Shifting the paradigms in Waqf economics : towards renewed focus on socioeconomic development
Joint Authors
Hanif, Muhammad Aslam Muhammad
Lamido, Abd Allah Abu Bakr
Source
Issue
Vol. 29, Issue 1 (31 Aug. 2021), pp.18-32, 15 p.
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
2021-08-31
Country of Publication
Saudi Arabia
No. of Pages
15
Main Subjects
Abstract EN
Purpose- This paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature.
It analyzes the recent developments and debates in waqf reform and advances the argument for prioritizing research on waqf economics; the waqf dimension that is concerned with modelling how to utilize it to enhance productivity, consumption, redistribution, investment and saving, and generally contribute sustainably towards poverty reduction, economic empowerment and development.
Design/methodology/approach- The paper is conceptual in nature, focusing on a systematic historical analytical review of waqf studies in Islamic economics literature.
Findings- Despite the documented historic role of waqf in constructing the Muslim socio-economic architecture as the third economic sector and a mechanism for civilizational development and renewal, it received little attention in the early writings on modern Islamic economics.
While the past one decade has witnessed a renewed interest in waqf research, most studies focus on its legal, juristic and administrative aspects in addition to the nostalgic reflections on its past glories.
Little attention is comparatively given to the socio-economic aspect, which represents the actual raison d’être for its institutionalization.
Practical implications- An important task ahead of the current generation of Islamic economists is to formulate waqf-based development models that are rooted in proper diagnosis and deep understanding of the current socio-economic realities of the OIC member countries for the purpose of uplifting living standards and stimulating sustainable socio-economic development.
Originality/value- The paper contributes to the debate on priorities in waqf studies and practice and can trigger further discourses and research on the future of research in waqf economics.
American Psychological Association (APA)
Lamido, Abd Allah Abu Bakr& Hanif, Muhammad Aslam Muhammad. 2021. Shifting the paradigms in Waqf economics : towards renewed focus on socioeconomic development. Islamic Economic Studies،Vol. 29, no. 1, pp.18-32.
https://search.emarefa.net/detail/BIM-1414668
Modern Language Association (MLA)
Lamido, Abd Allah Abu Bakr& Hanif, Muhammad Aslam Muhammad. Shifting the paradigms in Waqf economics : towards renewed focus on socioeconomic development. Islamic Economic Studies Vol. 29, no. 1 (Aug. 2021), pp.18-32.
https://search.emarefa.net/detail/BIM-1414668
American Medical Association (AMA)
Lamido, Abd Allah Abu Bakr& Hanif, Muhammad Aslam Muhammad. Shifting the paradigms in Waqf economics : towards renewed focus on socioeconomic development. Islamic Economic Studies. 2021. Vol. 29, no. 1, pp.18-32.
https://search.emarefa.net/detail/BIM-1414668
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 29-32
Record ID
BIM-1414668