A New Role for the Institution of Waqf

Waqf, as an important Islamic institution that underlies economic development, has been effectively utilized since the early Madinah period to inspire economic growth and expansion. The benefits it provided encompassed economic, commerce, education, health, social and spiritual dimensions. waqf can be used not only to provide immediate necessities to the poor, but also to create or strengthen business support institutions that can lower the cost of doing business for the poor. waqf can also be used to support and build infrastructure institutions that can improve corporate governance and reduce the cost of doing business. For example, information bureaus, market regulatory bodies, the provision of accountancy services, and other such shared services for a group or for the entire society can be funded through waqf. Thus, this book focuses on the application of these concepts and some possible roles that waqf may play in the socio-economic development of the Muslim societies.