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Waqf for Poverty Alleviation: Challenges and Opportunities

Author

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  • Khalifa M. HASSANAIN

    (Islamic Research and Training Institute - Islamic, Development Bank, Jeddah, Kingdom of Saudi Arabia.)

Abstract

This Study seeks to adapt the framework practiced by various MDBs particularly international Development Association (IDA) to the potential establishment of GobalWaqf fund as this framework is proven to be effective. The framework revolves around the IDA operations with replenishments, allocation of funds by implementing specific formulas and the determination approach which is mainly to monitor effectiveness of the earlier processes. Apart from this framework, it is suggested that a good governance system also plays a vital role in the raising and managing of the global waqf funds. This research is purely qualitative in nature by studying the mechanisms used in IDA and other MDBs and drawing their examples and experiences. The lessons learnt are meant to complement further the fundamentals of Waqf. This study finally proposes indicators that integrate with the targets of an Islamic vision of development, which could facilitate the allocation of funds. The steps to raise funds for global waqf fund are also proposed with the objective of creating more effective approach for raising of funds for a global Waqf fund.

Suggested Citation

  • Khalifa M. HASSANAIN, 2016. "Waqf for Poverty Alleviation: Challenges and Opportunities," Journal of Economic and Social Thought, EconSciences Journals, vol. 3(4), pages 509-520, December.
    • Handle: RePEc:cvv:journ3:v:3:y:2016:i:4:p:509-520
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    Keywords

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    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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