Waqf in Bosnia and Herzegovina in the 20th and 21st Century

Abstract

This paper investigates the socio-economic role of waqf in Bosnia and Herzegovina from the 20th century to date. Bosnia and Herzegovina waqf endured through various political fortunes and improved the social and economic circumstances of Muslims. A contemporary challenge is to reconstruct this waqf. A new development is the emergence of Islamic Economics. Since 1995, the Waqf Directorate of the Islamic Community of Bosnia and Herzegovina (WD-ICBIH), the main authority over waqf, initiated reforms to revive the socio-economic role of waqf and integrate it into Bosnia and Herzegovina development. The study identifies the challenges facing the Waqf Directorate and the development of Islamic Economics in Bosnia and Herzegovina. The emergence of Islamic Economics and Islamic Banking and Finance, in cooperation with the Bosnia Bank International, presents opportunities to the Waqf Directorate to achieve its vision and mission. Some avenues for waqf integration into Bosnia and Herzegovina development qualify as commendable efforts of reform, indicate a feasible future for the Waqf Directorate, and gradually address various challenges. The paper concludes with actionable policy recommendations.