Endowment (Al-waqf) from an economic perspective
Endowment (Al-waqf) are an economic source that can contribute to addressing many of the economic problems in society, if investment instruments and changing resources can be utilized.
Endowment (Al-waqf) is one of the current handouts that it is hoped to benefit after the death, and the wise lawgiver wished and urged it, because of its great human, advocacy and economic dimensions.
Endowment (Al-waqf) is a long-term charitable investment approach that extends to successive generations that preserves money and directs it to the public good and achieves the principle of social solidarity among members of society.
The economic endowment(Al-waqf) is increasingly important in that it is primarily aimed at developing human resources and meeting the needs of the individuals who benefit from it in the present and future, while taking care to use these generations in the process Development.
The impact of the endowment(Al-waqf)on the economy is in large positive aspects, by contributing to the formation and development of human capital as well as in helping to establish infrastructure, social capital and opportunity. To employ workers, reduce unemployment and contribute to increasing the commercial mobility of society.
Therefore, some Arab countries have been quick to establish a number of the endowment(Al-waqf) funds, for example:
The endowment (Al-waqf) Fund for Islamic Cooperation.
The endowment (Al-waqf) Fund for Health Development
The endowment (Al-waqf) Fund for Scientific Development.
The endowment (Al-waqf) Fund for The Conservation of the Environment.
The endowment (Al-waqf) Fund for Community Development.
The advantage of these funds and their likes is highlighted by the ease and ease of endowment (Al-waqf) and its procedures, as well as enabling the Muslim individual, no matter how little money he has, to participate and to be able to go to the areas of Huge investment, which is useful in supporting and strengthening the national economy.
Interest in endowment(Al-waqf) of many economists has many considerations, the most important of which can be highlighted below:
First: The concept of investment of endowment (Al-waqf) has become an economic concept that has begun to spread on a large scale in Islamic societies and is widely accepted by researchers in the Islamic economy as well as Specialists in the affairs of endowment (Al-waqf), in addition to the keenness of the managers of the funds and banks of development in the Islamic world.
Secondly: the status of permanence is the most important characteristic of endowment (Al-waqf) as a sustainable investment asset, and for this the endowment achieves the concept of sustainable development.
Third: Considering endowment(Al-waqf) as an economic pillar and a realistic fence for the poor, orphans and needy people who are ravaged by economic fluctuations.
Here we refer to the most prominent conditions of the renaissance of endowment (Al-waqf) in our contemporary societies to revive its year, the following: the need to protect the existing endowments (Al-waqaf) and preserve them from loss and disruption and keep their records. To review the management of endowment (Al-waqf) property, particularly investment endowments, and to find appropriate channels that encourage the establishment of new endowments and the provision of endowment(Al-waqf) projects to the benefactors. And develop the necessary plans for the investment and development of existing properties for endowment (Al-waqf).
Here we may wonder how the private sector can contribute to endowment(Al-waqf) work.
I say that the private sector can contribute to supporting the charitable endowment(Al-waqf) through two important means:
First: To contribute directly to the work of the charitable endowment (Al-waqf).This is done by establishing investment funds in large companies to support the charitable endowment by deducting a percentage of the annual profits and depositing those funds in which the assets are invested in economic forms. All of them have to return their annual profit dividend to charitable endowments (Al-waqaf).
Second: To stimulate the private sector to participate in investing in projects that support the charitable endowment. This includes funding projects that will reflect on the development of charitable endowments (Al-waqaf).
In conclusion, I am presenting important questions that seek precise answers:
Q: Is endowment (Al-waqf) invested in a market where competition or non-competition is not being invested?
Q: Did I give the investor enough opportunity to make this investment?
Q: Can beneficiaries of endowment (Al-waqf) investment be able to notify officials of the inability to benefit from the proceeds of this investment?
I believe that further research and feasibility studies of endowment investment projects may help to answer those and other questions.
In short, one of the purposes of Islamic law is to strengthen the bonds of brotherhood, deepen the concepts of solidarity and solidarity in society, and to redistribute income among the rich and poor members of society voluntarily. And His Eminence is a risk.
Therefore, the Law has urged the tolerant to approach Allah by making charity and helping others.
Allah the highest says ” And will whatever good you put forward for yourselves – you will find it with Allah . It is better and greater in reward .” Al-Muzzammil 20.
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