FINANCING NON-PR0FIT PROJECTS THROUGH WAQAF
FINANCING NON-PR0FIT PROJECTS THROUGH WAQAF
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Date
1996
Authors
TANKO, ALIYU ABUBAKAR
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Abstract
ABSTRACT
Waqaf is an Islamic financial institution in which the
usufruct of property is dedicated for pious and charitable
purposes. The historical development of the concept of waqaf
is traced to the period of Prophet Muhammad (S.A.W). And the
purpose of waqaf is to alleviate some of the social and
economic problems of the general public.
In the contemporary times, waqaf is effectively used as
a means of financial non-profit projects especially in the
Gulf States and some other Muslim countries. The institution
is found to be very useful in maintaining mosques, schools,
hospitals and other welfare services for the benefit of the
general public. It was also responsible for many other social
activities such as digging wells for the benefit of the rural
populace.
Although there is no available record showing the total
sum of waqaf funds, the activities of institutions of waqaf in
some of the Muslim countries have shown that it controls
substantial amount of funds both in cash and kind.
Another form of charitable institution is that of English
Trust. The two are similar in nature but the motive and
conditions governing their operations are different. While the
Islamic waqaf is guided by the teachings of Islam and has to
be compatible with Shariah, the English Trust is based on
secular considerations.
The finding of this research with respect to prospect of
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Waqaf in Nigeria suggest that it can be developed without
encountering much problem. From the assessment of the
historical background and currant practices of the Muslim
Society, it has become clear that the people are used to
giving out property in the form of sadaqah (charity) yet the
idea of institutionalised waqaf in the way it exists in other
Muslim countries is not assimilated. Therefore it is
recommended that extensive public mobilisation programmes must
be made to enlighten the society. Furthermore, this study
provides some broad guidelines for the introduction of
institutionalised waqaf in Nigeria.
Description
DEPARTMENT OF BUSINESS ADMINISTRATION
AHMADU BELLO UNIVERSITY, ZARIA.
Keywords
FINANCING,, NON-PR0FIT,, PROJECTS,, THROUGH,, WAQAF