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Trust Fund: A Product Combining Waqf, Zakah and Sadaqah for Socio-Economic Agenda صندوق الاستئمان: منتج يجمع بين الوقف والزكاة والصدقة لتحقيق أهداف اجتماعية واقتصادية

Author

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  • Mohamad Yusri bin Yusof

    (Islamic Development Bank, Jeddah, Saudi Arabia)

Abstract

This paper introduces waqf, zakah and Sadaqah, which are currently being mobilized by the non-Financial Institutions (non-FIs) such as charitable organizations and Non-Governmental Organizations (NGOs) as additional components of Islamic finance industry, to complement the efforts of financial intermediaries as contributor to key socio-economic development. The paper presents various aspects of a case study of the use of Trust Fund Instrument by the Islamic Development Bank (IDB) for socio-economic development in its member countries including a project run with the cooperation of Bill & Melinda Gates Foundation (Gates Foundation) for polio eradication in Pakistan as part of the Global Polio Eradication Initiative (GPEI). Towards the end of the paper, some recommendations are presented to push the activities of non-FIs in promoting waqf, zakah and Sadaqah via trust funds into the mainstream economy in a more coordinated, integrated and efficient manner at national and international levels. تقدم هذه الورقة أموال الوقف والزكاة والصدقة، التي تتحرك حاليًا من خلال المؤسسات غير المالية مثل الهيئات الخيرية والمنظمات غير الحكومية كمكونات إضافية في صناعة التمويل الإسلامي، لتكملة جهود مؤسسات الوساطة المالية كمساهمين في أسس التنمية الاجتماعية والاقتصادية. تعرض هذه الورقة الجوانب المختلفة لحالة دراسية عن استخدام البنك الإسلامي للتنمية أدوات صندوق الوقف في التنمية الاقتصادية والاجتماعية بالدول الأعضاء والذي يتضمن مشروع استئصال مرض شلل الأطفال في الباكستان بالتعاون مع مؤسسة بيل وميليندا جيتس (مؤسسة جيتس) كجزء من المبادرة العالمية لاستئصال مرض شلل الاطفال. وفي نهاية الورقة، يتم تقديم بعض التوصيات بخصوص الأنشطة التي تقوم بها المؤسسات غير المالية لتنمية أموال الوقف والزكاة والصدقة لدفعها من خلال صناديق الوقف نحو التيار الرئيسي للاقتصاد بطريقة أكثر تنسيقا وتكاملا وفاعلية على المستويين القومي والعالمي.

Suggested Citation

  • Mohamad Yusri bin Yusof, 2014. "Trust Fund: A Product Combining Waqf, Zakah and Sadaqah for Socio-Economic Agenda صندوق الاستئمان: منتج يجمع بين الوقف والزكاة والصدقة لتحقيق أهداف اجتماعية واقتصادية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 27(1), pages 101-121, January.
    • Handle: RePEc:abd:kauiea:v:27:y:2014:i:1:no:4:p:101-121
    DOI: 10.4197/Islec.27-1.4
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    References listed on IDEAS

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    1. Andreas Jobst, 2007. "The Economics of Islamic Finance and Securitization," IMF Working Papers 2007/117, International Monetary Fund.
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