Recently you have been appointed as Chief Investment Officer (CIO) of Kumpulan Waqf Sdn Bhd's (KWSB), a wholly owned subsidiary of Perbadanan Wakaf Kedah (PWK). Your main task as CIO is to oversee all investment activities of KWSB. PWK and KWSB had been instructed by Kedah state government to look into the feasibility of developing 100 acres of waqf land in Kulim, Kedah.

You had conducted a preliminary assessment study that shows the 100 acres of waqf land is highly potential for a mixed development project comprises of all types of houses, shop houses, shopping complex and a ten story's office tower in view of its close proximity with the Kulim's Industrial Estate and Butterworth Industrial area.

In view of the potential, KWSB's Board of Director (BOD) had instructed you to prepare brief preliminary business proposal to PWK, Mufti of Kedah and Menteri Besar Kedah. The main objective of the brief preliminary business proposal is to convince them to develop the 100 acres of waqf land and more importantly to allow KWSB to undertake the whole project.

Devise a suitable islamic mode of financing to finance the project of developing 100 acres of waqf land in Kulim, Kedah