Waqf: Realising The Social Role of Islamic Finance

The recent revival of waqf was spurred by the realization among the stakeholders that waqf is an important resource mobilisation mechanism, that if properly developed, managed and utilized will be able to fund various economic activities for the benefit of the community. Through waqf, the socio-economic aspects of contemporary Islamic finance can be fulfilled. With proper structuring and administration, it can provide perpetual benefit to the society. Today the utilisation of waqf extends beyond key Islamic finance jurisdictions such as Malaysia and the GCC, namely in the US, Canada, South Africa and India, which is a testament to its social and economic contributions. The perpetual nature of waqf makes it a highly effective platform for sustainable economic growth, concurrently serving the social agenda of Islamic finance Institutions in particular, and Islamic finance in general.

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