Future of Cash Waqf as a Catalyst in Socio-Economic Development in Kelantan

Abstract

Islam is a religion that encourages shared prosperity. Hence, the teachings of Islam emphasize on the importance of giving and assisting one another in all aspects of life. It encourages its believers to provide voluntarily gifts in the form of sadaqah, jariyyah, hibah and waqf. Waqf is one of the commands of Allah which has received much attention from Muslims because they believe it reinforces their faith and that they will be blessed in this life and the hereafter. Waqf is an influential entity in an Islamic social system. It was defined by Abdullah (2020) as a mechanism for reserving an asset (land, money or real estate) for the benefit of the public. Waqf has a great impact on the economy since it helps maintain a quality of life for the underprivileged in a society through fair distribution of wealth. In the era of the Prophet Muhammad s.a.w.., many public interests like schools, mosques, hospitals, structures, wells, libraries and weapons were developed based on waqf funds. Besides, plots of land and buildings that had been underutilised were put to good cause due to waqf. These brought about benefits to children, the poor, soldiers, scholars and the general economy during that era.