Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework

The creation and distribution of wealth is a daily activity that we face. There are different ways and approaches in handling issues related to wealth. From the Islamic perspective, economic activities should be solved based on the Shari’ah. It is because we are indebted to Allah for bringing us...

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Main Authors:	Hassan, Rusni, Salman, Syed Ahmed
Format:	Article
Language:	English
Published:	International Research Centre of Islamic Economics and Finance (IRCIEF), International Islamic University College Selangor (KUIS 2018
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/69324/ http://irep.iium.edu.my/69324/ http://irep.iium.edu.my/69324/1/69324_Islamic%20accountability%20and%20waqf%20towards%20achieving%20equitable%20distribution_article.pdf

id	iium-69324
recordtype	eprints
spelling	iium-693242019-11-06T12:38:22Z http://irep.iium.edu.my/69324/ Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework Hassan, Rusni Salman, Syed Ahmed HG3368 Islamic Banking and Finance The creation and distribution of wealth is a daily activity that we face. There are different ways and approaches in handling issues related to wealth. From the Islamic perspective, economic activities should be solved based on the Shari’ah. It is because we are indebted to Allah for bringing us into this existence and for entrusting us with the resources. Allah is the Creator of everything, including us. Hence, He is the absolute Owner while humans have only delegated ownership as the trustees of Allah. Since humans are not the real owners of the resources; rather they need to utilize the resources entrusted according to the will of the Allah. Humans are also accountable for any misuse of resources which is against the will of the real Owner. In order to discharge the responsibility as trustees of Allah in an accountable manner, humans need to meet the objective of Islamic economics, i.e. to achieve socio-economic justice. In addition, Islam encourages charity and donations, whereas waqf is one way of charity to show gratitude to Allah for what He has bestowed upon us. Waqf can fill the need of the society by providing free education, health services and others. It plays a significant role in achieving the objective of Islamic economy. Therefore, the aims of the paper are to highlight how economic problems are solved in the light of Shari’ah and to what extent waqf can play an important in uplifting the wellbeing of the society. The research method of this paper is based on library research. It is written solely based on secondary data, such as articles, books and online resources. This paper will be to the interest of researchers, donators, regulators and the public in general. International Research Centre of Islamic Economics and Finance (IRCIEF), International Islamic University College Selangor (KUIS 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/69324/1/69324_Islamic%20accountability%20and%20waqf%20towards%20achieving%20equitable%20distribution_article.pdf Hassan, Rusni and Salman, Syed Ahmed (2018) Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework. International Journal of Islamic Economics and Finance Research, 1 (1). pp. 2-11. E-ISSN 2636-9419 https://ircief.org.my/ijiefer/wp-content/uploads/2018/07/IJIEFER-VOL.1-NO.1-ARTICLE-1.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Hassan, Rusni Salman, Syed Ahmed Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
description	The creation and distribution of wealth is a daily activity that we face. There are different ways and approaches in handling issues related to wealth. From the Islamic perspective, economic activities should be solved based on the Shari’ah. It is because we are indebted to Allah for bringing us into this existence and for entrusting us with the resources. Allah is the Creator of everything, including us. Hence, He is the absolute Owner while humans have only delegated ownership as the trustees of Allah. Since humans are not the real owners of the resources; rather they need to utilize the resources entrusted according to the will of the Allah. Humans are also accountable for any misuse of resources which is against the will of the real Owner. In order to discharge the responsibility as trustees of Allah in an accountable manner, humans need to meet the objective of Islamic economics, i.e. to achieve socio-economic justice. In addition, Islam encourages charity and donations, whereas waqf is one way of charity to show gratitude to Allah for what He has bestowed upon us. Waqf can fill the need of the society by providing free education, health services and others. It plays a significant role in achieving the objective of Islamic economy. Therefore, the aims of the paper are to highlight how economic problems are solved in the light of Shari’ah and to what extent waqf can play an important in uplifting the wellbeing of the society. The research method of this paper is based on library research. It is written solely based on secondary data, such as articles, books and online resources. This paper will be to the interest of researchers, donators, regulators and the public in general.
format	Article
author	Hassan, Rusni Salman, Syed Ahmed
author_facet	Hassan, Rusni Salman, Syed Ahmed
author_sort	Hassan, Rusni
title	Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
title_short	Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
title_full	Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
title_fullStr	Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
title_full_unstemmed	Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework
title_sort	islamic accountability and waqf towards achieving equitable distribution of wealth within the islamic economic framework
publisher	International Research Centre of Islamic Economics and Finance (IRCIEF), International Islamic University College Selangor (KUIS
publishDate	2018
url	http://irep.iium.edu.my/69324/ http://irep.iium.edu.my/69324/ http://irep.iium.edu.my/69324/1/69324_Islamic%20accountability%20and%20waqf%20towards%20achieving%20equitable%20distribution_article.pdf
first_indexed	2023-09-18T21:38:24Z
last_indexed	2023-09-18T21:38:24Z
_version_	1777412976092905472

Islamic accountability and waqf towards achieving equitable distribution of wealth within the Islamic economic framework

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