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.
International Journal of Pluralism and Economics Education, 2015 Vol.6 No.4, pp.386 - 408
Published online: 08 Apr 2016 *Full-text access for editors Access for subscribers Purchase this article Comment on this article