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Shifting the paradigms in waqf economics: towards renewed focus on socioeconomic development

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Purpose – This paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature. It analyzes the recent developments and debates in waqf reform and advances the argument for prioritizing research on waqf economics; the waqf dimension 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 of waqf studies in Islamic economics literature. Findings – Despite the documented historic role of waqf in 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 in waqf research, 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’etre for its institutionalization. Practical implications – An important task ahead of the current generation of Islamic economists is to formulate waqf-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 in waqf studies and practice and can trigger further discourses and research on the future of research in waqf economics.

Suggested Citation

  • 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.
    • Handle: RePEc:ris:isecst:0198
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    1. Nazim Zaman & Mehmet Asutay, 2009. "Divergence Between Aspirations And Realities Of Islamic Economics: A Political Economy Approach To Bridging The Divide," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 17(1), pages 73-96, June.
    2. 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.
    3. Mohammad Nejatullah Siddiqi, 2008. "Obstacles of Research in Islamic Economics معوقات البحث في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(2), pages 81-93, July.
    4. Mohammed Najatullah Siddiqi, 2008. "Obstacles of Research in Islamic Economics معوقات البحث في الاقتصاد الإسلامي," Papers and books based on the proceedings of the Conferences organized by the Islamic Economics Institute, KAAU. 25, King Abdulaziz University, Islamic Economics Institute..
    5. Shah Shirazi, Nasim, 2014. "Integrating Zakāt and Waqf into the Poverty Reduction Strategy of the IDB Member Countries," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 79-108.
    6. Mohd Nahar Mohd Arshad & Mohamed Aslam Mohamed Haneef, 2016. "Third Sector Socio-Economic Models: How Waqf Fits In?," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 8(2), pages 75-93, April.
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    More about this item

    Keywords

    Micro-waqf; Socio-economic waqf; Waqf economics; Waqf research and development;
    All these keywords.

    JEL classification:

    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • I20 - Health, Education, and Welfare - - Education - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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