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

Abdullahi Abubakar Lamido () and Mohamed Aslam Mohamed Haneef
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Abdullahi Abubakar Lamido: International Islamic University Malaysia, Postal: Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia, http://iesjournal.org/english/Docs/270.pdf

Islamic Economic Studies, 2021, vol. 29-1, 18-32

Abstract: 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.

Keywords: Micro-waqf; Socio-economic waqf; Waqf economics; Waqf research and development (search for similar items in EconPapers)
JEL-codes: B19 B29 E21 E22 E23 I20 I30 (search for similar items in EconPapers)
Date: 2021
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