LATEST UPDATES

WEB-TV | Shares Support Hour

Waqf As An Intervention For Social Development Finance

Dec 17, 2021   •   by   •   Source: Others   •   eye-icon 1307 views
Waqf which is a form of endowment in Islamic Finance is an avenue to mobilize wealthy Muslims and even less wealthy individuals to contribute funds to address a social cause. The type of cause ranges from Education, Health, Environment to even Charity and comes at a critical time when the globe is experiencing the adverse impact of the Covid-19 Public health crisis. 

The Waqf system has played a significant role in socio-economic development throughout the history of Islamic civilization. 

This edition of Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features an interview with Nurudeen Lemu, Director, Research and Training, Da'wah Institute of Nigeria, and Maryam Uwais, Special Adviser to the President of Nigeria on Social Investment Programme. 

They speak on "Waqf As An Intervention For Social Development Finance". On how Waqf could be used to achieve economic growth in Nigeria, Nurudeen Lemu and Mary Uwais agreed that sensitization is vital for Nigerians to know more about it, to let people know how it works, and also enlighten people on social interventions through Charity/Endowment. 

Through Waqf, long-term assets that generate income flows can be created and preserved. It can play an important role in poverty alleviation by specifically targeting the poor as major recipients of its benefits. Also, regulators working with Islamic finance should set up a Waqf foundation, the government should create an atmosphere that will encourage people to identify it and support organizations for better transparency, better governance, and accountability.


Get the App

apple-store  play-store

Connect with us


Proshare is a professional practice focused on delivering research and information services to bridge the gap between investors and markets; by delivery on credible, reliable, and timely engagements through the following areas — Impact Research, Market Intelligence, Strategic Advisory, Stakeholder Relations & Digital Media.