Waqf, Social Responsibility, and Real Economy

Abstract

The function of waqf institution is to contribute towards provision of a social security net to those falling within its vicinities. The value proposition of waqf lies in effectively cascading wealth and benefits of resources to the neglected or comparatively disadvantaged sectors of an economy. Waqf is equally envisaged to support informal economy by responding to, and patronising the un-organized sectors. It is critical to identify the existing gaps in the areas of public and private sectors' spending for waqf to effectively fulfill its socio-economic objectives. By targeting the resource-deficient pockets of the economy on priority basis, the utility of waqf-resources can be maximized, which, in turn, reinforces the building blocks of the real economy. The chapter critically analyses the moral philosophy, the value proposition, and functional mechanism of an ideal waqf followed by pinpointing some recommendations to enhance the role of waqf. The chapter is an outcome of a library-based research, and it adopts socio-legal research paradigm for the analysis of literature.

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