The potential of cash waqf for poverty alleviation in Somalia

Abdurezak Mohamed Nur and Saeed A. Bin-Nashwan

Chapter 12 in Islamic Finance in Africa, 2022, pp 222-234 from Edward Elgar Publishing

Abstract: Waqf is a multidimensional tool comprising of social, economic and religious as well as humanitarian aspects. The literature emphasizes that Waqf can provide a viable solution for fair distribution of wealth in Muslim communities, promoting spiritual investment toward the socio-economic well-being of the nation. In a country like Somalia, inequality and poverty continue to pose challenges to economic development and torment people and their livelihoods. Islamic social finance through the cash Waqf scheme has the potential to provide effective and profound social benefits. Therefore, this chapter analyses the potential of cash Waqf to alleviate extreme poverty levels in a vulnerable society, such as Somalia. The liquidity of cash Waqf can create an opportunity for generating more funds that provide relief to less fortunate groups and empower them socially and financially.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2022
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