Waqf for Poverty Alleviation: Challenges and Opportunities

Abstract. This Study seeks to adapt the framework practiced by various MDBs particularly international Development Association (IDA) to the potential establishment of GobalWaqf fund as this framework is proven to be effective. The framework revolves around the IDA operations with replenishments, allocation of funds by implementing specific formulas and the determination approach which is mainly to monitor effectiveness of the earlier processes. Apart from this framework, it is suggested that a good governance system also plays a vital role in the raising and managing of the global waqf funds. This research is purely qualitative in nature by studying the mechanisms used in IDA and other MDBs and drawing their examples and experiences. The lessons learnt are meant to complement further the fundamentals of Waqf. This study finally proposes indicators that integrate with the targets of an Islamic vision of development, which could facilitate the allocation of funds. The steps to raise funds for global waqf fund are also proposed with the objective of creating more effective approach for raising of funds for a global Waqf fund.Keywords: Waqf and Zakah, Islamic microfinance, Regulatory systems.JEL. A13, D64, G21, G23, I38, O10

Integrating Zakah, Awqaf and IMF for Poverty Alleviation: Three Models of Islamıc Micro Finance

Abstract. The objective of this paper is to present theoretical proposals for institutional structure in the context of Islamic Microfinance by first comparing Conventional and Islamic microfinance institutions and then by highlighting some of the pioneering work of conventional microfinance models that paved the way for Islamic Microfinance. In this paper, we review the literature of micro finance models that simultaneously deals with several facets of poverty by combining Waqf and Zakah principles together or individually. There are three models examined in this paper. Waqf-Based Islamic Microfinance Institutions, a Model of Zakah and Awqaf-based MF Organizations and an Integrated Awqaf and Zakah Model of Microfinance. Both Zakah and Waqf mechanisms are considered for Islamic microfinance not only because of their frameworks that are in accordance to the Shariah but they are the original concepts provided in Islam that serve people in need i.e the poor. In tandem with the doctrine of microfinance, Zakah and Waqf are seen as tools best suited to assist the poor who require financing and ultimately could be effective for poverty reduction. The paper derives recommendation for integrating microfinance models into the overall economic policy.Keywords. Awqaf Funds, Monetary waqf, Zakah, Microfinance, Islamic Microfinance and Poverty.JEL. G21, I31

Four-point functions and kaon decays in a minimal AdS/QCD model

We study the predictions of holographic QCD for various observable four-point quark flavour current-current correlators. The dual 5-dimensional bulk theory we consider is a $SU(3)_L \times SU(3)_R$ Yang Mills theory in a slice of $AdS_5$ spacetime with boundaries. Particular UV and IR boundary conditions encode the spontaneous breaking of the dual 4D global chiral symmetry down to the $SU(3)_V$ subgroup. We explain in detail how to calculate the 4D four-point quark flavour current-current correlators using the 5D holographic theory, including interactions. We use these results to investigate predictions of holographic QCD for the $\Delta I = 1/2$ rule for kaon decays and the $B_K$ parameter. The results agree well in comparison with experimental data, with an accuracy of 25% or better. The holographic theory automatically includes the contributions of the meson resonances to the four-point correlators. The correlators agree well in the low-momentum and high-momentum limit, in comparison with chiral perturbation theory and perturbative QCD results, respectively.Comment: Published version, title changed to conform with Journal format, references and clarifying remarks added, 40 pages, 5 figure

Universal thermal and electrical conductivity from holography

It is known from earlier work of Iqbal, Liu (arXiv:0809.3808) that the boundary transport coefficients such as electrical conductivity (at vanishing chemical potential), shear viscosity etc. at low frequency and finite temperature can be expressed in terms of geometrical quantities evaluated at the horizon. In the case of electrical conductivity, at zero chemical potential gauge field fluctuation and metric fluctuation decouples, resulting in a trivial flow from horizon to boundary. In the presence of chemical potential, the story becomes complicated due to the fact that gauge field and metric fluctuation can no longer be decoupled. This results in a nontrivial flow from horizon to boundary. Though horizon conductivity can be expressed in terms of geometrical quantities evaluated at the horizon, there exist no such neat result for electrical conductivity at the boundary. In this paper we propose an expression for boundary conductivity expressed in terms of geometrical quantities evaluated at the horizon and thermodynamical quantities. We also consider the theory at finite cutoff outside the horizon (arXiv:1006.1902) and give an expression for cutoff dependent electrical conductivity, which interpolates smoothly between horizon conductivity and boundary conductivity . Using the results about the electrical conductivity we gain much insight into the universality of thermal conductivity to viscosity ratio proposed in arXiv:0912.2719.Comment: An appendix added discussing relation between boundary conductivity and universal conductivity of stretched horizon, version to be published in JHE

String Phenomenology at the LHC

We consider extensions of the standard model based on open strings ending on D-branes, with gauge bosons due to strings attached to stacks of D-branes and chiral matter due to strings stretching between intersecting D-branes. Assuming that the fundamental string mass scale is in the TeV range and the theory is weakly coupled, we review possible signals of string physics at the Large Hadron Collider.Comment: 10 pages, 3 eps figures. Solicited Brief Review prepared for Modern Physics Letters A; typographical error in equations (8), (9), (10), and (11) has been correcte