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Third Sector Socio-Economic Models: How Waqf Fits In?

Author

Listed:
  • Mohd Nahar Mohd Arshad

    (Centre for Islamic Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia)

  • Mohamed Aslam Mohamed Haneef

    (Centre for Islamic Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia)

Abstract

In this paper, various theoretical frameworks of third sector (voluntary sector) economy are investigated with the aim of proposing a sustainable and inclusive socioeconomic development model. An economic model that incorporates the third sector, together with the public and private sectors, is argued to be not only economically viable, but ethically superior, in achieving socio-economic development. Waqf is considered to be one of the most important institutions of third sector that exists in the Islamic heritage. Waqf, like many other third sector organisations (TSOs), needs to be recognised formally in efforts to build contemporary economic development frameworks. To achieve this, the paper calls also for multi-dimensional improvements in the management of TSOs, including waqf.

Suggested Citation

  • Mohd Nahar Mohd Arshad & Mohamed Aslam Mohamed Haneef, 2016. "Third Sector Socio-Economic Models: How Waqf Fits In?," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 8(2), pages 75-93, April.
    • Handle: RePEc:umk:journl:v:8:y:2016:i:2:p:75-93
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    File URL: http://ijie.um.edu.my/filebank/published_article/10064/Third%20Sector%20Socio%20Economic%20Models%20How%20Waqf%20Fits%20In.pdf
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    Citations

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    Cited by:

    1. Lamido , Abdullahi Abubakar & Haneef, Mohamed Aslam, 2021. "Shifting the paradigms in waqf economics: towards renewed focus on socioeconomic development," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 29, pages 18-32.
    2. Aliyu, Shehu Usman Rano, 2018. "A treatise on socioeconomic roles of waqf," MPRA Paper 91413, University Library of Munich, Germany, revised 05 Dec 2018.

    More about this item

    Keywords

    Nonprofit; sustainabilitym third sector; voluntarism; waqf;
    All these keywords.

    JEL classification:

    • L30 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - General
    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises

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