Commercialization of cash waqf in Negeria: An analysis of its implementation / Yusuff Jelili Amuda
Cash Waqf is a viable form of Islamic endowment whose prime goal is providing relief to the less privileged citizens especially the Muslims in the society. Quite incontrovertibly, Waqf has inherent potential to ensure redistributive justice in the society given its numerous benefits. Waqf endowme...
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Format: | Thesis |
Published: |
2016
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Online Access: | http://studentsrepo.um.edu.my/7103/4/yusuff.pdf http://studentsrepo.um.edu.my/7103/ |
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Summary: | Cash Waqf is a viable form of Islamic endowment whose prime goal is providing relief
to the less privileged citizens especially the Muslims in the society. Quite
incontrovertibly, Waqf has inherent potential to ensure redistributive justice in the
society given its numerous benefits. Waqf endowment provides human relief, dignity,
financial support, and social needs to alleviate the struggles faced by needy Muslims
such as poverty, unemployment, and lack of support. However, it is indeed ironical that
despite Nigeria, an apparent Muslim dominated country, rich in both human and natural
resources is still plagued by the social menace of poverty. Quite worrying is the
intergenerational dimension that the incidence of the social menace of poverty is
assuming in Nigeria. Educational and health problems are among other social problems
confronting many Muslims in Nigeria. The rate of unemployment among the youths and
adults is skyrocketing across the nation and contribute to the abject poverty. Many
Muslim children, for example, are victims of exploitation, while some of them often
work under unhealthy and hazardous conditions due to their parents’ inability to provide
for their means of sustenance. The objective of this thesis is to examine the
administration of Waqf in Nigeria from the existing legal provisions. To study the
predicaments facing the Nigerian Muslims and how Islamic finance Waqf can be
applied through the commercialization of cash Waqf and its implementation. In
addition, it discusses how cash Waqf instrument can be used to empower lessprivileged
Nigerian Muslims. It further discusses useful suggestions and solutions to the
multifaceted problems facing Nigerian Muslims. The research applied qualitative and
quantitative approaches to examine the applicability of commercialization of cash Waqf
funds in Nigeria and its implementation. Three hundred questionnaires were distributed
and collected between April and September, 2012 to Nigerian Muslims while nine
iv
Nigerians were selected based on expert sampling and interviewed on the
commercialization of cash Waqf in Nigeria as an instrument for Nigerian Muslims
empowerment. The thesis proposes strategies through which cash Waqf can be used
for the creation of resources and tools for empowerment of less privilege Nigerian
Muslims across the nation. The research is based on hypothesis that cash Waqf can play
commendable efforts in empowering Nigerian Muslims through the lawful lucrative
contract or transaction. It argues that cash Waqf can be used for educational funds,
creation of employment opportunities, agriculture, and provision of tools for
entrepreneurial activities. As a result, many Nigerian youths and adults would be fully
empowered educationally, financially and socially. Finally, it is discovered from the
findings that Waqf is viable and able to reduce poverty among less-privileged Nigerian
Muslims. Similarly, there are many lucrative and profitable businesses and transactions
that Waqf management can transact with cash Waqf endowment. |
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