Islamic Waqf

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fIslamic Waqf endowment has focused ultimately on human development by means of developing individuals, merely who establish the basis and objective of development. Meanwhile the western material concept of development makes of man a mere tool and engine for expansion, the Islamic concept makes of development itself, and all its aspects and results a mere tool to serve, honor and promote man. From Islamic’s perspective the real development of the human being comprehensive in different aspects such as spiritual, psychological, intellectual and physical same as Islamic waqf endowment itself that orients all its initiatives in the development from all these dimensions. All in all, big part of Waqf endowment is devoted to moral and educational benefits, as well for the development of mankind growth, purification of his soul, and improvement of his intellectual and behavioural standards. Besides that, it is dedicated to satisfy materialistic needs of man on the basis of equality and brotherhood, charity and kindness. When we realize that bequest property and funds have become, with time and succession of generations, a big part of the national wealth and economic activity in most Islamic countries, we realize the extent to which Waqf Endowment has become - and can become- an obvious effective economic force. Historically, waqf endowment has been used to mobilize resources for poor sections of the society. In the contemporary socio-economic set up the waqf endowment as additional sources to support the program relating to poverty alleviation. It is also argued that the existing waqf institutions could be better managed and used in establishing an effective welfare system, assisting in resource mobilisation and redistribution, and strengthening civil society. Waqf endowment participate in activating economic growth when involve in important project such as education, skills and micro entrepreneurial development, health care and water and sanitation facilities in...
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