Advantages Of Waqf

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Waqf, an Effort to Substantiate Capacity and Mitigate Poverty Introduction Poverty is a complex phenomenon which occurs in the most of societies and communities around the world. Economic scholar, Sirageldin (2000), Manan (1998) and Kankwenda et al. (2000: 11, 63-64) points out that poverty can be identified from inequality income distribution, inability to access basic education, health service, and inadequate productive human resources (poverty Muslim spirit)to build capacity to the poor. This crucial challenge is no exception faced by the Muslim world as well, in particular, the Middle East (Kuran, 2004: 71-72). Considering the enormity of poverty in the Muslim world, we cannot lie in the government activities which occur deficit fund.…show more content…
For example, emerging more than 8000 educational institutions for training courses in Bangladesh (Sadeeq, 2002). Another success story of waqf is Bencoolen Street in Singapore, which consists of commercial complex and service apartments, and a mosque from Musharakah Sukuk (Karim, 2007: 17). Multiplex of higher towers named Zam-zam tower in Saudi Arabia also derived from waqf-Sukuk al-intifaa (Kasri & Saeran: 2016). Waqf concept also spread to the West which many universities were established such as Oxford University, the University of Cambridge in the UK and the University of Harvard and Yale in the USA (Gaudiosi, 1998; Çizakça, 1998; Stibbard, QC & Bromley, 2012; Mahamood & Rahman, 2015). Further, by implementing cash waqf, everybody can contribute to cash waqf because it does not require a lot of wealth, generate more funds which can use to develop asset such as undeveloped waqf land for business and agricultural purposes (Mannan, 1998; Antonio, 2002). However, the flexibility and development cash waqf are debated by Muslim jurists and scholar due to certain conceptual argument concerning perpetuity and inalienability (Mohammad et al., 2005). Because of the property must be tangible property (maal) and capable of being used without being consumed. This situation was clarified by the Waqf Validating Act of 1913, which permitted a waqf of “any property” including the movables, i.e., shares in joint stock companies, notes and even cash (Suhrawardy, 1991). This figure illustrates the mechanism effect of waqf
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