This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on Musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia.,The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establish a SRI sukuk model, the paper also studies the cases of the first SRI sukuk issued in Malaysia and other waqf-related sukuks that have been structured for the development of waqf property/asset in the past. Following that, the opinion of subject-matter experts and industry practitioners on the proposed SRI sukuk model is sought in a semi-structured interview.,Based on the interviewees’ response, the study proposes the most feasible SRI sukuk model that could be implemented in the Malaysian context for the development of waqf properties/assets, which is a Musharakah-based sukuk model. The model will be elaborated based on the purpose of development, functionality, choice of Shari’ah contract, obligor and return mechanism.,This paper is exploratory in nature. While it explores the structural point of view only, future research could analyse and identify the legal, regulatory, financial and Shari’ah aspects of the proposed model. Further empirical studies can be done to provide more comprehensive idea and knowledge regarding the subject matter.,The study serves great benefit to the government, waqf administrators, regulators, policymakers, foundations, corporations and interested investors to explore SRI sukuk as one of the feasible financial instruments to develop waqf in Malaysia.,This study proposes the use of an innovative financial instrument called SRI sukuk and structures a feasible SRI sukuk model to help realise the true roles of waqf as not only a religious tool but also one of the instruments for human, economic and social developments.

中文翻译：

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Musharakah SRI Sukuk在马来西亚发展Waqf物业/资产的探索性研究

这项研究旨在探索一种基于穆沙拉卡的可持续负责任的投资（sRI）sukuk模型，该模型可以在马来西亚的SRI sukuk框架下用于开发waqf财产和资产。这包括提出和设计一个潜在的SRI sukuk模型，并就该模型，其对投资者的吸引力以及在马来西亚实施的可行性征询主题专家和行业从业者的意见。研究采用案头研究和半结构化访谈作为它的方法。案头研究是对报告，期刊，框架，书籍和实践中的过去文献进行详细的批判性审查和分析的场所。要建立SRI sukuk模型，本文还研究了马来西亚发行的第一批SRI回教债券和其他过去与waqf相关的回教债券的结构，这些回教债券是为发展waqf财产/资产而设计的。然后，在半结构化访谈中寻求主题专家和行业从业者对拟议的SRI sukuk模型的意见。基于受访者的回答，研究提出了最可行的SRI sukuk模型。马来西亚发展waqf物业/资产的背景，这是基于穆沙拉卡的回教债券模型。该模型将根据开发目的，功能，伊斯兰教法合同的选择，债务人和回报机制进行详细阐述。虽然它仅探讨结构性观点，但未来的研究可以分析和确定法律，拟议模型的监管，财务和伊斯兰教法方面。可以进行进一步的实证研究，以提供有关该主题的更全面的思想和知识。该研究对政府，waqf的管理者，监管者，政策制定者，基金会，公司和感兴趣的投资者有很大的帮助，以探索SRI sukuk是可行的方法之一本研究提出使用一种称为SRI sukuk的创新金融工具，并构建可行的SRI sukuk模型，以帮助实现waqf的真正作用，不仅是宗教工具，而且是宗教工具之一人类，经济和社会发展。