Year
2018
Country
Qatar
Language
English
Abstract
| The fact that waqf possesses a huge potential to support socio-economic development is indisputable. Waqf is known to have played a significant role over the years as an effective tool of poverty eradication through the provision of essential facilities and public goods for Muslim society. Unfortunately, in recent years, the vast potential of Waqf has not been utilised optimally. The lack of required attention has subjected many waqf assets to abuse and neglect. Poor management and ineffective regulation among other issues greatly undermine the potential of waqf in many Muslims communities nowadays. The principle of managing waqf is basically twofold, i.e. to ensure the sustainability of the principal of the asset and at the same time to ensure the benefit goes to the prescribed beneficiaries. Relying on this basic principle seems to be an easy task for the mutawalli. However, there is a challenge in case the waqf is set up for philanthropic purposes characterized by insufficient income to cover the associated cost. This thus required a viable strategy to generate income to finance this type waqf asset. On the other hand, in the case of waqf established to generate income, the mutawalli is required to mitigate the risk of managing waqf assets to avoid diminishing of the assets’ value. This paper, thereupon, shall discuss the strategies and tools to manage waqf assets effectively. The role of effective regulation, improved waqf governance, appropriating financing instruments and continuous education as strategies in developing waqf assets is equally discussed. In addition, the discussion covers some important mechanisms particularly accountability and risk management that are necessary for developing the right strategy. Some examples from the field will supply evidence to enrich this discussion. |
English
City
Doha, Qatar
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Conference
CIS Program Old
CIS publications
No
CIS Thesis
No