Waqf Renaissance Transforming Islamic Economy

Abstract

Waqf is an Arabic word meaning assets that are donated, bequeathed, or purchased for being held in perpetual trust for general or specific charitable causes that are socially beneficial. It has significant contribution to the Islamic economy. Therefore, the purpose of this study is to review the waqf renaissance in transforming the Islamic economy. To achieve the purpose of this study, extensive literature on Waqf was reviewed. Thus, the findings of this study are based on the review of literature. It is observed that Waqf has significant contribution to the Islamic industry. The role of Waqf is significant to boost the transformation of Islamic industry. It has the potential to reduce the poverty level and increase the economic activities. Therefore, this study is important for the practitioners while making the strategies to boost the Islamic Industry.