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Waqf is a potent tool for mobilizing resources to meet societal needs by the self-sustaining contributions of private donors rather than by governmental borrowing or spending of tax money. Despite their social and economic importance, the potential of waqf remains largely unrealized because of the critical challenges of liquidity management and the shortage of viable investment opportunities. This report, which is jointly produced by the World Bank Group, International Centre of Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA), highlights the importance of waqf in mobilizing and maximizing resources to meet societal needs. The report also emphasizes the legal and regulatory frameworks that enable the implementation of waqf in selected countries. The report is expected to raise awareness on the importance of waqf and its huge potential for public good.
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