الهيكلة المالية للوقف النقدي

الملخص EN

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