Examining the traditional waqf-based financing methods and their implications on socio-economic development

Waqf properties constitute a large percentage of societal wealth in several Muslim countries. Yet, many Muslim countries are facing enormous socio-economic problems such as poverty, illiteracy and lack of basic healthcare services. These socio-economic problems encourage contemporary Muslim scholars...

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Main Authors: Ahmed, Umar, Mohamed, Mustafa Omar, Ogunbado, Ahamad Faosiy
Format: Article
Language:English
Published: International Organisation of Scientific Research (IOSR) 2015
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Online Access:http://irep.iium.edu.my/47268/1/Article.Umar%26MOM.Feb_2015.pdf
http://irep.iium.edu.my/47268/
http://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue2/Version-3/M01723119125.pdf
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spelling my.iium.irep.472682018-01-04T04:02:58Z http://irep.iium.edu.my/47268/ Examining the traditional waqf-based financing methods and their implications on socio-economic development Ahmed, Umar Mohamed, Mustafa Omar Ogunbado, Ahamad Faosiy HB846 Welfare theory HD101 Land use HG Finance Waqf properties constitute a large percentage of societal wealth in several Muslim countries. Yet, many Muslim countries are facing enormous socio-economic problems such as poverty, illiteracy and lack of basic healthcare services. These socio-economic problems encourage contemporary Muslim scholars to revive the traditional methods of financing the development ofwaqf properties to ensure that waqf institution plays its vital role onimproving the social welfare of the ummah. This paper examines the traditional waqf-based financing methods of developing waqf properties and their implications on socio-economic development. We have realized that with goodwaqf management and effective legislations, istibdal could be more suitable for the development of waqf properties, which in turn will finance socio-economic development. Nevertheless, all the traditionalwaqf-basedfinancing methods may not be suitable in most of the low income Muslim countries, as there are widespread corruption and abuses of waqf properties. Therefore, allowing the waqf management to develop waqf assets using these traditional methods may expose waqf assets to further abuses and expropriation. The paper suggests that, putting the right waqf management teams which practices good governance; cash waqf, waqf share scheme and corporate waqf would be the most suitable methods of financing both the development of waqf properties as well as socio-economic development. International Organisation of Scientific Research (IOSR) 2015-02 Article REM application/pdf en http://irep.iium.edu.my/47268/1/Article.Umar%26MOM.Feb_2015.pdf Ahmed, Umar and Mohamed, Mustafa Omar and Ogunbado, Ahamad Faosiy (2015) Examining the traditional waqf-based financing methods and their implications on socio-economic development. IOSR Journal of Business and Management (IOSR-JBM), 17 (2 VIII). pp. 119-125. ISSN 2319-7668 http://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue2/Version-3/M01723119125.pdf
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HB846 Welfare theory
HD101 Land use
HG Finance
spellingShingle HB846 Welfare theory
HD101 Land use
HG Finance
Ahmed, Umar
Mohamed, Mustafa Omar
Ogunbado, Ahamad Faosiy
Examining the traditional waqf-based financing methods and their implications on socio-economic development
description Waqf properties constitute a large percentage of societal wealth in several Muslim countries. Yet, many Muslim countries are facing enormous socio-economic problems such as poverty, illiteracy and lack of basic healthcare services. These socio-economic problems encourage contemporary Muslim scholars to revive the traditional methods of financing the development ofwaqf properties to ensure that waqf institution plays its vital role onimproving the social welfare of the ummah. This paper examines the traditional waqf-based financing methods of developing waqf properties and their implications on socio-economic development. We have realized that with goodwaqf management and effective legislations, istibdal could be more suitable for the development of waqf properties, which in turn will finance socio-economic development. Nevertheless, all the traditionalwaqf-basedfinancing methods may not be suitable in most of the low income Muslim countries, as there are widespread corruption and abuses of waqf properties. Therefore, allowing the waqf management to develop waqf assets using these traditional methods may expose waqf assets to further abuses and expropriation. The paper suggests that, putting the right waqf management teams which practices good governance; cash waqf, waqf share scheme and corporate waqf would be the most suitable methods of financing both the development of waqf properties as well as socio-economic development.
format Article
author Ahmed, Umar
Mohamed, Mustafa Omar
Ogunbado, Ahamad Faosiy
author_facet Ahmed, Umar
Mohamed, Mustafa Omar
Ogunbado, Ahamad Faosiy
author_sort Ahmed, Umar
title Examining the traditional waqf-based financing methods and their implications on socio-economic development
title_short Examining the traditional waqf-based financing methods and their implications on socio-economic development
title_full Examining the traditional waqf-based financing methods and their implications on socio-economic development
title_fullStr Examining the traditional waqf-based financing methods and their implications on socio-economic development
title_full_unstemmed Examining the traditional waqf-based financing methods and their implications on socio-economic development
title_sort examining the traditional waqf-based financing methods and their implications on socio-economic development
publisher International Organisation of Scientific Research (IOSR)
publishDate 2015
url http://irep.iium.edu.my/47268/1/Article.Umar%26MOM.Feb_2015.pdf
http://irep.iium.edu.my/47268/
http://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue2/Version-3/M01723119125.pdf
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score 13.222552