Potential of Micro-Waqf as an Inclusive Strategy for Development of a Nation

Abstract

Waqf is an Islamic voluntary financing instrument which has significantly supported the development of economic and social order of Muslim community in the past. This prominent Muslim endowment mechanism was reported to have successfully created pools of fund and properties which were administered and managed by the appointed authorities (trustees) for the purpose of syariah compliance charitable activities. Despite of its proven capability and character in assisting the development of Muslim nation, today, waqf institutions are reported to have merely mild contribution particularly to the improvement of Muslim community in Malaysia. Based on scholarly reviews, several explanations and suggestions for improvement were discussed and offered to rectify the polemical situation. One of the issues highlighted was on the low level of understanding among the local Muslim on the concept of waqf. The main objective of the present paper is to propose a small scale waqf project named as “Mikro-Waqaf: PayungTeduhan Ilmu” (MWPTI). The aim of this innovative project is to rejuvenate waqf as well as to improve the awareness on the concept of waqf among Muslim community in an academic institution in Malaysia. The multi-purpose project is envisaged to spur the culture of waqf among the Muslim community surrounding the campus in Alor Gajah, Melaka, especially within the campus community and outside the campus.

Source: https://www.sciencedirect.com/science/article/pii/S2212567115011934

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