Critical analysis of newly promulgated “Islamabad Capital Territory Trust Act 2020” in nexus to FATF (Financial Action Task Force) Requirements
Abstract
Waqf is considered as an important and distinguished institutions of Islam. The involvement of huge money and its traditional history makes it more powerful than the western concept of Trust. In Pakistan, the topic gains more importance after Financial Action Task Force(FATF) enlisted the country into the grey list and required it to reform its laws specifically dealing with Waqf and Awqafs.
Objectives: The purpose of this research is to evaluate the historical background of Waqf in Pakistan. It traces the early laws passed during British Rule in India to deal with Waqf and relates it with the modern laws. The study critically analyzes the recently passed Islamabad Capital Territory Trust Act (ICTTA), 2020. After highlighting and describing the salient features of ICTTA 2020, the study then relates it to the guidelines provided by the FATF.
Method: This qualitative study depends upon the Primary and secondary data and its Desk Review.
Conclusion: The newly promulgated ICTTA 2020 is a comprehensive piece of legislation that empowers the Government to efficiently control and manage the Waqfs. The study also concludes that strict implementation and spreading of ICTTA 2020 gradually to the whole country will suppress many immoral and corrupt practices in the Awqafs.
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Ibid.,
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Ibid.,
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Sec 2(u), Islamabad Capital Territory Trust Act 2020
Sec 2(v), ibid
Sec 2(w), ibid
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Sec 2(a), ibid,
Sec 2(b), ibid,
Sec 2(i), ibid,
Sec 3, ibid,
Section 13, Islamabad Capital Territory Trust Act 2020
Section 14, ibid,
Section 15, ibid,
Section 16, Islamabad Capital Territory Trust Act 2020
Section 43, ibid,
Section 44, ibid,
Section 46, Islamabad Capital Territory Trust Act 2020
Section 47, ibid,
Section 49, 50, ibid,
Section 67, ibid,
Section 68(2), ibid,
Section 69, ibid,
Section 70, ibid,
Section 83, Islamabad Capital Territory Trust Act 2020
Section 85, ibid
Section 86, ibid
Section 89, ibid
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