The Prospects of Islamic Endowment (WAQF) System in Actualising the Sustainable Development Goals (SDGs) in Nigeria
DOI:
https://doi.org/10.53704/wk4zw578Keywords:
WAQF, Endowment, Shar?ahAbstract
As a third sector,Waqf institution in the Islamic social finance system possesses great potentials in institutionalizing and sustaining charitable works to the betterment of the people and reduction of poverty. Alternative solutions are being sought and applied in health care delivery, energy, etc. Alternative finance ought to be also explored to proffer solutions to the myriad of economic challenges facing Nigeria and many developing countries in Africa. Waqf stands out among the social finance tools that should be harnessed urgently given its potentials. This paper highlighted the achievements of Waqf system in various ancient societies and the present. It also established however that Waqf is menaced with challenges principally lack of awareness of its potentials by individuals and governments, and paucity of robust legal and institutional frameworks for the effective administration and management of the same. Solutions are also proffered. The methodology used in this work is doctrinal.
Keywords: Waqf, Finance, trust, Endowment, Zakᾱt
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