Waqf: from classical charitable system to modern financial tool

Hafsa Ibrahim · Rizwan Malik

15 citations0/0 files storedInternational Journal of Ethics and Systems

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Islamic Finance and Banking Studies FinTech, Crowdfunding, Digital Finance Religion, Society, and Development

Abstract

Purpose This study aims to explore Waqf’s conceptual transformation and modern applications, particularly in financial inclusion, social justice and sustainability within Islamic finance. Design/methodology/approach Using a systematic review methodology, 910 unique articles were assessed for eligibility, focusing on peer-reviewed English articles. Key themes were identified, including conceptual evolution, digital transformation, legal governance and geopolitical influences, highlighting Waqf’s integration with FinTech and digital innovations. Findings This study finds that Waqf has evolved from a classical charitable entity into a contemporary socio-economic tool. Innovations in legal frameworks and digital transformations, such as blockchain and Cash Waqf-Linked Sukuk, have enhanced transparency, operational efficiency, and financial inclusivity. Waqf now supports sustainable goals, such as poverty alleviation and community development. Research limitations/implications This review focuses on English-language journal articles, potentially omitting regional studies in other languages. The scope is limited to research from 2000 onward, which may overlook earlier foundational works in Waqf development. Practical implications The findings suggest that regulatory reforms, digital tools and international collaborations can expand Waqf’s role in addressing global challenges. Emphasizing sectors like renewable energy and sustainable agriculture could enhance Waqf’s impact on economic resilience and social welfare. Originality/value This study provides a comprehensive overview of Waqf’s modern evolution, synthesizing research trends and offering insights into its role within contemporary Islamic finance. It serves as a resource for scholars and policymakers interested in Waqf’s potential to address current socio-economic issues.

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References

1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 2001The Provision of Public Goods under Islamic Law: Origins, Impact, and Limitations of the Waqf System 2008The Islamic Vision of Development in the Light of Maqāsid Al-Sharī‘ah 2018Impact of religious values and habit on an extended green purchase behaviour model 2014The role of Islamic values on green purchase intention 1988The Influence of the Islamic Law of Waqf on the Development of the Trust in England: The Case of Merton College 2010Waqf as a Social Entrepreneurship Model in Islam 2021Impact of digital Sharia banking systems on cash-waqf among Indonesian Muslim youth

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