Year
2018
Country
Qatar
Language
English
Abstract
| The 2008 global financial crisis has brought about discussions on the rather restricted role of conventional banking sector in contributing to the overall economic development due to the heavy regulations on credit provisions. This issue becomes more severe in the case of access to finance by low-income segments of societies reducing the level of financial and social inclusion. Therefore, alternative and innovative modes of financing to enhance development in both frontier and emerging markets has been one of the major agenda items in development circles, particularly for multilateral development institutions such as World Bank, Asian Development Bank, IFC, EBRD, and UNDP. As a part of those discussions, Islamic social finance tools such as Zakat, Sadaqah, and Waqf have been revisited as viable tools to improve social well-being and financial inclusion, especially in Muslim majority countries. This paper, thereupon, aims to analyze the potential role of cash waqf models as a means of promoting financial inclusion by supporting entrepreneurship. Based on the historical evidence as well as some recent cases from OIC countries, the study tries to explain how various cash waqf models might be utilized for increasing the access to finance by blending the original form with some recent financing techniques such as microfinance and crowdfunding through recent developments in Fintech. The study concludes with some policy recommendations for creating an enabling environment for cash waqf to play its potential role in economy. |
English
City
Doha, Qatar
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No
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