Toward Effective Legal Regulations and an Enabling Environment for inalienable Muslim Endowments

Abstract

The accumulation of awqaf assets has created tremendous wealth for the welfare of the global Muslim community. However, due to a variety of historical reasons and the lack of an effective and enabling legal environment the role of the waqf as a useful tool for socio-economic development has generally been neglected and often forgotten. Awqaf as a faith-based charitable institution has generated interest beyond philanthropists and shariah scholars and is no longer seen as exclusively religious. The sector is in fact an industry and is being subjected to increased scrutiny by governments and regulatory authorities. This article investigates the possible model character for corporate governance as well as sustainability and profitability issues pertaining to awqaf.