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Framework of affordable cooperative housing through an innovative waqf-based source of finance in Karachi

Framework of affordable cooperative housing through an innovative waqf-based source of finance in... The purpose of this research is to introduce an innovative framework called the waqf cooperative housing framework (WCHF), with an objective to create a synergistic equilibrium between waqf and cooperative housing schemes. To tackle problems related to the dearth of financing, this research postulates an innovative waqf-based source of finance that involves generating revenue from common areas (waqf area) within the vicinity of the condominium.Design/methodology/approachPrimary data were collected through interviews and the data were analysed using the NVIVO software. The interviewees comprised managers from property development sectors, public sector officials, university lecturers in Islamic finance, CEOs, top management officials from Islamic financial institutions, community leaders and shariah scholars.FindingsA framework was proposed based on the result of the interviews. It was found that innovative models such as WCHF can resolve the issue of affordable housing in Karachi such as decreasing the financial burden on the public exchequer, bringing positive change to the lives of the poor, fulfilling the property developer’s corporate social responsibility, fulfilling the religious duty of the general public and condominium owners towards their fellow beings as well as creating new employment opportunities for people who are working in the financial sector (waqf management companies/trustees) and the construction sector.Research limitations/implicationsEven though this study has introduced an innovative and practical solution to the financing of affordable housing, it also encountered some limitations. First, it is conducted in Karachi city involving six group of respondents; thus, the findings cannot be generalised with other contexts. Similar research needs to be conducted in different contexts.Originality/valueTo date, this is among the first studies, to the best of the authors’ knowledge, to investigate cooperative affordable housing with the help of innovative Islamic finance tools in the context of Pakistan. Furthermore, insufficient attention has been given to the enabling and hindering factors behind the acceptance of a framework that seeks to initiate a cooperative scheme based on an innovative waqf financing tool that generates revenue from common areas around a condominium. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Islamic Accounting and Business Research Emerald Publishing

Framework of affordable cooperative housing through an innovative waqf-based source of finance in Karachi

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References (48)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1759-0817
eISSN
1759-0817
DOI
10.1108/jiabr-05-2021-0140
Publisher site
See Article on Publisher Site

Abstract

The purpose of this research is to introduce an innovative framework called the waqf cooperative housing framework (WCHF), with an objective to create a synergistic equilibrium between waqf and cooperative housing schemes. To tackle problems related to the dearth of financing, this research postulates an innovative waqf-based source of finance that involves generating revenue from common areas (waqf area) within the vicinity of the condominium.Design/methodology/approachPrimary data were collected through interviews and the data were analysed using the NVIVO software. The interviewees comprised managers from property development sectors, public sector officials, university lecturers in Islamic finance, CEOs, top management officials from Islamic financial institutions, community leaders and shariah scholars.FindingsA framework was proposed based on the result of the interviews. It was found that innovative models such as WCHF can resolve the issue of affordable housing in Karachi such as decreasing the financial burden on the public exchequer, bringing positive change to the lives of the poor, fulfilling the property developer’s corporate social responsibility, fulfilling the religious duty of the general public and condominium owners towards their fellow beings as well as creating new employment opportunities for people who are working in the financial sector (waqf management companies/trustees) and the construction sector.Research limitations/implicationsEven though this study has introduced an innovative and practical solution to the financing of affordable housing, it also encountered some limitations. First, it is conducted in Karachi city involving six group of respondents; thus, the findings cannot be generalised with other contexts. Similar research needs to be conducted in different contexts.Originality/valueTo date, this is among the first studies, to the best of the authors’ knowledge, to investigate cooperative affordable housing with the help of innovative Islamic finance tools in the context of Pakistan. Furthermore, insufficient attention has been given to the enabling and hindering factors behind the acceptance of a framework that seeks to initiate a cooperative scheme based on an innovative waqf financing tool that generates revenue from common areas around a condominium.

Journal

Journal of Islamic Accounting and Business Research – Emerald Publishing

Published: Mar 15, 2023

Keywords: Cooperatives; Waqf; Maqasid shariah; Waqf cooperative housing framework

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