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A F amewo k o Accessing Funds h ough
Cha i able Assignmen o P ope y
Sahebali Akba i
1
Associa e P o esso , Fe dowsi Uni e si y o Mashhad, Mashhad, I an
Mahmood Mi zaei Hesa i
In i ed lec u e , Tax Applied Sciences Uni e si y, Mashhad, I an
Vahid Sadeghi Rad
Depa men o Islamic Ju isp udence and Law, Islamic Azad
Uni e si y, Mashhad B anch, Mashhad, I an
Hamid Sadeghi Rad
Dean o Tax Applied Sciences Uni e si y, Mashhad, I an
Abs ac
Endowmen has an old his o y and a long eco d and has been emphasized
and o de ed as a good adi ion in Islam, bu i s dimensions and angles has no
ye been conside ed by expe s and economis s. Expanding economic issues and
hei complexi ies, he ole o endowmen and endowed p ope ies in economic
de elopmen , and he need o ul ill he pu poses o he Holy Legisla o and
bene ac o indica e he need o e ision in endowmen in acco dance wi h he
condi ions o ha ime and place. Endowmen ins i u ion in he Wes , as
a capable " inancial ins i u ion" in equipping he capi al o sol e social p oblems
has a desi able posi ion; while, despi e ha ing deep cul u al and powe ul
eligious s imuli, ou socie y s ill could no use he capaci ies and capabili ies o
his good cus om p ope ly. Using he me hods and new esou ces o inancing in
he de elopmen o and endowmen s a e ways which sui o he changing
ci cums ances o ime and space, o use o high capaci y o endowmen . In his
pape , a e examining adi ional and mode n me hods and sou ces o inancing
in he de elopmen o endowmen s, he necessi y o use Sukuk as a new way o
inancing is emphasized, hen, in he ollowing, p o i ing Sukuk pa e n as one
o he new ways in inancing in he de elopmen o endowmen s will be
p o ided.
1
Co esponding au ho ’s email: akba i
-
[email p o ec ed]
In e na ional Jou nal o Managemen , Accoun ing and Economics
Vol. 2, No. 7, July, 2015
ISSN 2383-2126 (Online)
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790
Keywo ds: Endowmen , Sukuk, Financing.
Ci e his a icle: Akba i, S., Hesa i, M. M., & Rad, V. S. (2015). A F amewo k o Accessing
Funds h ough Cha i able Assignmen o P ope y. In e na ional Jou nal o Managemen ,
Accoun ing and Economics, 2(7), 789-800.
In oduc ion
Islam is a comp ehensi e eligion ha does no limi he wo shiped o God only o
p aying beha io s, bu in ol es many aspec s o human li e in his ca ego y (Sadeghi
Shahdani, 2009). E adica ion o po e y and social-economic jus ice and equal
dis ibu ion o he economic income a e he p ima y objec i es o Islam and should be
he cha ac e is ics o Islamic economic sys em oo (Jahanian, 2011). Islamic inancial
sys em, as a subse o he economic sys em o Islam, should mo e owa ds he goals
o Islam. The philosophy o Islamic inance lies in jus ice and cha i y (Naza boland,
2007). Islam p omo es jus ice o people. In his ega d, i by inancing he poo , hei
income and weal h ise, he inancial Islamic sec o will show i s social ole in he bes
way (Mohammadi, 2011). The e a e se e al ins i u ions and s uc u es in Islam o
edis ibu e income and weal h in o de o sa is y he p ima y needs o all social segmen s.
These ins i u ions a e: cha i y, endowmen , and in e es - ee loan (Mesbahi Moghadam
e al., 2012) Islam has discou aged he ich o mo e he weal h only among hemsel es,
and says ha hey should dis ibu e he weal h among hei ellow men, and o dis ibu e
weal h om he ich o he poo sugges s cha i y. Cha i y can be money o e en some hing
o he han money; i can be op ional o obliga o y. Endowmen is an op ional cha i y.
Unlike high- isk in es men a eas, he endowmen con inues o g ow. This sec o as a
iable economic sec o is g owing apidly. Endowmen o ganiza ions a e nonp o i
o ganiza ions ha a e he ep esen a i es o people which manage a lo o economic,
social, and cul u al ac i i ies. Simul aneously, as hey ha e a majo impac on he
wellbeing and li es yle o communi y, hey a e conside ed as impo an o ces in he
na ional economy. The g ow h o la ge o ganiza ions is a e lec ion o p oduc i i y ha
may be possible h ough he use o ad anced p ocesses and sys ems (Sedighi,
2006). Endowmen was known long ago and had a i al ole in he his o y
o Muslims. Howe e , he e iciency o con empo a y endowmen ins i u ion is Islamic
wo ld has been educed due o poo managemen . The e o e, i needs o be s eng hened
o egain i s i al ole. I can be econs uc ed by he changes become a p o i able
endowmen . P o i able endowmen can no only inance i sel , bu also can inance o he
plans, oo (Hosseini, 2009).
P o i able endowmen needs in es men o ind i s place. The e a e se e al ways o
inance endowmen p ojec s ha a e: sha ing e iciency, pa icipa ion, lease Sukuk,
e c. This pape , along wi h examining he me hods o inancing in endowmen , ies o
explain he pa e n ha has been success ully used in some coun ies (Sedighi, 2006).
The De ini ion o Endowmen
The wo d “endowmen ” li e ally means s a iona y. Bu i s meaning in echnical
e minology which con ains he li e al meaning in i sel oo, is he endowmen i sel is
s a iona y and i s bene i s a e being used. In ade and sale he goods mo e, bu he ac
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is ha he endowmen canno be sold and canno be inhe i ed; so he e is a s a iona y in
i s meaning, while he low and mo emen a e in i s bene i s which a e gi en o he
o he s. A icle 55 o Ci il Law de ines endowmen as: "Endowmen is holding he
p ope y and dis ibu ing i s bene i s."
Also, i can be said ha pu pose ul endowmen is o help needy people, which is being
used by some people in he socie y.
Reducing po e y h ough endowmen is he p ima y mechanism o achie ing he
basic equi emen s o educe he gap be ween he ich and he poo in socie y. Using his
concep , he cha ac e is ics o endowmen a e he same as cha i y. In o he wo ds,
endowmen edis ibu es he income om he ich o he poo . Cha i y is in cash, while
endowmen is mos ly p ope y. Endowmen is de ined as he ac o olun a y cha i able
dona ions, which is de ined unde such gene al opics as cha i y and nou ishing (Ros ami,
2008).
Economic Cha ac e is ics o Endowmen
To explaining he economic dimension o endowmen , i can be ede ined in
ano he o m: Cash ans e (o o he sou ces) om consump ion and in es ing hem in
p oduc i e asse s which would esul in bene i o income o he u u e consump ion o
indi iduals o g oups. By his de ini ion, he endowed capi al o p ope y is used in
di e en o ms ( ypes) o di e en pu poses such as eligious, medical,
p oduc i e ac i i ies, and o he i ems. The endowed capi al o p ope y can be used in
wo ways: i s , o p o ide se ices o a g oup o indi iduals (e.g., building hospi als,
mosques, e c.) and, he second, as a p oduc i e capi al (e.g., a p oduc ion plan) o p oduce
goods ha a e sold in he ma ke . Wi h hese p inciples, he bases o economic in e es s
and cha ac e is ics o an endowmen ins i u ion will appea . On he one hand, de eloping
endowmen means inc easing he sou ces and educing consump ion (phenomenon which
is la gely emphasized in unde eloped Islamic socie ies). In o he wo ds, hese sou ces
can be changed in o a capi al which can p o ide social se ices, and p oduce goods, oo.
Also, as he de elopmen o endowmen is accompanied wi h he de elopmen o he
cul u e o al uism and uni ied people, by s eng hening he ounda ion o socie y and he
sense o communi y, can cause he g ow h o social capi al, and highly a ec on he
p oduc i i y o he economy (Haji Deh Abadi, 2011).
All o he abo e cases show ha he a ailable me hods and inancing esou ces o
de elop he endowmen s a e ine icien , and using new esou ces and me hods, o de elop
he endowmen s well and bene i om i s, is an u gen need o educe class gap in Islamic
socie ies and elimina e he p ima y needs o he poo in hese communi ies.
The Need o Bene i om Financing in Endowmen
Conside ing he impo ance o endowmen and i s ole in social and economic
de elopmen , a lo o e o s ha e been made o de elop his ins i u ion in ecen
yea s. So, inancing s a egy has been p oposed o his pu pose. Based on heo e ical
de elopmen s in inancial economics (in gene al) and Islam inancial economics (in
In e na ional Jou nal o Managemen , Accoun ing and Economics
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pa icula ), new and a ious ways and ools ha e been in oduced o he inancing o
endowmen (Sedighi, 2006).
Me hods o Financing in Endowmen
In gene al, o inancing endowmen s, he e a e adi ional and
mode n me hods. T adi ional me hods gene ally a e di ided in o i e ypes ou o which
a e desc ibed b ie ly in he ollowing:
1. Seizing new endowmen . This me hod is inanced by c ea ing new endowmen s
and adding hem o a ailable endowmen s. This me hod was popula in he ime o
P ophe Mohammad (Peace Be Upon Him), Bani Umayya, and Bani Abbas. The e a e a
lo o examples o his ype o inancing in Islamic his o y, such as: mosques, schools,
hospi als, and uni e si ies. .
2. Bo owing. In his way, he money is bo owed o inance he ope a ional
equi emen s. By alloca ing he money o new dono s, i is used o de eloping old
endowmen s. In his way, he obse e o he endowmen bo ows money o co e he
cu en expenses o endowmen s, econs uc ion o i s e mina ion. I is accep ed in Islam.
3. Replacing endowmen s. Replacing me hod p o ides a possibili y o p o ide he cash
which is necessa y o ope a ing ac i i ies o endowmen s. This me hod inc eases he
se ices p o ided by he endowmen in ce ain cases, especially when he e is a new
applica ion o endowmen s because o echnical and popula ion changes.
4. Hak (a long e m lease so ha a g ea amoun o paymen in ad ance is paid in
sum). I means exclusi e o limi ing. These me hods ha e been p esen ed by ju isp uden s
is a way o p e en he sale o endowmen . F om he iewpoin o endowmen
managemen , Hak , i ual, gains he alue o he endowmen s, which has been gi en
al oge he (which should be used o endowmen pu poses), by selling he exclusi e igh s
o endowmen . This is no selling he endowmen i sel ; endowmen managemen needs
o eplace he sales p ice which has ob ained abou a simila p ope y (Meisami and
Ghelich, 2011).
Mode n inancing me hods o in es o endowmen s can be di ided in o eigh g oups:
1. Mu abeheh. In his me hod o inancing endowmen , endowmen managemen , by
Mu abeheh con ac , does he equi ed ac ions o bo owing om an Islamic bank o buy
equipmen and ma e ials ha a e necessa y o he de elopmen o main enance o
endowmen s, and, simul aneously, a he due da e o he loan, will e u n he money and
he in e es o inancing, gained om endowmen incomes, o he bank.
2. Es esna. This me hod allows he managemen o he endowmen , in some cases,
does he needed de elopmen in endowmen ( o example, h ough cons uc ion) by an
Es esna con ac – a e signing an ag eemen wi h a inancial ins i u ion. Then, he
inancial ins i u ion o he bank, h ough a con ac o , en e s in o ano he ag eemen o
p o ide i . Endowmen manage should pay his loan which has been o med by Es esna
con ac om he bene i s o de eloped endowmen .
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3. Lease. In his inancing me hod, he supe iso o he endowmen issues a license,
which is only alid o who inances o many yea s. This license allows he pe son who
inances o build a building on he endowmen (land). Then he supe iso leases he
building o a pe iod and e u ns he in es men and i s in e es o he inancie (i he
inancie likes). In his case, he lease inishes wi h he enan who is now he owne o
he building.
4. Bailmen o a capi al. In his inancing me hod, he supe iso , as a con ac o , ge s
he cash om he inancie o cons uc a building on he endowmen (land) o build. The
ob ained p o i will be di ided be ween he endowmen managemen and he inancie .
5. Collec i e owne ship. The con ac is called pa ne ship o p ope y in eligious
ju isp udence. In his me hod, he supe iso allows he inancie o build a building on
he endowmen (land). Bu each pa independen ly and sepa a ely owns i s own p ope y
and ag ee on di iding he ou pu s among hemsel es.
6. Collec i e ou pu s. In his me hod o inancing, he ins i u ion p o ides he land and
o he ixed p ope ies ( o he endowmen ins i u ion) and he inancie handles he cos s
and he managemen . The inancie can also p o ide pa o he machines o all o hem
p o ided ha he land is supplied by a pa o he han managemen . This me hod is based
on Moza ee, and he g oss p o i is di ided by ag eemen be ween he pa ies.
7. Hak and Long- e m Lease. In long- e m inancing me hod, he inancie leases he
endowmen o a long pe iod o ime. The inancie accep s he esponsibili y o p o ide
he manu ac u ing cos s and endowmen managemen , and pays pe iodic en o he
supe iso . In he mino me hod o Hak , a clause is added o he con ac acco ding o
which he inancial ins i u ion, beside pe iodic lease, pays sum cash, oo.
O he me hods and sou ces ha e been o e ed o inancing o endowmen s so a .
These me hods a e ac ually based on he concep o "changing he p ope ies
in o secu i ies" which will be discussed in he nex sec ion.
8. De elopmen o Endowmen s by using he endowmen s changing in o secu i ies.
This me hod o de eloping endowmen s is based on connec ions be ween endowmen
concep s and "changing in o secu i ies" (Pak Nia, 2009).
One o he me hods o con e he endowmen in o secu i ies will be s udied in he
ollowings. This me hod is based on Sukuk has been designed as a se o new Islamic
inancial ins umen s based on he concep o "changing in o secu i ies" and will be used
o de eloping he endowmen s. Indeed, Sukuk can be en e ed in o endowmen s in wo
ways:
- Endowmen s using Sukuk change in o secu i ies. I causes imp o emen in he
managemen o endowmen s.
- Using an ini ia i e, a kind o Sukuk, which ela es o p ope ies which a e no
endowmen s, can be applied o suppo endowmen s.
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Cha ac e is ics o Sukuk and i s Va ian s
Con en ional bonds a e hose ha indica e he issue is in deb . In o he wo ds, hese
secu i ies a e documen s showing ha a pa y has he obliga ion o pay he loan in i s due
ime. Bu Islamic bonds (Sukuk) a e secu i ies ep esen ing deb , owne ship, and
in es men . These secu i ies a e published by issue s unde eligious condi ions Haji (Deh
Abadi, 2011). Sukuk, in i s i s use o he wo d in A abic, means " o bea o smash". The
e m Suk, is he A abic o m o he Pe sian wo d “cheque”. Cu en ly in Islamic inancial
li e a u e he e m Sukuk has been de ined as "Islamic bonds" (Maysami e al., 1378). A
S anda d No. 17 o Accoun ing and Audi ing O ganiza ion o Islamic Financial
Ins i u ions Sukuk is de ined as "ce i ica es wi h an equal nominal alue, which a e he
comple ion o he unde w i ing p ocess, indica es he amoun paid by he buye o he
issue , and i s owne has one o a se o p ope ies, p o i s om p ope ies o has in e es
in a p ojec o a special in es men ac i i y (Kalan a i and Salehi, 2006).
The ollowing ea u es can be ou lined o Islamic bonds Sukuk:
1. In he de elopmen o Islamic economics, Sukuk is a inancing me hod which is
in acco dance wi h he eligious p inciples.
2. To de elop Sukuk acco ding o Islamic p inciples is sui able.
3. I is used o ans e he sa ings o in es o s o in es in acco dance wi h Islamic
law.
4. I has been designed o de elop and p omo e Islamic ins umen s o p o ide
in es men oppo uni ies o in es o s and issue s o Islamic ins umen s.
I helps o c ea e an e icien Islamic bond ma ke wi h high liquidi y (Mesbahi
Moghadam e al., 2012)
Types o Sukuk
Sukuk has many ypes such as, lease Sukuk, combined Sukuk, callable Sukuk wi h
a iable a e, Sukuk wi hou unsalable coupons, and in eg a ed Sukuk. Each o hese
Sukuks is b ie ly desc ibed.
1. Lease Sukuk: This ype o Sukuk, as p ope y-backed, is single. In his case he
p ope y can be land o en al equipmen s. Re u n o his Sukuk can be ixed o a iable.
2. Combined Sukuk: I can be a combina ion o Es esna, accessible Mu abehe, and
also lease. The e u n o hese bonds can only be ixed a e which has been de e mined
be o e.
3. Callable Sukuk wi h a iable a e: This ype o Sukuk can be used o some
companies as "due pa icipa ion inancial secu i ies". Since his ype o Sukuk employs
he concep o pa icipa ion, om a eligious poin o iew i is p e e able. Also, he
loa ing- a e o hese bonds does no depend on he e alua ion p ocess wi h ma ke
esou ces such as Libo , bu a he , depends on he i m's balance shee eali ies. These
secu i ies because o he senio i y o he igh s o he issue s, he na u e o he callabili y,
and hei ela i ely s able a es compa e wi h he paymen s o he s ock in e es s can be a
subs i u e o Sukuk.
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4. Sukuk wi hou unsalable coupons: I is a special ype o Sukuk by which he e a e
no p ope ies un il hen. These ypes o Sukuk can be used by adding some mo e
p ope ies o he company's balance shee h ough Es esna.
5. Implici Sukuk: This ype o Sukuk can be wi hou coupons, pu e o mixed en ,
wi h he implici con e sion o o he o ms o p ope ies, depending on he pa icula
ci cums ances.
6. P o i ing Sukuk: This ype o Sukuk is known as ime sha e bonds. And owne ship
indica es a ce ain ime in a ce ain apa men building o a numbe o yea s. P o i ing
Sukuk is in ac a o m o lease Sukuk. The documen o bene icial owne ship o he
p ope y is o wo kinds: one kind is he exis ing p ope y documen . In his ype o Sukuk
i is assumed ha he p ope y is al eady he e. Then he owne publishes p o i ing Sukuk
ha used he p ope y as basic p ope y. Since his ype o Sukuk is based on he concep
o lease, he owne cashes hese en al bonds om hose who ha e commi ed o hese
bonds. Bu he second, he documen o he in e es owne ship in he u u e will be
a ailable i needed. This ype o documen will be issued o inance he econs uc ion o
he p ope ies. The e o e, bene icial owne s o hese u u e p ope ies will be hose who
ha e commi men . These ypes o Sukuk we e used in he ea ly 2000's in Mecca (Nas
Abadi, 2008).
In he ollowing, a model will be p o ided ha wo ks wi h his ype o Sukuk, and is
en i ely app op ia e o inance in endowmen . This sugges ed model is a gene al model
o inancing and in es ing in he endowmen by using a cons uc ion model, using and
ans e , and p o i ing Sukuk. This model can also be used o o he ypes o Sukuk.
Ope a ing P o i ing Sukuk in In es ing Endowmen
In o de ha p o i ing Sukuk gains a signi ican ole in suppo ing he managemen o
he endowmen , se e al p e equisi es a e equi ed. The mos impo an assump ions a e:
1. The law and egula ions ela ing o he Sukuk. Al hough he objec i e o Sukuk
which is inancing is simila o ha o con en ional bonds, Sukuk is ac ually e y
di e en om con en ional bonds. The di e ence a ises when we know ha in he Sukuk
p ope ies a e equi ed bu in bonds i is no like ha . Fo example, cu en ly in Indonesia,
he legisla ions ela ing o Sukuk ha e no de eloped ye . The e o e, he go e nmen and
Pa liamen should wo k oge he on his issue. Also, he concep o Sukuk should be
in oduced o in es o s, business sec o , and o he s so ha when he egula ions ela ing
o Sukuk we e adop ed he use s al eady know ha .
2. Endowmen law is ce ainly one o he mos impo an p e equisi es. These laws
should de e mine he igh s and obliga ions o he pa ies- which ypically include
bene ac o , supe iso , s akeholde s and o he s. I should also explain he na u e o he
endowmen i sel , In o he wo ds, i should de e mine whe he i is public o p i a e,
empo a y o pe manen .
3. Ins i u ion ha manages he endowmen . Mos p e ious s udies conduc ed in he
ield o endowmen managemen by he go e nmen indica es ha i mus be managed by
non-go e nmen al o ganiza ions. This is because he go e nmen s in many Islamic
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796
coun ies ha e p oblems such as co up ion, mismanagemen , e c. (Sha i i, 2006). These
condi ions ha e caused ha he bene ac o s ha e no willing o endow
hei p ope y because hey a e a aid ha hei p ope y is no used o he public in e es .
4. The suppo o he go e nmen , pa icula ly h ough indi ec policy o he
de elopmen o he endowmen . One o hese policies can be educ ion o e en ax
exemp ion o bene ac o s.
5. In o ma ion sys em o endowmen should ( o sample) be co ec ly de ined o be
ope a ional. Pa e n ecogni ion needs ha pa which includes s akeholde s. This de ail
iden i ica ion is needed o ope a e he p ojec among s akeholde s.
6. De elopmen o he Islamic inancial ma ke . De elopmen o he Islamic inancial
ma ke s will encou age in es o s o in es in he seconda y p o i ing Sukuk in a way ha ,
in his ma ke , he liquidi y o inancial ins umen s inc eases (Sha i i, 2006).
Ope a ion o P o i ing Endowmen Plans in Endowmen In es men s
The e a e many endowmen s ha ha e no ye been de eloped. These condi ions ha e
educed he po en ial powe o endowmen s o imp o e he wel a e. In o de o
econs uc endowmen s, he endowmen o ganiza ion equi es capi al o be able o
inance he de elopmen o endowmen s. One way o p o ide capi al by in es o s is
h ough eleasing p o i ing Sukuk.
In his model, he endowmen s a e managed by he Endowmen O ganiza ion. I needs
managemen o ice p esidency o endowmen de elopmen o iden i y i s unde eloped
endowmen s (such as o ice buildings, chain s o es, ho els, e c.) and sea ch seconda y
sui able plans o hese endowmen s. A e inding a sui able plan managemen o ice
p esidency o endowmen de elopmen p oposes ha , o he econs uc ion o
endowmen , he managemen o ice p esidency o endowmen de elopmen suppo s he
endowmen s. Managemen o ice p esidency o endowmen de elopmen will espond
by appoin ing an in e media y company. Then he manage o ice p esiden o
endowmen s and managemen o ice p esiden o endowmen de elopmen ag ees on
how o inance he p ojec (Mesbahi, 2010).
Th ee models ha may be used o inance he p ojec a e:
1. The p ojec is ully inanced by eleasing p o i ing Sukuk.
2. This case is simila o he i s one. Bu he e a e op ions o ex end he ma u i y o
he Sukuk.
3. The main o ien a ion o his me hod is ha he p ojec is inanced by eleasing
p o i ing Sukuk, bu a pa o he plan will be inanced om in e nal unds. In e nal
esou ces o o he endowmen plans a e unds and o he dona ions o und easu y.
A e de e mining he pa e n o inancing, managemen o ice p esidency o
endowmen de elopmen s a s cons uc ion and passes BOT con ac o de elope
In e na ional Jou nal o Managemen , Accoun ing and Economics
Vol. 2, No. 7, July, 2015
ISSN 2383-2126 (Online)
© IJMAE, All Righ s Rese ed www.ijmae.com
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company, hen by en ing he plans o he in e media y company (which will hen execu e
he plan) he wo k will con inue (Nas Abadi, 2008).
BOT con ac be ween he de elope company o endowmen and he managemen o
ice p esidency o de elopmen is he basic p ope y o en ed endowmen s. De elope
company, based on he con ac , does he necessa y s eps o de elop a comple e plan o
he endowmen and hen ansmi s he comple ed plan o he in e media y company. Thus,
he ime o he con ac depends on he pa e n o inancing used in he inance o he
p ojec . The pe iod o he BOT o a plan which is based on he i s model is sho e han
ha o he second model. Based on he second model, he con ac is ex ended so ha he
pe iodic income om managemen o he ice p esidency o he inancing o endowmen s
is e u ned (Babajani, Mohadeseh, 2005).
He e is an example o he abo e condi ions. BOT con ac is be ween endowmen
managemen o ice p esidency o i and he de elope o a special second plan is 25
yea s. The ime pe iod o his con ac is no mal. Bu based on he second model,
endowmen managemen o ice p esidency o i may app o e he high na u al cou se,
o example, 35-30 yea s. Ins ead, he managemen o ice p esidency o inancing o
endowmen s ecei e pe iodic paymen s (mon hly o yea ly) om he p ojec de elope –
which is leasing he p ojec om he de elope company.
In he i s case, he managemen o ice p esidency o inancing o endowmen s does
no ecei e any income om he seconda y o up o 25 yea s, a e he end o he plan
pe iod (BOT con ac pe iod). Howe e , he endowmen o ganiza ion ecei es he
seconda y plan soone so ha by his p og am, ea ning income will be ope a ional. On
he o he hand, he second model ex ends he equi ed ime ha he managemen o ice
p esidency o endowmen s needs o en o ce a seconda y plan by ob aining i s igh (e.g.
35-30 yea s, i means 5-10 yea s mo e). Howe e , his case o e s pe iodic paymen s o
he medium company o he managemen o ice p esidency o inancing o
endowmen s. These paymen s a e conside ed as income o he managemen o ice
p esidency o inancing o endowmen s. This e enue is used o inancing he
main enance and i s plan ope a ional cos s o could be used o p epa e he human
esou ces needed o he seconda y plan (such as doc o s and eache s). A e signing a
lease ag eemen wi h he de elope , he medium company, o inancial suppo , issues
p o i ing Sukuk. In es o s subsc ibe Sukuk which shows he owne ship o he p ope y
o a s a ed pe iod. In es o has he igh a a speci ic ime du ing a gi en pe iod o use
he de e mined p ope y o Sukuk. Howe e , maybe, he in es o s wan o e- en Sukuk
o he o he pa which he wan s o use he p ope y. The company inances he unds
om o he in es ing models (such as a pa ne ship in es men o bailmen o a capi al).
The medium company collec s in es ing unds and hen inances he seconda y
de eloping plan. De elope company begins and deli e s i o he medium company igh
a e inishing i . Now, he second comple ed p ojec managemen is in he hand o
medium company. I makes his p ojec ope a ional om he ime i is comple ed o he
ime BOT con ac ends. Seconda y Plan con inually c ea es e enue o medium
company. Then, his income is dis ibu ed among medium company, he managemen o
ice p esidency o inancing o endowmen s, and Sukuk owne s based on he ollowing
condi ions:
