Abstract
In recent years, there has been an increasing awareness of the role of
awqaf in socio-economic development. The importance of this sector is
seen in terms of the huge assets it controls, in its social expenditure, in the
number of people it employs, and in its significant contribution to the
economy which accounts for as much as ten percent of the GDP of many
countries. With such significant economic output and growth in the number
of non-profit organizations entrusted with awqaf properties for social
programs, the sector is no longer seen as exclusively religious. With a broader
business focus, it became clear that awqaf, in an economic sense, is an
industry and is being subjected to increased scrutiny by government and
regulatory authorities. This paper addresses concept of awqaf with respect to
the economic development starting by the giving a historical review of the
role of awqaf in the Muslim society, the status of awqaf today, awqaf
organizations today and their contribution to the economy. The paper also
focuses on issues that are relevant for the integration of awqaf into the
mainstream of the Islamic financial industry. It also addresses the matters
that are of concern to regulatory authorities and stakeholders.
Dr. Mohamad Hisham Dafterdar. (2015) The Role of Awqaf in Modern Economic Development, Islamic Banking and Finance Review, Volume 2, Issue 1.
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