The waqf: evolution of an institution

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Chapter 6 in Understanding Muslim Philanthropy, 2024, pp 92-112 from Edward Elgar Publishing

Abstract: This chapter analyzes the institution of the waqf or Islamic endowment. It begins with a historical overview of the institution and its origins in Islamic history and practice, and traces some key transformations in the modern period. While the waqf has been a central institution for the private financing of public goods, it has also been an instrument of support for the extended family unit. This dual private and public usage has led scholars to debate its philanthropic and charitable merit. We examine these debates to demonstrate how the waqf’s historical evolution has affected modern attempts to develop it as an instrument of social finance and welfare. We trace this evolution into the contemporary United States and ask how US-based NGOs and NPOs have used the waqf as a model while distancing themselves from some of the legal and historical traditions of the past.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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