Application of waqf for social and development finance
Joint Authors
Ismail, Abd al-Ghaffar B.
Shaykh, Salman Ahmad
Shafii, Muhammad Hakimi Mohd
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 9, Issue 1 (30 Jun. 2017), pp.5-14, 10 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2017-06-30
Country of Publication
Malaysia
No. of Pages
10
Main Subjects
Financial and Accounting Sciences
Abstract EN
Purpose This paper aims to discuss the application of waqf (endowment) in the social finance sector for funding social and development projects and services.
Design/methodology/approach The study is qualitative.
It reviews literature and provides descriptive data to present its main idea.
Findings Most Muslim-majority countries are generally income-poor, and the governments are generally weak in their tax collection, effective governance and capacity for development spending.
Private sector financial institutions are scarce and mostly cater to the people who can meet the income-based lending criteria.
Thus, the institution of waqf can fill the gap as a social finance institution by providing intermediation services for effectively utilising perpetual social savings.
Flexibility in the rules of waqf enables it to serve beneficiaries directly or through financial institutions and to provide a wide range of social services.
Research limitations/implications This conceptual research highlights the need and potential of waqf without discussing the regulatory and operational details of how to effectively institutionalize it in different regions.
Practical implications The institution of waqf can harness the potential of selfless charitable giving in an effective way for better economic impact in the targeted social segments of society.
Originality value The paper suggests the establishment of waqf-based training and vocational centres which will increase opportunities of self-employment and contribute in upward social mobility of beneficiaries.
American Psychological Association (APA)
Shaykh, Salman Ahmad& Ismail, Abd al-Ghaffar B.& Shafii, Muhammad Hakimi Mohd. 2017. Application of waqf for social and development finance. ISRA International Journal of Islamic Finance،Vol. 9, no. 1, pp.5-14.
https://search.emarefa.net/detail/BIM-965039
Modern Language Association (MLA)
Ismail, Abd al-Ghaffar B.…[et al.]. Application of waqf for social and development finance. ISRA International Journal of Islamic Finance Vol. 9, no. 1 (2017), pp.5-14.
https://search.emarefa.net/detail/BIM-965039
American Medical Association (AMA)
Shaykh, Salman Ahmad& Ismail, Abd al-Ghaffar B.& Shafii, Muhammad Hakimi Mohd. Application of waqf for social and development finance. ISRA International Journal of Islamic Finance. 2017. Vol. 9, no. 1, pp.5-14.
https://search.emarefa.net/detail/BIM-965039
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 12-14
Record ID
BIM-965039