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Awqaf In History And Its Implications For Modern Islamic Economies

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  • ÇIZAKÇA, MURAT

    (Professor of Economics, Department of Economics,)

Abstract

This paper aims at analysing the relevance of the historical awqaf system for modern Islamic economies. The main argument focuses on the fact that the awqaf system has provided throughout Islamic history all the essential services at no cost to the state. Thus, a successful modernisation of the system implies a significant cut in government expenditure and all the associated benefits; including downsizing the state sector and a reduction and even an eventual elimination of riba. As far as the modernisation of the system is concerned, historical evidence indicates that the real exiting potential lies in the cash awqaf. It is envisaged here that two powerful Islamic financial institutions, the cash awqaf and mudarabah need to be combined. It is argued further that this combination should take place within the framework of Islamic banks and thus alter the portfolio of these banks in the desired direction, i.e. increasing the mudarabah/murabahah ratio.

Suggested Citation

  • Çizakça, Murat, 1998. "Awqaf In History And Its Implications For Modern Islamic Economies," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 6, pages 43-70.
    • Handle: RePEc:ris:isecst:0092
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    1. Robert H. Bates & Steven A. Block & Ghada Fayad & Anke Hoeffler, 2013. "The New Institutionalism and Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 22(4), pages 499-522, August.
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    1. repec:idn:jimfjn:v:3:y:2018:i:specialissuei:p:1-26 is not listed on IDEAS
    2. Lamido , Abdullahi Abubakar & Haneef, Mohamed Aslam, 2021. "Shifting the paradigms in waqf economics: towards renewed focus on socioeconomic development," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 29, pages 18-32.
    3. Michalopoulos, Stelios & Naghavi, Alireza & Prarolo, Giovanni, 2016. "Islam, inequality and pre-industrial comparative development," Journal of Development Economics, Elsevier, vol. 120(C), pages 86-98.
    4. Ezzedine Ghlamallah, 2023. "Sustainable Development And Islamic Economics Paradigms Compared," Post-Print hal-04363875, HAL.
    5. Valeria Giacomin & Geoffrey Jones, 2022. "Drivers of Philanthropic Foundations in Emerging Markets: Family, Values and Spirituality," Journal of Business Ethics, Springer, vol. 180(1), pages 263-282, September.
    6. Nurrachmi, Rininta, 2012. "The Implication of Cash Waqf in the Society," MPRA Paper 44605, University Library of Munich, Germany, revised 26 Feb 2013.
    7. Muhammad Shulthoni & Norma Md Saad & Saim Kayadibi & Muhammad Irwan Ariffin, 2018. "Waqf Fundraising Management: A Proposal For A Sustainable Finance Of The Waqf Institutions," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 3(Special I), pages 153-178, May.
    8. repec:idn:jimfjn:v:4:y:2018:i:2h:p:1-14 is not listed on IDEAS
    9. Ahmed,Habib & Mohieldin,Mahmoud & Verbeek,Jos & Aboulmagd,Farida Wael, 2015. "On the sustainable development goals and the role of Islamic finance," Policy Research Working Paper Series 7266, The World Bank.
    10. Rashedul Hasan & M. Kabir Hassan & Mamunur Rashid, 2018. "Cash Waqf Investment And Poverty Alleviation: Case Of Tabung Masjids In Malaysia," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 4(2), pages 333-346, November.
    11. Miftahul Huda & Lukman Santoso, 2022. "Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 11, September.
    12. Norliana Mohammad Hamber & Mohamed Aslam Haneef, 2017. "Waqf-Based Social Micro Venture Fund: A Proposal for the Malay-Muslim Community in Singapore صندوق للتمويل الأصغر القائم على الوقف للمشاريع الاجتماعية: مقترح لمجتمع المسلم الماليزي في سنغافورة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 37-60, January.
    13. Shahimi, Shahida & Mohd Marzuki, Mohd Umar & Embong, Zaini, 2013. "Potential of Cash Waqf for Poverty Alleviation in Malaysia: A System Dynamics Approach," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 47(2), pages 149-163.
    14. Aris Hassama & Nor Asmat Ismail, 2024. "Determinants of Cash Waqf Donation to Support Islamic Schools in Thailand," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 1265-1278, January.
    15. Volker Nienhaus, 2018. "Awqaf: Social Spending, Development Strategy and Financing الأوقاف: الإنفاق الاجتماعي واستراتيجية التنمية والتمويل," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 91-99, July.
    16. Aliyu, Shehu Usman Rano, 2018. "A treatise on socioeconomic roles of waqf," MPRA Paper 91413, University Library of Munich, Germany, revised 05 Dec 2018.
    17. repec:abd:kauiea:v:30:y:2017:i:1:p:37-60 is not listed on IDEAS

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