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Economic Empowerment, Zakat, Waqf, and Social Infrastructure

In: Sustainable Development and Infrastructure

Author

Listed:
  • Amadou Thierno Diallo

    (Islamic Development Bank)

  • Ahmet Suayb Gundogdu

    (Islamic Development Bank)

Abstract

This chapter clarifies the differing roles of Zakat and Waqf in poverty alleviation, hunger, and inequality. An ideal social safety net is attainable by focusing on poverty, giving special attention to economic empowerment programs. Zakat should play a supporting role in abating hunger for people in the transition while counterbalancing inequalities created by market imperfections. Since Zakat funds cannot be used for social infrastructure development, traditional Waqf should fill the bill. Contemporary forms of cash Waqf and corporate Waqf are essential in mobilizing resources for social infrastructure development.

Suggested Citation

  • Amadou Thierno Diallo & Ahmet Suayb Gundogdu, 2021. "Economic Empowerment, Zakat, Waqf, and Social Infrastructure," Palgrave Studies in Islamic Banking, Finance and Economics, in: Sustainable Development and Infrastructure, chapter 5, pages 77-93, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-67094-8_5
    DOI: 10.1007/978-3-030-67094-8_5
    as

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