The Role Of Waqf Investment Funds In Community Development And Helping The Needy: دور الصناديق الاستثمارية الوقفية في تنمية المجتمع ومساعدة المحتاجين

Mohammed Abulatifa; Azman  Mohd Noor; Abdulmajid Obaid Hasan Saleh

Authors

Mohammed Abulatifa PhD Student
Azman Mohd Noor Professor
Abdulmajid Obaid Hasan Saleh Assistant Professor

Keywords:

Waqf, Investment, Funds, Community, Development

Abstract

The research aims to clarify the role of waqf investment funds in the development of societies and their contribution to the eradication of poverty. The researcher used the descriptive approach in describing and analyzing the phenomenon to reach the results reached by the researcher, including that endowment investment funds play a major role in the development of society, It also contributes to the eradication of poverty through economic empowerment programs and project financing. The researcher recommended the necessity of working on the development and preservation of endowment funds and the perpetuation of their benefits, due to their permanence in supporting and developing society in various fields. It is recommended that governments should adopt the idea of establishing waqf funds because they have a major role in reducing the government's obligations, lifting the burden on it, and supporting its strategic plan.

ملخص البحث
يهدف البحث الى بيان دور الصناديق الاستثمارية الوقفية في تنمية المجتمعات ومساهمتها في القضاء على الفقر، واستخدم الباحث المنهج الوصفي في وصف الظواهر وتحليلها للوصول الى النتائج التي توصل إليها، أن الصناديق الاستثمارية الوقفية تلعب دور كبير في تنمية المجتمع، كما أنها تسهم في القضاء على الفقر من خلال برامج التمكين الاقتصادي وتمويل المشاريع، وأوصى الباحث بضرورة العمل على تنمية أموال الوقف والحفاظ عليها واستخدام منفعتها، لديمومتها في دعم وتنمية المجتمع في شتى المجالات، وأوصى بضرورة تَبَنْي الحكومات فكرة إنشاء الصناديق الوقفية لما لها دور كبير في التخفيف من التزامات الحكومة ورفع الكاهل عنها ودعم الخطة الاستراتيجية لها.

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Author Biographies

Mohammed Abulatifa, PhD Student

Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia (IIUM).

Azman Mohd Noor , Professor

Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia (IIUM).

Abdulmajid Obaid Hasan Saleh, Assistant Professor

Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia (IIUM).

References

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Journal

Abdo Mohammed. 2015. Legislative objectives of the Islamic endowment system. Qudus International Journal of Islamic Studies, 3(1): 101–113. http://journal.iainkudus.ac.id/index.php/QIJIS/article/view/1604

Al-Khatib, Mahmoud Ibrahim. 2012. Endowment investment and its contemporary forms. The Jordanian Journal of Islamic Studies, 3(8): 137–155.

Aliyu & Rano, S. U. 2018. A Treatise On Socioeconomic Roles Of Waqf. Munich Personal RePEc Archive, 91413, 25. https://mpra.ub.uni-muenchen.de/91413/1/MPRA_paper_91413.pdf

Al-Shewi, Ahmed Mohamed Fathy. 2021. Islamic investment funds: their characteristics and features. Journal of Islamic Studies and Academic Research, 16(101): 81–134.

Barakat, Samir & Boushama Mustafa. 2019. Modern financial innovation models to activate non-profit Islamic financing tools into a practical reality - endowment innovations as a model. Journal of Economics, Management and Commercial Sciences, 1(12): 87–100.

Gabu, Selim. 2020. Islamic investment funds and their role in revitalizing Islamic financial markets; A case study of the Malaysian financial market during the period 2008-2018. Economic Visions Journal, 10(2): 3003–3014.

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Salehi, Saleh & Amara, Nawal. 2014. The Islamic endowment and its role in achieving sustainable development - A presentation of the Algerian experience in the management of endowments. Algerian Journal of Economic Development, 1: 151–164. https://www.asjp.cerist.dz/en/article/13036

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Theses & Dissertation

Bolkhat, Amal & Misbah, Khawla. 2020. The role of endowment investment funds in achieving sustainable development - a case study of Algeria, Sudan. Master’s Thesis. Algeria: University Center Abdelhafid Boulasouf Mila, Institute of Economic, Commercial and Management Sciences, Department of Management Sciences.

Faqiqi, Souad. 2020. The development of endowment funds and their role in the development of the social economy A comparative study between Kuwait, Malaysia and Algeria. PhD Thesis. Algeria: Ahmed Deraya University, Faculty of Commercial Economics and Management Sciences, Department of Economics.

Hasnah, Khadija. 2014. The role of the endowment in addressing the phenomenon of poverty and achieving sustainable development goals - a comparative study between Algeria and Morocco. Master Thesis. Faculty of Business Economics and Management Sciences, Department of Economics.

Manani, Bashira & Khalaf, Manjieh. 2020. Investing endowment funds and its role in achieving the purpose of saving money. Master Thesis. University of Martyr Hama Lakhdar, Institute of Islamic Sciences, Department of Sharia.

Nasr, Ashraf Gomaa Mohamed. 2020. The monetary endowment and its role in financing in the light of Singapore's experience to develop the endowment in Libya: (Analytical study). PhD Thesis. International Islamic University Malaysia, Institute of Islamic Banking and Finance.

Noor, Azman Mohammed. 2001. Investing Endowment Funds: A Developmental Critical Study in the State of Selangor. Master's Thesis. International Islamic University Malaysia, College of Revelation Knowledge and Human Sciences.

Thaker, M. A. M. T. 2015. A Proposed Integrated Cash Waqf Micro Enterprise Investment (ICWME-I) Model For Mitigating The Financial And Human Capital Development Challenges Of Micro Enterprises In Malaysia. A Dissertation Submitted in Fulfilment of the Requirement for the Degree of Doctor of Philosophy in Economics, Kulliyyah of Economics and Management Sciences International Islamic University Malaysia.

Conference

Mochammad Arif Budiman, & Dimas Bagus Wiranatakusuma. 2011. The Economic Significance of Waqf: A Macro Perspective. 8th International Conference on Tawhidi Methodology Applied to Islamic Microenterprise Development to Alleviate Poverty and to Achieve Social Wellbeing, Jakarta, 1996, 1–17.