Waqf is one of the basics of giving in Islamic Economic system. It is a voluntary offering which has exclusive manifestation in Islam. Waqf institutions in the world have played a significant role in economic sustainability development in order to benefit society. It has proven that conventional economic programs are not succeed in reducing poverty and income inequality as a whole. Looking at this study perspective, Waqf can be one of the vigorous alternatives to solve the economics challenges as provided by Waqf institutions around the world. This paper focuses to assess the role of Waqf in economic sustainability development and reducing poverty. To achieve the objectives, basic qualitative research method was adopted, and data was collected through relevant literature. The findings of this paper show that Waqf is considered as an alternative tool that can largely improve the social welfare, income inequality and reduce the poverty rate and at the same time lower the burden and liability of the people. The findings also show that there is need for consideration and the development of Waqf in order to find sustainable solution for the economic development.
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In-Text Citation: (Yakubu & Aziz, 2019)
To Cite this Article: Yakubu, A., & Aziz, A. H. A. (2019). The Role of Waqf in Economic Sustainability and Poverty Reduction. International Journal of Academic Research in Business and Social Sciences, 9(12), 694–700.
Copyright: © 2019 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
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