Incorporating Zakat, Awqaf, and Microfinance into a Single Model: An Islamic Alternative to Poverty Alleviation

This paper presents a single model integrating “Zakat, Awqaf and Micro-Financing” on Islamic principles and concepts that could work as an Islamic alternative to poverty alleviation. The paper analyzes three separate models of zakat, awqaf, and microfinancing as if they were managed separately and discovers problems relating to separate models. The paper looks into developing a single model and discusses how such a model could work from organizational, operational and financial management points of view. The concluding chapter analyzes whether such a model complies with benchmark questions on Islamic principles and its impact on economic welfare.