This project brought together original research papers on awqaf written by a prominent group of academics in the field. It sought country case studies of awqaf from over 20 countries and regions. It contains a critical analysis of awqaf, with a comprehensive overview of the historical evolution, current practices and experiences, debates, and prospects.
A key theme in the project is the issues related to the management of awqaf. The project argued that there is a need for professionalism, transparency, disclosures, and proper performance management and evaluation of assets held under awqaf through modern performance analysis and strategic planning tools.
The project discussed several aspects of awqaf such as the legal and regulatory aspects of awqaf; the intersection of modern trust laws and traditional awqaf, protection of minority groups (interfaith perspectives), land laws and reforms, and discussions on the formal versus informal economy and their implications for awqaf.
The project highlighted the innovative use of waqf for financial inclusion. It assessed the role of Islamic banks, development banks, and other financial institutions in developing and revitalizing awqaf properties; the use of cash waqf for SME financing; the use of cash waqf for subsidizing microfinance; the use of waqf for sustainable philanthropy; and the utilization of technology such as crowdfunding for greater impact. Finally, the project outlined the future of awqaf in Muslim societies.