The concept of waqf

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Chapter 1 in Islamic Social Finance, 2023, pp 1-13 from Edward Elgar Publishing

Abstract: This chapter introduces the definitions of waqf from four eminent Muslim scholars. Next, the practices of waqf are discussed, including its components, types, ten stipulations, contemporary waqf, and waqf in Islamic development. The contemporary waqf consists of cash waqf, waqf shares, and corporate waqf. It is classified as a new product in addition to the existing traditional forms of waqf such as cash waqf, waqf shares, wakalah waqf, cooperative waqf, and hybrid waqf. Waqf is also a peculiar combination between savings and the act of investment. It operates by taking specific resources off consumption and simultaneously putting them in the form of productive assets that increase capital accumulation in the economy for the benevolent purpose of providing income and services for society and following generations. This chapter is important because it gives an overview to the reader on the basic knowledge and fundamentals of waqf and how it works.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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