The Role of Cash Waqf in Achieving a Mechanized Agriculture in Nigeria

Transcription

1. Journal of Islamic Banking and Finance April – June 2019 68 The Role of Cash Waqf in Achieving a Mechanized Agriculture in Nigeria By Ibrahim Mohammed Lawal  Abstract Revamping agriculture has been the top agenda for government and Non Governmental organization (NGO’s) taking into cognizance the rate of poverty and hunger that is ravaging the people of the world where Nigerian is not an exception. This is majorly attributed to inadequate food supply arising from the method of production adopted. This is against the backdrop that majority of the farmers in the country are small farmers who rely on the traditional method of production. To remedy this situation creates the needs to mechanize the agricultural system of production. Though, adopting this method of production, the financial capability of the farmers is a determining factor. Government has been spearheading this drive to mechanize its agricultural system but the resources at its disposal are very limited. The dwindling drop in oil prices in the international market, has been negatively affected revenues. This necessitates the need to adopt a waqf system, most especially the cash waqf where it will be incorporated as financing instruments like ijarah, musharakah to these farmers on cooperative basis. The study concludes that by rendering such services to farmers will gradually change the paradigm in terms of the practice of agriculture. i.e it will phase out the traditional agriculture to a mechanized agriculture. Furthermore, the study recommends that an act for setting up waqf should be formulated or a unit should be carved out of the existing structures, public awareness should be properly done, central registry of waqf should be created and such system should be digitalized so as to make collections easier. Keywords: Agriculture, Cash Waqf, Agricultural Mechanization, Poverty, GDP Introduction Nigeria is blessed with enormous human and natural resources. This enormous resource base can support a vibrant agricultural sector capable of achieving self  Author: Ibrahim Mohammed Lawal, Department of Economics, Faculty of Social Sciences, University of Maiduguri, Borno State. E-mail: ibrahimruqqy@gmail.com
2. The Role of Cash in Achieving a Mechanized Agriculture ......... Journal of Waqf Islamic Banking and Finance April – June 2019 69 sufficiency1. This is evident from the fact that before the discovery of oil, agriculture has served as the economy’s mainstay via provision of food and nutrition, raw materials, employment, and foreign exchange etc. Agriculture’s contribution to the national GDP was over 50 percent which was the highest among all the sectors and constituted more than 70% of export earnings. About 70 percent of Nigerians live in the rural area, and 90 percent of these are engaged in agriculture2. During these periods, the economy achieved a commendable level of food security despite its population growth but with the neglect of the agricultural sector due to oil discovery, the food security is gradually threatened. Hence poverty and hunger became the order of the day. The BBC report3 asserts that number of Nigerians living in poverty has risen to nearly 61%. It is against this background that the World Bank includes Nigeria in the list of the 15 poorest of nations with the highest incidence of poverty. It is said that of our population of 162 million, 90 million live below the poverty level of $2 a day despite billions of dollars in oil revenue.4 The poverty stricken smallholder farmers constitute 80 percent of all farm holdings in the country, and are further impoverished by the after math of the annual commercial food import practice (Dickson, 2006). The paradox of this scenario lies in the fact that the nation which is the sixth world highest producer of crude oil and earns N7trn5 annually cannot adequately feed her population. This implies that Nigeria’s domestic food production is lagged behind national food demand owing to that fact of its neglect and backwardness in its agricultural system. This is a country that has about 79 million hectares of arable land, of which 32 million hectares are cultivated. Over 90% of agricultural production is rain-fed. Smallholders, mostly subsistence producers account for 80% of all farm holdings. Both crop and livestock production remains below potentials. Inadequate access to and low uptake of high quality seeds, low fertilizer use and inefficient production systems lead to this shortfall which now has an impact on the nation’s food security . By and large, the sector needs ensuring ease to land, fertilizer and seeds availability, availing micro credits, trainings and more importantly adopting a modern production system called mechanized agriculture. This form of agriculture is against the local or traditional production which is characterized by use of local implements like hoe, 1 2 3 4 5 Charles, N.O.M, Abwaku,E, & Banji, S.A (2010).”The Changing Structure of the Nigerian Economy. Chapter 4-Agricultural Sector. Lagos: Atisele Vanessa Card Co. 2nd Edition. P.109 Dickson, A.O (2006).’ Agricultural Development and Food Security in Sub-saharan africa (SSA) Building a Case for more Public Support The Case of Nigeria. WORKING PAPER No. 05. Pp 1-24 BBC Report (2012)” Nigerians living in poverty rise to nearly 61%. Available at:www.bbc.com/new/world-africa-17015873. Umar, L.Y and Sulieman, K (2014).An Evaluation of Poverty Reduction Programme in Maiduguri Metropolitan Area, Borno State, 2008-2012. Research on Humanities and Social Sciences. 4(8). P 117-124 Energymix Report (2016).” https://energymixreport.com/nigera-earns-n7trn-crude-oil-export2016/ Retrieved 02/10/2017. 06:48am
3. Journal of Islamic Banking and Finance April – June 2019 70 cutlass etc, is less capital intensive and it is associated with low output. However, adopting the mechanized methods of farming might be capital intensive as our small household farmers cannot afford it and taking into cognizance that the government has been doing its best with the little resources despite the drop in oil prices and revenue, it is still like a tip of an iceberg. Hence the need to explore and adopt a system that could serve as a shock absorber in realizing such revolution in the agricultural sector is needed. This system is called the waqf system. Meanwhile, this paper will lay more emphasis on cash waqf. 2.1 Conceptual Review 2.1.1 Agricultural Mechanization Agricultural mechanization has been defined as the process of improving farm labour productivity through the use of agricultural machinery, implements and tools.6 This method of farming does not only include the use of machines, whether mobile or immobile, small or large, run by power and used for tillage operations, harvesting and thrashing but also includes power lifts for irrigation, trucks for haulage of farm produce, processing machines, dairy appliances for cream separating, butter making, oil pressing, cotton ginning, rice hulling, and even various electrical home appliances like radios, irons, washing machines, vacuum cleaners and hot plates7. 2.1.2 Waqf Waqf is an Arabic word derived from a root verb waqafa. Its plural is awqaf which literally means “hold, confinement or prohibition” (Kahf, 2015). Technically it means “holding certain property and preserving it for the confined benefit of certain philanthropy and prohibiting any use or disposition of it outside that specific objective” (Kahf, 2015). Waqf is called boniyad or Habs (pl.Abhas) in Iran, North and West Africa while it’s been termed as foundation and endowment in Europe and USA. (Çizakça,1998; Azniza and Mohamed, 2015; Kahf,2015). Therefore, we can define Waqf as the dedication of privately owned property (movable eg. Cash, shares, cattles, books or immovable, eg. Lands, building) and/or its benefit and usufruct in perpetuity for the well-being of the society (Jaiyeoba et al, 2015). It can also be referred to as an Islamic endowment of property to be held in trust and used for a charitable or religious purpose (MerriamWebster, 2017).There exist four major components that are needed to make a waqf. These are the founder or waqif, the beneficiaries or mawquf’alaih, the trustees or mutawalli, and the entity of waqf itself or mawquf (Çizakça, 2000; Yayasan Waqaf Malaysia , 2015; Kahf, 2015; Azniza & Mohamed, 2015). 6 7 FAO(2017). Agriculture Mechanization”. Available at: http://www.fao.org/tc/exact/ sustainable-agriculture-platform-pilot-website/energy-management/mechanization/en/ Aggrawal, G.D, In “Mechanization of Agriculture: Meaning, Benefits and Progress” Available at: http://www.economicsdiscussion.net/india/farming/mechanization-of-agriculturemeaning-benefits-and-progress/21655
4. Islamic Banking and Finance April – June 2019 The RoleJournal of CashofWaqf in Achieving a Mechanized Agriculture......... 71 Waqf is of different kinds. It can either be in form of private or public waqf or Quasi waqf. Subsequently, it can be decomposed as thus; Religious Waqf) -This form of waqf is aimed to assist and satisfy the religious needs of the ummah. It can be land for mosque buildings or mosque maintenance in terms of its operational expense. Philanthropic Waqf-This form of waqf is aimed at supporting the poor or needy, orphans in the society and it can be used in the maintenance of public utilities like water, schools, hospitals etc and Posterity or Family Waqf- In this form waqf the revenue earned must be given to the waqf founder and his or her descendents and only the surplus if any should be given to the poor(Kahf,2007). More so, waqf has certain distinct features such as:-Perpetuity which implies that once a property is decided as waqf so shall it be. This encompasses other features like permanent, irrevocable, inalienable, certainty etc and the condition specified by the waqf founder must be followed in as far as it does not violate shariah. 2.1.3 Cash Waqf Cash-Waqf means the dedication of some money from one's possessions and establishing a Waqf based on that amount and offering it to the benefit of people generally or allocating it to make use of them by some segments of the community particularly. Also, Cash-Waqf according to definition means "the devotion of an amount of money by a founder and the dedication of its usufruct in perpetuity to the prescript purposes" (Magda Ismail Abdel Mohsin, 2008) 3.0 Cash Waqf and Its Permissibility Although the Holy Quran does not directly define waqf or make any particular reference to it, however, it encourages Muslim to do charity and donation. Allah has promised multiple rewards for those who generously spend their wealth in His path (Mohammed, 2014). This is supported by the following verses; “They ask you what they should spend. Say: Whatever you spend of good must be for parents and kindred and orphans and al-masakin and the wayfarer and whatever you do of good deeds, truly Allah knows it well (Q2:215)”. Similar verses can also be seen in Q2: 254, 270 and 280. More so, there are hadiths which further support waqf. Abu Hurairah reported Allah’s messenger as saying: When a man dies, all his acts come to an end, but three: recurring charity, or knowledge (by which people benefit), or a pious offspring, who prays for him” (Muslim, 1992: bab3, hadith 14). However, the concept of waqf is not entirely new to the non-Muslims as well because it has been practiced by non-Muslims during the Ottoman period (Shaham, 1991; Azniza & Mohamed,2015). Several verses of the bible have stressed the need for charity such as Hebrew 13:16, proverbs 19:17, II Corinthians 9:7 etc. Therefore, based on the submission given, we can explicitly deduce that waqf is permissible for Muslims and non Muslims.
5. 72 4 .0 Journal of Islamic Banking and Finance April – June 2019 Cash Waqf and Agriculture Literature has shown that there is a great deal of possibility in agricultural waqf. This is supported by the works of Cizacka (1998) in which he stressed that in an economy where agricultural and cash waqf are well managed, there will be a significant reduction in government expenditure and which leads to a reduction in the budget deficit, which lowers the need for government borrowing thus curbing the “crowding-out effect” and leads to a reduction in the rate of interest, consequently reining in a basic impediment to private investment and growth. Jalil and Ramli (2008) describe three instruments for fund accumulation of the waqf, which are; cash and e-waqf fund; per-square feet value certificate and the issuance of sukuk. Cash and e-waqf fund are considered for small scale projects, per-square feet certificate value and sukuk will be focused for the structure of medium and large scale projects. Mutawalli (cash waqf fund manager) collects the fund from waqif and invests the money in the real sector and in shariah based investment opportunities. Nevertheless, Mohsin (2008) adds, for investing in cash waqf, the contract of mudharabah (partnership) is allowed in order to generate the funding. Similarly, cash waqf and agriculture would help to improve the present Islamic institutional setup and their network relationship throughout the Muslims world (Chowdhury, 2011). In this view, their performance will increase in the direction of the efficient and proper management of the waqf, which will guarantee strong micro and macro mixed policies complying with the Shari’ah guidelines. However, the implementation of cash waqf in the agricultural sector will only be efficient if the society is trustworthy (Sabatini, 2009). Mannan (2008) stressed that Cash waqf provides a unique opportunity for making investment in different religious, educational and social services. Savings made from earning by the well-off and the rich people of the Society can be utilized by purchasing Cash waqf Certificate. Income earned from there will be spent for different purposes like the purposes of the waqf properties itself. 5.0 Application of Cash Waqf towards achieving Mechanized Agriculture. Section 4.0 has shown that cash waqf has the potential to support agriculture as pointed out by Cizakca (1998), Jalil and Ramli (2008), Chowdhury, (2011) and Sabatini, (2009), Kahf, (2007) Masyita & Febrian, (2004). This further necessitates the need for Nigeria to explore this grey area in mechanizing it’s agricultural system. However, in relating the cash waqf model to the Nigeria case towards achieving a mechanized agriculture, it consists of three major phases, namely: the phase of cash collection rate, the investment phase and the implementation phase. The first phase which is the cash collection rate is considered as the bedrock on which other phases are built upon. This has to do with how long it takes to mobilize these funds. This fund can be traced to the contribution from the general public which is usually voluntary in nature. This can be in physical cash or through other platform like e-
6. The RoleJournal of CashofWaqf Islamic in Achieving Banking and a Mechanized Finance April Agriculture ......... – June 2019 73 waqf funds which is deduction from contributors bank account or via mobile by sending coded SMS to a designated server number ordering for deduction from his or her airtime. This is considered as the easiest means for the public to join Waqf scheme. A key mitigating factor to the cash collection rate is population. However, available record have shown that Nigeria has a population of about 140M (Census,2006) out of which 49.3% are Muslims, 48.8% are Christians while 1.9% with traditional beliefs (Pew Survey, 2012). However, the main contributor would be from the Muslim faction of the population. The second phase which is the investment phase has to do with investing the said waqf funds. Under this phase, the cash waqf is to be incorporated into various Islamic finance instruments such as Mudarabah (This is a contract between persons in which one person gives the other a sum of money with the aim of investing it in a commercial venture/enterprise based on an agreed on profit ratio.)8, Musharakah (This refers to a relationship between two parties or more who pool their resources together for a business based on an agreed profit or loss ratio) especially the diminishing musharakah and Ijarah (Ijarah can be defined as a contract granting use or occupation of an item of property during a specified period in the exchange for a specified rent)9 and Muzara’ah etc. At this phase these instruments only serves as the platform through which small hold farmers can have access to these funds directly or indirectly. The last phase which is called the implementation phase. Under this phase these farmers can now have access to this mode of financing though they have to present themselves on a corporative basis. That is, these small hold farmers must form cooperative societies and must fully registers also, under this arrangement, which financing will be used specifically for the purchase of agricultural equipments such as tractors, cultivators, harrow, plough, trovel, harvester etc. In addition, proceeds from this mode of financing which is usually based on profit and loss are ploughed back for the purchase of additional equipments and are also used for other operating expenses of the agency/institution. This can be translated into a model as thus. Model I: Managed Private Sector Model Source: Author, 2018 (Research Purposes) 8 9 Usmani T. M (2010). An Introduction to Islamic Finance. New Delhi. India Adam Publisher & Distributors. Pp.95-103 Abdul-Fattah, M and Shakier, R.Y (2006). 500 Questions and Answers on Islamic Jurisprudence. Egypt. Dar Al-Manarah Publishers:351
7. Journal of Islamic Banking and Finance April – June 2019 74 Below is the detailed explanation of the Managed Private Sector Model shown above: i. The cash is been generated via physical cash, Bank deposit into a designated account or via SMS code. ii. The nazir or mutawalli is Ministry of Agriculture and representatives from other relevant agencies. Such as the Ministry of Finance, Internal Revenue Board, Central Bank of Nigeria, Banks, Telecom operators, and from the various religions organization. iii. The Waqf institution created by the nazir or mutawalli will also provide necessary inputs and logistic related to agriculture in addition to the provision of agricultural, managerial and marketing expertise. iv After harvesting, the agricultural output is sent to the market. The profit/loss from the sales will then be distributed between the two parties based on a predetermined profit and loss sharing ratio. v. The share of profit is to be plough back into the venture and also to take care of the institution operating expense. Model II: Managed (Government) Model Under this approach, government directly purchases and distributes these agricultural equipments across the board (774 Local governments of the country) to some selected beneficiaries at a subsidized rate. Under this approach the cash waqf is not to be incorporated into some form of Islamic finance instrument. Beneficiaries will pay their rentals until they fully pay down after which they can assume full ownership of the equipment. This approach is categorically seen as part of government expenditure. This means that, with the availability of cash waqf funds, it will serve as a boost to the revenue side of the government which will now be used to finance the purchase of additional equipments and as such it will assist in ensuring quick spread of agricultural equipment across the country. The reason behind this analysis can be further demonstrated mathematically via the Government Budget constraint (Mathias et al, 1999) as thus; Let Tt be the real revenue raised by the government in the period t, let Gt be real government spending in the period t, (Including all transfer payments) and let Bt be the real outstanding stock of government debt at the end of period t,. Therefore if Bt > 0, it means that government is a net borrowers in the period t, while Bt < 0 means that the government is a net lender in the period t. There is a real interest rate of rt, that the government must pay on its debt. Assuming, that the government does not alter the money supply, the government budget constraint becomes as thus Gt + rt-1B t-1 = Tt + (Btt – Bt-1) ------------------------------------------------Eqn 1 If Eqn 1 is converted into a single, infinite horizon, budget constraint as against period by period budget constraint as in eqn (1) under the assumption that real interest
8. The Role of Cash in Achieving a Mechanized Agriculture ......... Journal ofWaqf Islamic Banking and Finance April – June 2019 75 rate is constant, so that rt=r all period t and government does not start with a stock of debt or with any net wealth, so Bt-1=0. The above equation can be re-written as thus; Gt + (1 +r)B t-1 = Tt + Bt--------------------------------------------------------Eqn 2 The left hand side gives the government expenditure in the period t, it must also service the debt by paying interest (1 +r)B t-1. On the right hand side give tax revenue in the period t, and it can also raise revenue by issuing new debt in the amount of Bt. In other words, government collects revenue Tt and incurs debt Bt to spend on government expenditure (in which the purchase of agricultural equipments is part of) Gt and pay previous debt with accrued interest inclusive (1 +r)B t-1. if Gt is increased due to the contribution of cash waqf fund, more tax revenue will be available to pay debt. And also if Tt is increased via waqf funds, then it will also increase Gt. Therefore in both cases, the gap in availability of agricultural equipments can be bridged. Cash/E-waqf (Bank, Cash and SMS Code etc) Cooperative Farmers Trustee: Ministry of Agriculture & other relevant bodies Agricultural Equipments: Tractors, Cultivator, Harrow, Plough, Harvester, irrigation system Trovel, Seed drill etc Monthly Rentals to a designated account Source: Author, 2018 (Research Purposes) Below are the detail explanations of the Managed Model: i. cash is been generated via physical cash, Bank deposit into a designated account or via SMS code. ii. Trustees are the Ministry of Agriculture, Banks, Telecom operators, and representatives from the various religions and other relevant bodies iii. Trustee purchases various agricultural equipments and machineries and distributes directly to farmers at a subsidized rate and the farmers in turn repays monthly rentals into a designated bank accounts. In addition, to buttress the argument on cash waqf potentials, a projected cash flow is further conducted. A simple revenue function (P*Q) is adopted and modified. (i.e Price X Quantity) as thus; T= WA*Pop. Where T: Total cash generated, WA: Waqf amount contributed per individual; Pop: Total Population. Therefore, relating the works of Mohd, et al (2012) to the Nigeria case with a total population of about 140,431,790M out of which 77,158,732 are within the age of 15-64years (Census, 2006). Populations within this age bracket are considered as the active population. This estimation is done under the following assumptions:
9. Journal of Islamic Banking and Finance April – June 2019 76 i. It will consider only population within the age bracket of 15-64 years. ii. Every citizen in respective of religion contributes a minimum of N20 per week. iii. 5% Level of cash collection error rate (i.e. some remain uncollected, some did not pay in full and some paid above N20 etc) is considered iv. Use of existing structure and facilities of government v. Waqfs are managed by prudent and efficient trustees. Table 1 : Projected Cash Inflows Age Bracket 15-64 Total Population(Muslims & Non Muslims) 77,158,732 Total cash realised per week Total cash realised per Month Total Cash per annum (52wks) Cash Waqf of N20 per week (NGN) 1,543,174,640 1,543,174,640 6,172,698,560 80,245,081,280 Assume if 5% error rate(NGN) 1,466,015,908 1,466,015,908 5,864,063,632 76,232,827,216 Source: Authors Computation, (2018)-For Research Purpose. Table 1, shows the total cash waqf realized if Nigerians within the age bracket (1564yrs) donate N20 per week. This is to generate about N1,466,015,908 and N5,864,063,632 weekly and monthly respectively while total of N76,232,827,216 will be generated on yearly basis. And, in worst case scenario if only Muslims donates to the cash waqf, then it will be 38,116,413,608 which approximately 50% of 76,232,827,216 based on the available records on Muslim population. Consequently, if such funds realized are channeled to finance the agricultural needs with emphasis on modern agricultural equipment of these group of small hold farmers. This will increase their output and as such if it continues on annual basis, it will gradually phase off the traditional method of agriculture to a mechanized method. 6.0 Conclusion Nigerian agriculture is still traditional in nature considering the fact that 80% of the small hold farmer still use the traditional method of agriculture owing to the fact that the modern or mechanized form of agriculture is capital intensive. This scenario has affected output because out of 98.3 million hectares of land available, 74 million hectares (75.3 percent) have been found to be suitable for arable, and out of this, 34 million hectares are estimated to be under cultivation.10 This represents one- third of the total land area or 48 percent of cultivable land. This huge under cultivated land can be bridged once these farmers utilized this mechanized farming method, thus it will further lead to increase in production or food supply (Output) which will also go a long way to fill the food security gap. 10 Aribisala, T. (1984), “Towards African Revolution” Punch Vol 1 (1481), Monday 25 June pp3 – 101.
10. The Role of Cash in Banking Achieving a Mechanized Agriculture ......... Journal of Waqf Islamic and Finance April – June 2019 77 In order to achieve this drive of adopting the mechanized system of agriculture and since it is expensive in nature and the revenue at the government disposal is little, hence necessitate the need to see waqf as a contributory factor. Waqf will assist in smoothening this process most especially the cash waqf. Under such arrangement, the funds realized can be used to purchase these agricultural equipments either by the farmers directly or via hiring services at a discount. By so doing, the role of waqf is considered because it will go a long way to assist the nation in its drive for mechanizing its agricultural production and also assist in achieving its food security and that is why waqf is considered as a tool. 6.1 Recommendations Based on the foregoing, below are some of the recommendations for the commencement of the waqf system in Nigeria i. Need to have a legal framework such as Waqf Act or creation of a ministry of waqf as is present in countries like Kenya or a waqf unit should be carved out of the existing structure. ii. Need to have a central registry of all Waqf Estates/properties on a regular basis which can be updates quaterly, bi-annually or yearly. iii. The Nomenclature called “Waqf” can be modified reasonably taking into play the sensitivity of religious issues in Nigeria. iv. Establishment of an Advisory Board is highly required so as to serve as an engine room for the operations of the waqf. v. Instituting a proper framework that guides the investment of revenues obtained from awqaf so as to avoid ambiguities. vi. Creation of awareness in order to enlightened the people about how waqf works and its benefits via local media like TV, radio in local dialects, magazines, articles etc vii. Training, retraining and organizing development program for officers involved in the entire administration of waqf viii. Need to establish a Waqf Tribunal so that waqf disputes can be easily resolved. ix. Deployment of IT equipments so as to make the entire waqf administration easy. x. Ensure that the waqf officers welfare is properly taken care off so as to avoid them tempering with the revenue generated. xi. Setting up specialized agency (ies) that can handle the lease or transactions dynamic for financing farmers request for agricultural equipments. xii. The agency should have the structure of both private & public structure and representatives from various religions so as to avoid full government interference.
11. Journal of Islamic Banking and Finance April – June 2019 78 xiii. Lending or Leasing to farmers should be via cooperatives rather than individual basis as this will assist in streamlining the operations of the specialized agency. xiv. Monthly rendition of reports on the activities of the agency and /asset verification is to be done so that the trustee can ascertain their net worth. xv. At the end of the depreciation of such agric equipment, it should be sold out to these farmers at a low price. Reference Azniza, H A & Mohamed, A H 2015, “The Possible Role of Waqf in Ensuring A Sustainable Malaysian Federal Government Debt” Procedia Economics and Finance. ScienceDirect. No.31 Pp. 333-345 Barkan, O. L., & Ayverdi, E. H. (1970), Istanbul Vakiflari Tahrir Defteri, Published manuscript, Istanbul. Çizakça, M 1998,” Awqaf in History and its Implications for Modern Islamic Economies” . Islamic Economic Studies, Pp. 43-70. Cizakca, M. (2004). Ottoman cash waqfs revisited: The case of Bursa 1555-1823. … for Science, Technology and Civilization Ibrahim, H., Amir, A., & Masron, T. A. (2013). Cash Waqf: An Innovative Instrument for Economic Development. International Review of Social Sciences & Humanities, 6(1). Islahi, A., (1992). Provision of Public Goods: Role of Voluntary Sector (Waqf) In Islamic History. (Financing Development In Islam: Seminar proceeding series IRTI &IDB) Jaiyeoba, HB, Ndzembanteh AN, Traore I, Md Yousuf H, Mory FS 2015,” Financing And Developing The Agricultural Sector Through Cash Waqf: An Analysis Of Cash Waqf Using The Mudarabah Approach”. South East Asia Journal of Contemporary Business, Economics and Law. Vol.6, no.1, pp. 66-81 Kahf, M 2015,” Waqf: A Quick Overview”. Viewed 29 September 2017,< http://monzer.kahf.com/papers/english/WAQF_A_QUICK_OVERVIEW.pdf> Kahf, M 2007,” Role of Zakah and Awqaf in Reducing Poverty: A case for zakah awqafBased Institutional Setting of Micro Finance”. Paper presented at the “International Seminar on “Islamic Alternative to Poverty Alleviation: Zakat,Awqaf and Micro Finance” April 21-23,2007, Bangladesh. In Foyasal, K, “ Waqf: An Islamic Instrument of Poverty Alleviation-Bangladesh Perspective. Thought on Economics. Vol. 22, No.3. Mohsin, M. I(2008), “Cash Waqf: A New Financial Product Model Aspects Of Shariah Principles On ITS Commercialization”, This paper is presented at Islamic Banking, Accounting and Finance Conference (iBAF), at The Legend Hotel, Kuala Lumpur
12. The Role of Cash Waqf inBanking Achieving a Mechanized Agriculture ......... Journal of Islamic and Finance April – June 2019 79 Masoud A (2015), “Role of Waqf in Sustainable Economic Development and Poverty Alleviation: Bangladesh Perspective”. IISTE- Journal of Law, Policy and Globalization. vol.42, pp. 118-130 Merriam Webster (2017), “Waqf” Viewed 22 May 2017, https://www.merriam-webster. com/ dictionary/waqf Sabit, Mohammad Tahir (2006), “Credit-based financing Instrument and the Development of Waqf Properties”. Department of Land Administration and Development, Faculty of Geo information Science and Engeneering, University Teknologi Malaysia. Sabatini, F. (2009), Does Social Capital Create Trust? Evidence from a community of enterprenuers, University of Siena. Shaham, R (1991), “Christian and Jewish "waqf" in Palestine during the Late Ottoman Period”. Bulletin of the School of Oriental and African Studies, pp. 460-472. Mohamed, U, Shahida, S, Abdul, G, & Zaini, E. 2012. “Tackling Poverty: A Look at Cash Waqf”. Prosiding PERKEM VII, pp. 1611-1623. Pengenalan Wakaf 2015, Yayasan Waqaf Malaysia: Available at https://www.ywm.gov. my/wakaf/pengenalan. Retrieved on 20 April,2015,