Abstract
PurposeThis paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature. It analyzes the recent developments and debates in waqf reform and advances the argument for prioritizing research on waqf economics; the waqf dimension that is concerned with modelling how to utilize it to enhance productivity, consumption, redistribution, investment and saving, and generally contribute sustainably towards poverty reduction, economic empowerment and development.Design/methodology/approachThe paper is conceptual in nature, focusing on a systematic historical analytical review of waqf studies in Islamic economics literature.FindingsDespite the documented historic role of waqf in constructing the Muslim socio-economic architecture as the third economic sector and a mechanism for civilizational development and renewal, it received little attention in the early writings on modern Islamic economics. While the past one decade has witnessed a renewed interest in waqf research, most studies focus on its legal, juristic and administrative aspects in addition to the nostalgic reflections on its past glories. Little attention is comparatively given to the socio-economic aspect, which represents the actual raison d’être for its institutionalization.Practical implicationsAn important task ahead of the current generation of Islamic economists is to formulate waqf-based development models that are rooted in proper diagnosis and deep understanding of the current socio-economic realities of the OIC member countries for the purpose of uplifting living standards and stimulating sustainable socio-economic development.Originality/valueThe paper contributes to the debate on priorities in waqf studies and practice and can trigger further discourses and research on the future of research in waqf economics.
Highlights
The institution of waqf represents a fundamental pillar in the making of Islamic history, economy and civilization
Summary and conclusions This paper has critically reviewed some major trending developments in waqf research in the post-colonial era, and from the advent of modern Islamic economics
After arguing that waqf is essentially a socio-economic institution, the paper notes that waqf research studies focus more on the historical, legal and juristic aspects, paying less attention to the socio-economic dimensions
Summary
The institution of waqf represents a fundamental pillar in the making of Islamic history, economy and civilization. As part of the “glittering aspects of the Islamic civilization” (Siba‘ı, 1996), waqf has from the dawn of Islam, been playing a central role as a religious and socio-economic development institution, serving as a viable mechanism for the provision of all forms of public welfare services.
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