Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistan

Muhammad Ayub, Khurram Khan, Mansoor Khan and Muhammad Ismail

Qualitative Research in Financial Markets, 2024, vol. 16, issue 5, 937-961

Abstract: Purpose - The unique institution ofwaqfthat was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role ofwaqfas an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan. Design/methodology/approach - This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival ofwaqffor community development/social inclusion in economies like that of Pakistan. Findings - As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promotingWaqffor various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech forwaqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of thewaqfproperties makes thewaqfinstitutions sustainable and effective when compared to individual charities. Research limitations/implications - This is conceptual research discussing the potential ofwaqfin light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor. Practical implications - The research will provide the researchers with insight into the potential ofwaqfas a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare. Originality/value - To the best of the authors’ knowledge, it is the first major research that discusses the role ofwaqfin economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

Keywords: Waqf; Cash waqf; Philanthropy; Islamic social finance; Socioeconomic development; Welfare; Pakistan; D63; D64; I31 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:qrfmpp:qrfm-07-2023-0161

DOI: 10.1108/QRFM-07-2023-0161

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