Waqf
is emerging globally as a distinctive institution, serving as a vital bridge between societal and economic needs, and resource allocation.
Waqfs
functioning in some parts of the world, of a variety of assets such as cash, stocks, securities, intellectual property rights, and other financial instruments by individual, institutional, and corporate
wāqifs
, are paving the way for financial and social inclusion. This book explains how the system of
awqāf
leads to welfare in society by facilitating financial and social intermediation.
It describes
waqf
in accessible terms, focusing on how it helps people, communities, and nations, and how it can help make societies equitable, peaceful, efficient, and more prosperous. It comprises eight key themes, including a brief overview of the historical role of
in various periods in Muslim societies in socioeconomic sectors; the evolutionary aspects of
as an institution; the role of
in promoting entrepreneurship; the role of awqāf system in an economy by facilitating financial and social intermediation; potential options for using
as financial intermediation; an overview of the management and regulation of
entities; the organizational and legal framework for the institution of
; and key findings and recommendations for realizing the capacity of
in the pursuit of socioeconomic welfare. Specifically, the book takes Pakistan as a case study.
This research-oriented book is tailored to readers interested in understanding the fundamental concepts of Islamic finance and social welfare, without requiring a background in the discipline. It caters to academics, researchers, policymakers, and those keen on exploring the transformative potential of
to achieve societal welfare and shared economic growth.