Going back to the history, Waqf is one of the ancient charity institutions in the globe and the initiative dated back to the life time of the holy Prophet (S A W). A prophetic revealed that during the life of the holy Prophet (SAW), Umar Ibn Khatab made an inquiry on how he should arrange a piece of property and the Prophet answered by saying “preserve the thing itself and devote its fruit for religious purpose.” According to this narration, Umar Ibn Khatab, withheld the property from being sold or willed out, rather the property was held for commercial purpose and the income generated was used for charity purpose. This action of Umar ibn Khatab was cited as the first example of waqf in Islam (Bremer, 2004).
Kahf (1998) gives a comprehensive …show more content…
Waqf of two types namely: Philanthropic and Religious. The philanthropic waqf has two categories of beneficiaries which are the public-philanthropic and family philanthropic. Only the Public philanthropic is important institutions for poverty alleviation. Ahmad Bello (2009) sees waqf as an essential part of Islamic civilization that takes care of the poor within the community. Waqf institution assists welfare development and keeps step with economic development in the community. It represents an asset dedicated in perpetuity for a particular beneficiary or group of beneficiaries to attain specific purposes. The encouragement of establishing such a socioeconomic movement is in line with Zakah. The institution of waqf not only successful and active, throughout Islamic previous times, but has contributed meaningfully to numerous social causes such as education, health, research and meeting need of less advantage of the society. He it’s also further explains that the institution of waqf in the current socioeconomic setup should be seen as an extra source the program involving to poverty alleviation. The previous history of waqf recommends that the institution can be used to organize additional …show more content…
nd) historically the institution of waqf according to previous was meant to be can be used for the poor and needy in the society by organizing extra resources to address the socioeconomic problems like: Health, Education care, Skills and micro entrepreneurial growth, and water and cleanness services in rural areas. The author is of the opinion that waqf can also maintain a fund, properly invested, and utilized during famine and other crisis to help extremely poor to survive the crisis. waqf can assist people in the perspective of nations with extreme poverty, facing starvation, passing away and sicknesses. He related that in the modern socioeconomic set-up the institution of waqf should be seen as an extra source to maintenance the program concerning poverty alleviation. Jlil & Mohd Ramli. (2008) Waqf is a charity instrument that is used to establish institutions like hospitals, universities and researcher centre that could generate income. The incomes generated from these institutions are distributed among the Muslim community. Khan (1998) gives a comprehensive account of what waqf is all about. He defines Waqf as holding an asset and preventing its consumption for the purpose of repeatedly extracting its usufruct for righteousness/philanthropy
Kahf (1998) gives a comprehensive …show more content…
Waqf of two types namely: Philanthropic and Religious. The philanthropic waqf has two categories of beneficiaries which are the public-philanthropic and family philanthropic. Only the Public philanthropic is important institutions for poverty alleviation. Ahmad Bello (2009) sees waqf as an essential part of Islamic civilization that takes care of the poor within the community. Waqf institution assists welfare development and keeps step with economic development in the community. It represents an asset dedicated in perpetuity for a particular beneficiary or group of beneficiaries to attain specific purposes. The encouragement of establishing such a socioeconomic movement is in line with Zakah. The institution of waqf not only successful and active, throughout Islamic previous times, but has contributed meaningfully to numerous social causes such as education, health, research and meeting need of less advantage of the society. He it’s also further explains that the institution of waqf in the current socioeconomic setup should be seen as an extra source the program involving to poverty alleviation. The previous history of waqf recommends that the institution can be used to organize additional …show more content…
nd) historically the institution of waqf according to previous was meant to be can be used for the poor and needy in the society by organizing extra resources to address the socioeconomic problems like: Health, Education care, Skills and micro entrepreneurial growth, and water and cleanness services in rural areas. The author is of the opinion that waqf can also maintain a fund, properly invested, and utilized during famine and other crisis to help extremely poor to survive the crisis. waqf can assist people in the perspective of nations with extreme poverty, facing starvation, passing away and sicknesses. He related that in the modern socioeconomic set-up the institution of waqf should be seen as an extra source to maintenance the program concerning poverty alleviation. Jlil & Mohd Ramli. (2008) Waqf is a charity instrument that is used to establish institutions like hospitals, universities and researcher centre that could generate income. The incomes generated from these institutions are distributed among the Muslim community. Khan (1998) gives a comprehensive account of what waqf is all about. He defines Waqf as holding an asset and preventing its consumption for the purpose of repeatedly extracting its usufruct for righteousness/philanthropy