Title: Islamic gift economy vis-à-vis waqf (endowment) as vehicles for social entrepreneurship

Authors: Thamina Anwar

Addresses: P.O. Box: 22526, Manukau, Auckland 1640, New Zealand

Abstract: Social welfare systems in developed countries have responded to the global financial crisis by cutting budgets for welfare services, which has caused an exponential increase in demands on philanthropy and the non-profit sector. Islamic history is rich in philanthropy as charity is advocated as a pivotal part of the religion. Islam provides economic frameworks, instruments and unconventional approaches which can lead to reduced poverty and wealth inequality. This study aims to provide insights how waqf (endowment) can be a vehicle for social entrepreneurship (SE) within the Islamic gift economy (IGE) framework, and proposes a waqf-social entrepreneurship (waqf-SE) model whereby waqf is invested in ventures that provide returns in terms of profit and create social impact.

Keywords: awqaf; community empowerment; Islamic gift economy; IGE; poverty alleviation; social impact; social entrepreneurship; social justice; sustainability; waqf; social welfare.

DOI: 10.1504/IJPEE.2015.075864

International Journal of Pluralism and Economics Education, 2015 Vol.6 No.4, pp.386 - 408

Published online: 08 Apr 2016 *

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