Theory and Practice
Edited by Mohamed Ariff and Shamsher Mohamad
To earn God’s pleasure, the faithful are urged to deploy wealth as bequests (waqf) to promote good deeds that benefits the community at large. The importance of such institutions that have existed for over 1,400 years is highlighted in this chapter. Its main goal is to be a charitable endowment that helps redistribute wealth to bridge the gap between the have-plenty and the have-not. The erosion of this admirable institutions during the 20-th century under secular government actions has led to losses of wealth and damages to assets put under endowments. In the last two decades, these institutions have begun to revive its role, and are starting to engage in beneficial socio-economic role for the communities. Through new financial modes, the old and idle properties have been successfully redeveloped to provide rewards not only for the founders, but also to benefit the society at large in terms of healthcare, job opportunities, expansion of business sector, to shelter the masses in hard times, and educating the needy besides providing food for the poor and the needy. This aspect is the last of the five parts of Islamic wealth management.
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