Third Sector Socio-Economic Models: How Waqf Fits In?

Mohd Nahar Mohd Arshad () and Mohamed Aslam Mohamed Haneef
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Mohd Nahar Mohd Arshad: Centre for Islamic Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia

Institutions and Economies (formerly known as International Journal of Institutions and Economies), 2016, vol. 8, issue 2, 75-93

Abstract: In this paper, various theoretical frameworks of third sector (voluntary sector) economy are investigated with the aim of proposing a sustainable and inclusive socioeconomic development model. An economic model that incorporates the third sector, together with the public and private sectors, is argued to be not only economically viable, but ethically superior, in achieving socio-economic development. Waqf is considered to be one of the most important institutions of third sector that exists in the Islamic heritage. Waqf, like many other third sector organisations (TSOs), needs to be recognised formally in efforts to build contemporary economic development frameworks. To achieve this, the paper calls also for multi-dimensional improvements in the management of TSOs, including waqf.

Keywords: Nonprofit; sustainabilitym third sector; voluntarism; waqf (search for similar items in EconPapers)
JEL-codes: L30 L31 L32 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:umk:journl:v:8:y:2016:i:2:p:75-93

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