Shifting the paradigms inwaqfeconomics: towards renewed focus on socioeconomic development

Purpose - This paper critically reviews and analyzes the trends inwaqfstudies within the Islamic economics literature. It analyzes the recent developments and debates inwaqfreform and advances the argument for prioritizing research onwaqfeconomics; thewaqfdimension that is concerned with modelling how to utilize it to enhance productivity, consumption, redistribution, investment and saving, and generally contribute sustainably towards poverty reduction, economic empowerment and development. Design/methodology/approach - The paper is conceptual in nature, focusing on a systematic historical analytical review ofwaqfstudies in Islamic economics literature. Findings - Despite the documented historic role ofwaqfin constructing the Muslim socio-economic architecture as the third economic sector and a mechanism for civilizational development and renewal, it received little attention in the early writings on modern Islamic economics. While the past one decade has witnessed a renewed interest inwaqfresearch, most studies focus on its legal, juristic and administrative aspects in addition to the nostalgic reflections on its past glories. Little attention is comparatively given to the socio-economic aspect, which represents the actual raison d’être for its institutionalization. Practical implications - An important task ahead of the current generation of Islamic economists is to formulatewaqf-based development models that are rooted in proper diagnosis and deep understanding of the current socio-economic realities of the OIC member countries for the purpose of uplifting living standards and stimulating sustainable socio-economic development. Originality/value - The paper contributes to the debate on priorities inwaqfstudies and practice and can trigger further discourses and research on the future of research inwaqfeconomics.