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
Subjects:	HB846 Welfare theory HD101 Land use HG Finance
Online Access:	http://irep.iium.edu.my/47268/ http://irep.iium.edu.my/47268/ http://irep.iium.edu.my/47268/1/Article.Umar%26MOM.Feb_2015.pdf

id	iium-47268
recordtype	eprints
spelling	iium-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 PeerReviewed 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 E-ISSN 2278-487X http://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue2/Version-3/M01723119125.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
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/ http://irep.iium.edu.my/47268/ http://irep.iium.edu.my/47268/1/Article.Umar%26MOM.Feb_2015.pdf
first_indexed	2023-09-18T21:07:17Z
last_indexed	2023-09-18T21:07:17Z
_version_	1777411018024026112

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

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