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The Significance of Waqf for Economic Development

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  • Budiman, Mochammad Arif

Abstract

There is an opinion among Western scholars that the institution of waqf could not any longer perform its economic role in the present times. Instead of being a vital institution as it truly played at the pre-modern era, waqf nowadays seems to be an impediment to the development in Muslim countries. This paper therefore is meant to refute such an opinion and attempts to point out the economic impacts of waqf for Muslim society in the context of the present economy. In the last part, the paper also brings about several necessary prerequisites for the revitalization of waqf in the current days.

Suggested Citation

  • Budiman, Mochammad Arif, 2014. "The Significance of Waqf for Economic Development," MPRA Paper 81144, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:81144
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    File URL: https://mpra.ub.uni-muenchen.de/81144/1/MPRA_paper_81144.pdf
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    References listed on IDEAS

    as
    1. Ahmed, Habib, 2004. "Role of Zakah and Awqaf in Poverty Alleviation (Occasional Paper)," Occasional Papers 201, The Islamic Research and Teaching Institute (IRTI).
    2. Platteau, Jean-Philippe, 2008. "Religion, politics, and development: Lessons from the lands of Islam," Journal of Economic Behavior & Organization, Elsevier, vol. 68(2), pages 329-351, November.
    3. Chapra, M. Umer, 2008. "Ibn Khaldun's theory of development: Does it help explain the low performance of the present-day Muslim world?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(2), pages 836-863, April.
    4. Timur Kuran, 2004. "Why the Middle East is Economically Underdeveloped: Historical Mechanisms of Institutional Stagnation," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 71-90, Summer.
    5. Rashid, Syed Khalid, 2011. "Certain Legal and Administrative Measures for the Revival and Better Management of Awqaf," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 19, pages 1-40.
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    Cited by:

    1. Badawi Badawi & Muhammad Ridwan Andi Purnomo & Yuni Siswanti & Akhmad Syari’udin & Muamar Nur Kholid & Istyakara Muslichah & Tania Avianda Gusman, 2022. "Religiosity and subjective norm in waqf intention: The mediating role of attitude," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(8), pages 264-275, November.
    2. Shafinar Ismail & Mohammed `Izzudin Ismail & Putri Aliah Mohd Hidzir & Suharni Rahmat & Suzila Ismail, 2023. "Moderating Effect of WAQF for Tourism Sustainability in Malaysia: A Mixed-Method Approach," Information Management and Business Review, AMH International, vol. 15(4), pages 16-30.
    3. Shafinar Ismail & Mohammed Izzuddin Ismail & Putri Aliah Mohd Hidzir & Suzila Ismail, 2023. "WAQF and Tourism Industry Sustainability: Post-Pandemic COVID-19," Information Management and Business Review, AMH International, vol. 15(3), pages 429-440.

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    More about this item

    Keywords

    waqf; economic development; income distribution; poverty; deficit financing;
    All these keywords.

    JEL classification:

    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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