Contemporary Islamic Models in economic practice of waqf: the case of Jordan

Abstract EN

Despite the relatively modern experience of Jordan in codifying waqf and administering its assets inherited from the Ottoman era and the subsequent position after the establishment of the Emirate (1921 A.D.) and transformation into a constitutional kingdom with a dedicated law for waqf, this experience has recently witnessed some outstanding developments which stood out from the rest of the Arab and Muslim world.

These developments could be discerned in terms of the most important aspect of waqf; namely, the best utilization of its assets to ensure more significant benefits in line with the stated objectives; openness to the private sector; and making the best use of the ideas and wealth of individuals in the main fields of waqf, particularly, the field of education.

In a previous study, we highlighted the participation of individuals in developing the public higher education(1) through new endowments with an aim to establish novel academic programs, provide financial grants for related disciplines, and issue new academic journals.

The present study, however, mainly focuses on the economic dimension as the key to any success or failure of endowments.

Moreover, it introduces one of the most successful experiences in this field, namely, the Department of Awqaf Properties Development.

Although it is still relatively young (2003-2007), this department has deservedly attracted much attention.

Given that any successful endowment is a profitable economic investment of endowed assets for the stated purposes, it is indeed of great significance to shed light on such promising experiences throughout the Muslim world.

This revalidates and reaffirms an undeniable principle that the economic component ensures waqf continuity and efficacy in securing the intended benefits for those in need.