Modelling musyarakah investment of n parties for waqf institution / Nurmuntazah Mohd Mukhlil

Waqf lands have great potential for development but unfortunately waqf institutions do not have enough fund to develop waqf lands. One way to raise the fund is by gathering capital by capital providers and this capital can be invested to generate profits. This capital can be invested using musyarakah model. Musyarakah model is the agreement between partnership that will share capital and profit together through the business of joint venture. Part of the profit gain from the investment will be contributed to waqf institutions. This study develops the musyarakah model for n parties which is the extended of the model for three parties that has been developed by Nurul (2015). The mathematical concept involved in calculating the profit based on musyarakah model are matrix theory, matrix exponential and Cayley-Hamilton Theorem. Maple 18 software is used to calculate determinant and to solve system of equation in matrix form. The calculator for calculating profit was musyarakah model for n parties was developed so that any user without mathematical background will still be able to calculate the profit gain and the amount of contribution to waqf institutions from the profit gained by the capital providers. This idea of gathering fund can also be used by other non profit organization.