Waqf as a framework for entrepreneurship

Author:

Iman Abdul Hamid Mar,Mohammad Mohammad Tahir Sabit Haji

Abstract

Purpose This paper aims to add to the existing body of literature on this subject by advocating how waqf-based entrepreneurship can be practiced in Malaysia. Design/methodology/approach The paper begins by presenting an overview of waqf and its role in entrepreneurship and proceeds by proposing a model of waqf-based entrepreneurship which is synthesized from various models existing in the Islamic world. Findings The paper concludes by recommending waqf-based entrepreneurship as an alternative socio-economic framework of society’s wellbeing. Research limitations/implications The research is limited to the preliminary aspects of waqf entrepreneurship. Practical implications Waqf organization may be able to finance its own businesses through crowdfunding and other methods and also disburse waqf funds to small and large ventures. Social implications The waqf system is a social tool that not only finances social development projects but also has social economic alternatives to assist poor and underprivileged groups in the society. This paper is toward such a socio-economic direction. Originality/value This paper might be considered the first attempt to detail the practical aspect of waqf entrepreneurship, in terms of enterprises to be financed, and how the funds to be accumulated.

Publisher

Emerald

Subject

Economics and Econometrics,Philosophy

Reference84 articles.

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2. The Waqf Governance Framework in Malaysia,2014

3. Abdullah, U.M. (2008), Tanah Wakaf untuk Lahan Pertanian Abadi. Badan Wakaf Indonesia, available at: http://bwi.or.id/index.php/ar/publikasi/artikel/320-tanah-wakaf-untuk-lahan-pertanian-abadi.html (accessed 23 May 2016).

4. Cash waqf: historical evolution, nature and role as an alternative to riba-based financing for the grass root;Journal of Islamic Finance,2015

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