Potent Potential of Awqāf in Social and Economic Development

Muslim societies and communities in all Islamic countries and most of the other regions of the world are having awqaf properties inherited from their ancestors. However, presently the waqf properties are passing through a trend characterized by usurpation, neglect and unproductive use. Prof Khalid Rashid in his lead paper has rightly emphasized need to protect and develop the existing awqaf and to consider certain measures which may enhance the income generation capability and administrative well-being of awqaf. Thus, a reform of the waqf system in the contemporary Islamic world is absolutely necessary. In a post-economic and financial liberalization environment at the global level, it is important to utilize awqaf for poverty reduction, capacity building and economic empowerment of Muslim communities. The waqf fund can be channeled through educational, social and cultural development. In this context, this paper discusses that in modern times, the economic dimensions of waqf institution need attention of scholars and economists to explore its potential role in economic life of Muslims. In a country like India waqf institutions have been playing a very significant role and have still great potentiality to do so in the religious, social and economic life of Muslims. However, they need to be cleansed of corruption and mismanagement. The control by government organization and the state interference sometimes pose another problem in the way of proper utilization of the awqaf properties in an effective way.