The Waqf of Money as a Community Economic Empowerment Efforts

Abstract

Waqaf is basically seen as one of the religious institutions in Islam which is relevant and functionally efforts to solve socio-economic problems and humanity, such as poverty alleviation, human resource development, and economic empowerment. The endowments are absolutely an important role in achieving a just social order. From the perspective of shapes, endowment money is seen as one of the solutions that can make endowments to be more productive. Because the money here will no longer to be used as a means of exchange, but more than it, we can explore it as a commodity to produce in the terms of economic development. Therefore, the cash money in the form of waqaf of money can result any benefit for the community. Appearances distribution of endowments can be used to productive activity in the era of economic downturn of the Islamic community in Indonesia. Now it should become the primary choice. In another sense, it is a productive waqaf endowment that must be a priority and dedicated its efforts to more fruitful. Thus, the sizes of different paradigms are done by the consumptive waqaf, because it gives a new hope for the majority of the Muslim community. Endowments are not willing to lead in worship of mahdhah which is directed to the consumptive waqaf. Using the findings of waqaf has been prioritized to give benefit in a very broad, including for economic empowerment, such as public facilities and worship activities, social facilities and educational activities as well as health, aid to poor people, displaced children, orphans, scholarship, progress and economic improvement for the people who needs the advancement of public welfare other non-contrary to the sharia business law.

Islam in Zambia: Its Perspective and Contribution to Socio-Economic Development

“…Waqf is a form of religious institution in Islam that has a mandate to empower youths so as to alleviate their social problems help them develop human resources and boost their social and economic empowerment. An article by Farid (2016) 6 discusses waqf as a religious institution in Islam, which has functional relevance as a solution to social problems. Waqf is involved in poverty alleviation, human resource development and economic empowerment of the people.…”

Reflections on the Socioecomic Role of Waqf in an Islamic Economic System

“…At macro level, Islamic economists argue that reduction in public expenditure for provision of public goods leads to a fall in the tax burden on the citizenry which in turn increases the potential for savings in the economy, private investment and growth (Cizakca, 2011 andSeder, 2015). Recently, Elasrag (2017) argues that awqaf can be used not only for provision of immediate necessities to the poor, but also for creation or strengthening business support institutions that can lower the cost of doing business for the poor. Securitization of waqf funds through Islamic capital market also provides long term capital for financing economic growth and development.…”

Peran Perbankan Syariah Dalam Implementasi Wakaf Uang Untuk Pengembangan Industri Halal Di Jawa Timur

“…Oleh karena itu penelitian ini fokus pada peran perbankan syariah dalam implementasi wakaf uang untuk pengembangan industri halal di Jawa Timur. (Farid, 2016).…”