific nature of PSIA can be a source of excessive risktaking and higher leverage in order to maximize shareholders value. This behavior is likely to threaten the solvency of Islamic banks and shows that there may exist some deficiencies in their risk management and governance system. Following these results, we suggest some recommendations to better implement the principle of profit and loss sharing and to curb excessive risk-taking in Islamic banks .
This paper investigates the determinants of Islamic bank liquidity using a panel of 60 Islamic ... more This paper investigates the determinants of Islamic bank liquidity using a panel of 60 Islamic banks in MENA and Southeastern Asian countries. The period of study considers the subprime crisis insofar it ranges from 2004 to 2012. The analysis illustrates that liquidity risk depends on idiosyncratic factors such as bank profitability, capital adequacy ratio and investment ratio. While the profitability bank indicator (Return on Assets : ROA) positively affects the exposure to liquidity shortage, the capital adequacy ratio (CAR) and the ratio of bank’s investment have statistically significant negatively relationships with the liquidity risk measure. Nevertheless, the bank size does not matter probably because both small and large Islamic have difficulties to manage their liquidity risk. The real growth rate of Gross domestic product has negative but irrelevant association with liquidity risk. Islamic bank should improve their Profits and Losses Sharing investment in order to redu...
Journal of Islamic Accounting and Business Research
Purpose The purpose of this paper is to check if there is a procyclical lending behaviour in dual... more Purpose The purpose of this paper is to check if there is a procyclical lending behaviour in dual banking systems of the Golf Cooperation Council (GCC) countries. The study also tries to control for the role of Islamic banks in amplifying or mitigating the procyclicality of dual banking systems. Design/methodology/approach Estimation of a dynamic panel model using annual observations on a sample of 81 banks based in the GCC countries between 2005 and 2018. The study uses two business cycle indicators as dependent variables, namely, output gap and oil price gap. Findings The system generalilzed method of moments (GMM) estimator and robustness checks confirm the procyclical lending pattern of dual banking systems in the GCC. Estimation outputs also indicate that this procyclicality is more pronounced during economic slowdowns. However, it is found that Islamic banks’ lending is less procyclical, giving support for the stability view of Islamic banking systems. The authors think that t...
The waqf has witnessed an evolution in concepts and types where the latest one is the cash waqf w... more The waqf has witnessed an evolution in concepts and types where the latest one is the cash waqf which is as important as the property waqf. The cash waqf has been permitted by Islamic Fiqh Academy in 2004. The most important characteristics of cash waqf are the liquidity and the diversity of its fund collect instruments. This fund collect should be allocated to investment and direct awqaf. In this context, the aim of this paper is firstly to identify the optimal financial structure of cash waqf and secondly to know the position of cash waqf in financing policy of waqf institution. This paper discusses the optimal structure of cash waqf through theses interrogations: how to identify and select the instruments of fund collect as well as cash waqf resources combination and what is the relationship of the cash waqf with Islamic financing and the impact of all these elements on the perpetuity of Awqaf and the maintain of their value away from deficiencies and risks. We have reached some interesting results related to the importance of cash waqf through its central role in promoting the donator participation, the diversification of fund collects instruments. The paper highlighted also the necessity of efficient structure of cash waqf to better allocate the funds to investment by taking into consideration the temporary impact on the level of risk and liquidity, repayment of debt, term investment and the cost of bank financing. Consequently, some recommendations are required including the promotion and the development of cash waqf, the development of financial structure of cash waqf in order to success the investment process and finally take benefit of Islamic banking experience in financing and investment and its application in waqf. شهد مجال الأوقاف تطورا في المفاهيم والأنواع كان من أهمها وقف النقود الذي لا يقل أهمية عن وقف الأعيان وقد أجازه مجمع الفقه الإسلامي سنة 2004. ومن أهم خصائص وقف النقود المشاركة الجماعية والسيولة وتنوع صيغ تعبئة الأموال لتوظيفها في الأوقاف الاستثمارية والمباشرة. في هذا الإطار يهدف هذا البحث أولا إلى التعرف على الإطار المالي للوقف النقدي وثانيا إلى معرفة مكانة وقف النقود في السياسة المالية لمؤسسة الوقف. وقد جاء البحث كمحاولة جادة لاستكشاف الهيكلة المالية المثلى للوقف النقدي وذلك، من خلال التساؤل عن كيفية تحديد واختيار وسائل تجميع الأموال وكذلك تركيبة موارد الوقف النقدي المؤبد والمؤقت، وعلاقة الوقف النقدي بالتمويل الإسلامي وأثر ذلك على استمرارية الأوقاف والمحافظة على قيمتها من النقص والمخاطر. توصل البحث إلى إبراز أهمية وقف النقود من خلال دوره المحوري في تعزيز المشاركة الجماعية وتنويع أدوات تجميع النقود. كذلك أبرز البحث وجوب فعالية هيكلة الوقف النقدي من أجل حسن توظيف الأموال وذلك من خلال الأخذ بعين الاعتبار تأثير التأقيت على المخاطر ومستوى السيولة وكذلك سداد الديون والمدى الاستثماري وكلفة التمويل المصرفي. بناء عليه يقدم هذا البحث جملة من التوصيات أهمها ابتكار صيغ جديدة لتعبئة النقود الوقفية وكذلك اختيار الهيكلة المالية المثلى من خلال زيادة وتنويع الموارد النقدية خاصة المؤبدة وأخيرا الاستفادة من خبرة المصارف الإسلامية في التمويل وتوظيفها في مجال الوقف.
The purpose of this paper was to assess the profitability determinants of commercial Islamic bank... more The purpose of this paper was to assess the profitability determinants of commercial Islamic banks in Gulf Cooperation Council (GCC) countries during the period 2005-2019. The literature review reveals the lack of consensus on the fundamental Islamic banking profitability drivers in these countries considered as the core of the Islamic banking industry in the world. This paper, therefore, considered the most potent factors that might influence the profitability of Islamic banks in countries that rely on a dual banking system. This study used the panel data methodology and Generalized Method of Moments (GMM) estimation with a robustness check. The results reveal that the Islamic banks profitability is strongly influenced by the assets quality, deposits position and cost efficiency. The sizable Islamic banks are not the most robust in profits generation and therefore a reduced size could be recommended for profitability. The capitalisation does not play a crucial role in profitability...
The waqf is one of the most important types of donations and charity. The most prominent characte... more The waqf is one of the most important types of donations and charity. The most prominent characteristic of waqf is reflected in the continuation of donations and benefits to cover the needs of society. The waqf institution faces social and economic challenges that require the development of resources and assets in order to meet the waqf policy goals in accordance with the donor conditions and Sharia objectives. This chapter highlights the central role of cash waqf in ensuring the development of awqaf. In fact, as an essential component of the waqf system and a complement of property waqf, the development of cash waqf can be achieved through the continuous mobilization of resources, the reinforcement of the relationship of donors with waqf institution, the optimal waqf investment and return distribution. These factors of cash waqf development could be supported by the development of legislation enabling the promotion of the waqf role in society.
Advances in Finance, Accounting, and Economics, 2020
The digitization of payment and the development of private digital currencies have constrained ce... more The digitization of payment and the development of private digital currencies have constrained central banks to examine the issuance of their own central bank digital currency (CBDC) in order to face the competition of the new peer-to-peer payment system and the decline of cash use. This chapter addresses the topic of CBDC and places the discussion within the context of dual banking intermediation and financial stability. The design of CBDC in term of accessibility, anonymity, interest rate, and payment mechanism depends on the cryptocurrency use and money characteristics regarding the use of cash and deposit. The CBDC Sharia compliant, free of interest or PLS-based, fulfilling money value stability might be a solution. The effects of CBDC on banking intermediation and financial stability depend importantly on the CBDC design and switch significance of banks deposit to CBDC but remain an open question given the pros and cons arguments. In a dual banking system, Islamic banks could l...
Research in International Business and Finance, 2018
This paper examines the monetary transmission mechanism through Islamic banks' debt financing cha... more This paper examines the monetary transmission mechanism through Islamic banks' debt financing channel. Its purpose is to test if this channel effectively works and to verify whether the reaction of Islamic banks to interest rates depends on their specific characteristics. The research main focus is on the possible mitigating effect that profit sharing investment accounts (PSIA) could exert on the debt financing channel, since that this source of funding, specific to Islamic banks, is expected to be more stable than deposit accounts for conventional banks. The study uses a quite representative sample composed of 50 Islamic banks and the estimation of a dynamic panel model observed between 2005 and 2014 using the system GMM estimator. Empirical findings confirm the presence of a debt financing channel of monetary policy since that interest rates variation affects Islamic bank financing. PSIA growth, capitalization, assets liquidity and size are among major determinants of Islamic banks' debt assets supply. Besides, using several robustness tests, we show that, in addition to asset liquidity and bank size, growth rate of PSIA significantly mitigate the negative effect of interest rates on debt financing growth, which highlights the importance of this specific category of deposits in monetary transmission especially for countries where Islamic and conventional banking systems coexist.
This paper examines the roles of money time value in Islamic monetary economics, time preference ... more This paper examines the roles of money time value in Islamic monetary economics, time preference decisions and economic pricing. We establish the perimeter of money time value and its implications in terms of time preference behavior and investment decisions. In the Islamic perspective, time value of money can be distinguished as economic time value through real transactions on one hand and social time value where an economic agent considers the reward of his transactions in the hereafter, on the other hand. We conclude that aside from loans, time preference is positively related to time value of money in sales operations. The social time value of money reinforces the preference for the future. Consequently, the time horizon of economic decision is lengthened in Islamic economics and the time preference is always positive under Sharia rules.
Journal of Islamic Economics Banking and Finance, 2014
Profits and Losses Sharing (PLS) involves specificities in the Islamic bank liquidity issue. Usin... more Profits and Losses Sharing (PLS) involves specificities in the Islamic bank liquidity issue. Using hypothetic-deductive methodology, this paper tries to examine whether the participative intermediation is responsible for high exposition to liquidity shortage or leads to less exposition to liquidity risk. Seeing maturity transformation, we conclude that PLS intermediation leads to a more exposition to liquidity risk since Islamic banks often use shortterm deposits to allow financing of musharaka and mudarabah at long term. However, for the risk transformation, the PLS mechanism between the banks and its depositors on the one hand and the bank and entrepreneurs on the other hand, permits less exposition to liquidity risk. The participative intermediation seems to generate a limited liquidity function and is characterized by less money creation. This implies that it is critical to reinforce the liability management of liquidity risk. Nevertheless, the impact of PLS intermediation on liquidity risk is influenced by the degree of development of islamic money market and the existence of Islamic lender at last resort.
The main purpose of this paper is to examine the compliance of investment deposit return with pro... more The main purpose of this paper is to examine the compliance of investment deposit return with profit and loss sharing principle. This compliance is analyzed through the impact of bank's risk, governance mechanisms and competition environment on investment deposit return. We use a pooled regression model applied to a panel of sixty Islamic banks during the period 2004e2012. The estimation indicates that the management of investment deposit and PLS assets is characterized by a moral hazard behavior and excessive risk taking. The estimation reveals that capital ratio and interest rate affect positively investment deposit return. Small Islamic banks offer a better return of deposit compared to the large bank. We find no evidence of the impact of board of directors and Sharia board. Following these results, we suggest that investment accounts holders should be integrated in the bank governance system. Besides, the Islamic banks are incited to develop a new generation of investment deposits.
This paper examines the relationship between the volume of investment deposits (profit sharing in... more This paper examines the relationship between the volume of investment deposits (profit sharing investment accounts-PSIA) and capitalization of Islamic commercial banks in a context of asymmetric information. Unlike current accounts holders, investment accounts holders may support part or all of the losses on assets value, which could be a source of moral hazard among bank managers and shareholders. To test these assumptions, we use the system generalized method of moments (System GMM) on a dynamic panel of 59 Islamic banks observed during the period 2005-2009. After controlling for a set of variables that may influence capital level, the results show a significant negative relationship between PSIA and regulatory capital ratio. This may indicates that the specific nature of PSIA can be a source of excessive risktaking and higher leverage in order to maximize shareholders value. This behavior is likely to threaten the solvency of Islamic banks and shows that there may exist some deficiencies in their risk management and governance system. Following these results, we suggest some recommendations to better implement the principle of profit and loss sharing and to curb excessive risk-taking in Islamic banks .
This paper investigates the determinants of Islamic bank liquidity using a panel of 60 Islamic ... more This paper investigates the determinants of Islamic bank liquidity using a panel of 60 Islamic banks in MENA and Southeastern Asian countries. The period of study considers the subprime crisis insofar it ranges from 2004 to 2012. The analysis illustrates that liquidity risk depends on idiosyncratic factors such as bank profitability, capital adequacy ratio and investment ratio. While the profitability bank indicator (Return on Assets : ROA) positively affects the exposure to liquidity shortage, the capital adequacy ratio (CAR) and the ratio of bank’s investment have statistically significant negatively relationships with the liquidity risk measure. Nevertheless, the bank size does not matter probably because both small and large Islamic have difficulties to manage their liquidity risk. The real growth rate of Gross domestic product has negative but irrelevant association with liquidity risk. Islamic bank should improve their Profits and Losses Sharing investment in order to redu...
Journal of Islamic Accounting and Business Research
Purpose The purpose of this paper is to check if there is a procyclical lending behaviour in dual... more Purpose The purpose of this paper is to check if there is a procyclical lending behaviour in dual banking systems of the Golf Cooperation Council (GCC) countries. The study also tries to control for the role of Islamic banks in amplifying or mitigating the procyclicality of dual banking systems. Design/methodology/approach Estimation of a dynamic panel model using annual observations on a sample of 81 banks based in the GCC countries between 2005 and 2018. The study uses two business cycle indicators as dependent variables, namely, output gap and oil price gap. Findings The system generalilzed method of moments (GMM) estimator and robustness checks confirm the procyclical lending pattern of dual banking systems in the GCC. Estimation outputs also indicate that this procyclicality is more pronounced during economic slowdowns. However, it is found that Islamic banks’ lending is less procyclical, giving support for the stability view of Islamic banking systems. The authors think that t...
Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability, 2019
The digitization of payment and the development of private digital currencies have constrained ce... more The digitization of payment and the development of private digital currencies have constrained central banks to examine the issuance of their own central bank digital currency (CBDC) in order to face the competition of the new peer-to-peer payment system and the decline of cash use. This chapter addresses the topic of CBDC and places the discussion within the context of dual banking intermediation and financial stability. The design of CBDC in term of accessibility, anonymity, interest rate, and payment mechanism depends on the cryptocurrency use and money characteristics regarding the use of cash and deposit. The CBDC Sharia compliant, free of interest or PLS-based, fulfilling money value stability might be a solution. The effects of CBDC on banking intermediation and financial stability depend importantly on the CBDC design and switch significance of banks deposit to CBDC but remain an open question given the pros and cons arguments. In a dual banking system, Islamic banks could limit the disintermediation effect and maintain financial stability under Sharia compliance.
In book: Awqaf-led Islamic Social Finance - Routledge, 2020
The waqf is one of the most important types of donations and charity. The most prominent characte... more The waqf is one of the most important types of donations and charity. The most prominent characteristic of waqf is reflected in the continuation of donations and benefits to cover the needs of society. The waqf institution faces social and economic challenges that require the development of resources and assets in order to meet the waqf policy goals in accordance with the donor conditions and Sharia objectives. This chapter highlights the central role of cash waqf in ensuring the development of awqaf. In fact, as an essential component of the waqf system and a complement of property waqf, the development of cash waqf can be achieved through the continuous mobilization of resources, the reinforcement of the relationship of donors with waqf institution, the optimal waqf investment and return distribution. These factors of cash waqf development could be supported by the development of legislation enabling the promotion of the waqf role in society.
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