Waqf : Economics Based on Waqf Islam,
Waqf is literally translated as an endowment/foundation established by the affluent individuals purposely to provide free relief services and solace to the vulnerable members of the society . In other words, it is a poverty-reduction mechanism with root from Islamic jurisprudence (Raimi et al, 2010).
Besides, waqf create infrastructural development thereby stimulating improving social wellbeing of the society. Furthermore, waqf in the forms of health centre, education, urbanization and social investment strengthen the state, as government expenditure is saved and could be used areas of greater priority, the term Waqf epitomises the valuable property and assets set aside by the legal owners as gifts to Allah and His cause and for the benefit of humanity. He elaborated that Waqf can be a gift of money, property and other valuable items dedicated fully to charity.
The gift could be monetized as leasing facility for the purpose of earning streams of income but cannot be sold. Agricultural produce and crops harvested from a field held as Waqf could be sold and the proceeds distributed as charity, while the field itself is held intact as the original investment . Zaim (2012) notes that waqf refers to a charitable foundation or ownership physical property that are transferred by the private owners to communal ownership. The physical property together with the income streams are retained for beneficial services of the community.
Waqf is a legacy of Islam inspired by moral and religious consideration and attempt to improve the social, political, and economic wellbeing of Muslim societies (Ibid.). The thoughts enunciated above aligned with the viewpoints of the classical scholars especially Imam Sha’fi and Imam Malik. They viewed waqf, “As the extinction of the appropriator’s ownership in a property/asset dedicated and the detention of the property/asset in the ownership of Allah, in such a manner that its profits should be made use of for good of mankind from beginning to the end” . Waqf can be carried out in different forms as noted above. However, the diverse forms of waqf have been classified into two broad typologies. These are: Waqf al-Ahli and Waqf al-Khayri
Waqf is literally translated as an endowment/foundation established by the affluent individuals purposely to provide free relief services and solace to the vulnerable members of the society . In other words, it is a poverty-reduction mechanism with root from Islamic jurisprudence (Raimi et al, 2010).
The gift could be monetized as leasing facility for the purpose of earning streams of income but cannot be sold. Agricultural produce and crops harvested from a field held as Waqf could be sold and the proceeds distributed as charity, while the field itself is held intact as the original investment . Zaim (2012) notes that waqf refers to a charitable foundation or ownership physical property that are transferred by the private owners to communal ownership. The physical property together with the income streams are retained for beneficial services of the community.
Waqf is a legacy of Islam inspired by moral and religious consideration and attempt to improve the social, political, and economic wellbeing of Muslim societies (Ibid.). The thoughts enunciated above aligned with the viewpoints of the classical scholars especially Imam Sha’fi and Imam Malik. They viewed waqf, “As the extinction of the appropriator’s ownership in a property/asset dedicated and the detention of the property/asset in the ownership of Allah, in such a manner that its profits should be made use of for good of mankind from beginning to the end” . Waqf can be carried out in different forms as noted above. However, the diverse forms of waqf have been classified into two broad typologies. These are: Waqf al-Ahli and Waqf al-Khayri
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