Waqf contributions to sectors

Abstract

This chapter focuses on waqf's contributions in many sectors, including education, properties, agriculture, tourism, Islamic Social institutions, the health industry, Real Estate Investment Trust (REIT), and financial technology (Fintech). The contributions discussed the aspects in each of these sectors (what) and how they contribute. The importance of highlighting those sectors is to show the roles of waqf in many aspects, as it would be impossible if the Muslim culture and beliefs in waqf only deem waqf as a religious purpose such as building mosques and graveyards. With the growing understanding of the waqf scopes, many scholars have shared their studies to show the various roles of waqf. This chapter is essential to highlight the critical success element for the long-term viability of waqf in higher education institutions (HEIs). While for properties, this chapter focuses on two categories such as fixed waqf assets and non-fixed waqf assets. In this category, the example of waqf focuses on developing waqf properties in the land (real estate) or building (school, hospital, bridge, and road) and Sukuk in waqf assets. Next, the agriculture industry focuses on the potential of investing in waqf lands, followed by the role of waqf in developing the tourism industry. Next, the chapter presented the role of waqf in the Islamic financial institutions related to the institutions of waqf, which are described as charity profit-making organizations. This section focuses on the waqf products and services. While for the health industry, the discussion refers to the waqf services in the hospital. Finally, this chapter has also discussed the integration of technologies to provide the solution to the socio-economic issues underlying the problem that open the opportunity for waqf instruments to contribute.