The Significance of Waqf and the Experience of Charitable Organisations in Socio-Economic Development

The chapter traces the essential functions and role awqaf played in the past, that it still provides socio-economic services for society, and organizations’ experiences, which play a significant role in this direction. It makes some recommendations for improving the sector in the present circumstances. Islamic history is full of instances where individuals and the ruling classes have donated their valuables for religious, social, and other public goods. Waqf institutions are working for the community’s welfare by providing education, health, training, and capacity building, providing finance and opportunity for employment, food and other basic needs, and help and support in natural disasters. However, these services can be provided on a larger scale, depending mainly on the waqf and resource flow size. Although governments are providing essential services to their societies, available resources bind their hands tight. There is always a need for additional resources to serve those who are left out. Waqf is a third sector, which can be utilized for the additional resources to provide basic needs and a safety net for the poor. Studies have shown that if saqaqat and waqf are explored and appropriately utilized, enough resources can be made available for poverty eradication. The tragedy is that the present awqaf outcome is not enough even to manage the mosques properly. However, for revitalizing and effectively utilizing waqf resources, serious efforts are needed. Governments are able provide the proper environment and legal framework for creating, investing, and developing waqf. They can recover lost waqf and give space to civil society and the private sector by incentivizing them to establish waqf