İbn Haldun Çalışmaları Dergisi, 5 (1) 2020, 83-94
DOI: 10.36657/ihcd.2020.67
Waqf for Socio-Economic Development:
A Perspective of Ibn Khaldun*
Sosyo-Ekonomik Kalkınma İçin Vakıf:
İbn Haldun Perspektifi
İD Lisa Listiana(1), İD Syed Musa Alhabshi(2),
İD Agastya Widhi Harjunadhi(3)
(1,2) IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia
(3) Waqf Center for Indonesian Development and Studies (WaCIDS), Indonesia
Received: May 5, 2019 Accepted: October 13, 2019 Published: January 15, 2020
Abstract: While waqf past significant contribution towards the welfare of society has been
acknowledged, it is believed that waqf has potential to be the icon and esteemed institution to
establish Islamic civilization and promote socio economic justice in this contemporary era. While
more studies on waqf have been conducted, it is apparent that Western perspective dominates the
discussion. Less literatures from well-known Muslim scholar is explored to gain the insight for
waqf development. As such, with the spirit for waqf revival, this current study is going to fill this
gap by exploring and relating to the perspective of Ibn Khaldun. Firstly, this paper is going to
elaborate the perspective of Ibn Khaldun on the role of the State for socio-economic development.
Secondly, it will elaborate the Ibn Khaldun’s perspective on how to promote moral values that
warrant sustainable and fair environment in the society. Based on his perspectives, a
recommended practice is proposed to promote waqf for socio-economic development. This study
represents the pioneer work that attempts to elaborate waqf and Ibn Khaldun’s perspective to
promote sustainable socio-economic development.
Keywords: Ibn Khaldun, Moral, Socio-Economic Development, State, Waqf
Öz: Vakıf geçmişinin toplumun refahı üzerinde önemli katkısı kabul edilirken, vakfın bu çağdaş
dönemde İslam medeniyetini kurmak ve sosyo-ekonomik adaleti teşvik etmek adına bir simge ve
ORC-ID: L. Listiana 0000-0001-7049-8017 Syed Musa Alhabshi 0000-0001-8274-9944 Agastya Widhi
Harjunadhi 0000-0001-6684-8862
* This article is a review of the paper presented at the "5th International Ibn Khaldun Symposium" organized
on 27-28 April 2019 in Istanbul.
84 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
saygın bir kurum olma potansiyeline sahip olduğuna inanılmaktadır. Vakıf üzerinde çok fazla
çalışma yapılmasına rağmen, Batı perspektifinin tartışmaya hâkim olduğu açıktır. Vakıf gelişimi ile
ilgili iç görü kazanmak için tanınmış Müslüman âlimlerden ise daha az çalışma tetkik edilmiştir.
Haddi zatında bu çalışma vakfın dirilişi için bu tutum ile İbn Haldun'un perspektifini keşfederek ve
onunla ilişkilendirerek bu boşluğu dolduracaktır. İlk olarak, bu makale İbn Haldun'un sosyo-
ekonomik kalkınma için Devletin rolü konusundaki perspektifi üzerinde duracaktır. İkinci olarak,
İbn Haldun’un toplumda sürdürülebilir ve adil ortamı garanti eden ahlaki değerlerin nasıl teşvik
edileceğine ilişkin bakış açısını ele alacaktır. Onun bakış açısına dayanarak, sosyo-ekonomik
kalkınma için vakfın teşvik edilmesi adına önerilen bir uygulama teklif edilmektedir. Bu çalışma
sürdürülebilir sosyo-ekonomik kalkınmayı teşvik etmek için vakıf ve İbn Haldun’un bakış açısını
detaylı bir şekilde ele alma girişiminde bulunan öncü çalışmaları temsil etmektedir.
Anahtar Kelimeler: İbn Haldun, Ahlak, Sosyo-Ekonomik Kalkınma, Devlet, Vakıf
1. Introduction
Within last decades, more studies related to waqf have been conducted with broader
scope and perspectives (IWB, 2016; Nasir, 2017). Initially, researches on waqf area were
more relevant to fiqh, law, or historical aspect. Different situations can be observed as
currently more research are being conducted from economic dimensions. There are
proposal to synergize between waqf and economic development, Islamic finance, Islamic
financial institutions, zakat, and etc (Ascarya, Husman, & Tanjung, 2018; Sadeq, 2002;
Shirazi, 2014). In addition, waqf is also discussed within the contemporary issues such
as Sustainable Development Goals (SDGs) and blockchain technology (Abdullah, 2018;
Rashid, 2018).
Within its broader scope, it is apparent that waqf is discussed and explored from the
Western perspective. Even Waqf Core Principles (WCPs) that was developed by the
International Working Group on Waqf are mainly according to the Basel Core Principles
that origin from conventional financial services. Whereas those progress and
development need to be examined, due to the lack reference to literatures from well-
known Muslim scholar to gain the insight for waqf development. As such, with the spirit
for waqf revival, this current study is going to fill this gap by exploring and relating to
the perspective of Ibn Khaldun view on waqf. In many literatures, Ibn Khaldun (1332-
1406 M) is mentioned as the fourteenth century Muslim thinker, economist and father
of sociology who has been acknowledged by his intellectual legacy (Chapra, 2007; Ismail,
Ramli, Yaacob, Tasrif, & No, 2014; Karatas, 2018). It is expected that current study may
contribute to the body of knowledge and offer value laden lessons learned for present
waqf sector.
Waqf for Socio-Economic Development: A Perspective of Ibn Khaldun 85
Karatas (2006) mentioned that the ideas given by Ibn Khaldun are still relevant with
current context. As such, interpretation of Ibn Khaldun’s work offered by contemporary
scholars complements the review of the book Mukaddimah of Ibn Khaldun to explore
his perspectives that may be relevant to waqf context. This paper is divided into four
sections. The first section is introduction. Second section review the existing literatures
related to waqf and socio-economic development, especially from Islamic perspective.
Later, the stance of Ibn Khaldun with regard to the role of state and the moral teachings
to promote waqf for socio-economic development are elaborated before conclusion in
the last section.
2. Waqf and Socio-Economic Development
2.1. Waqf: Past and Present
According to AAOIFI (2015), waqf is “making a property invulnerable to any disposition
that leads to transfer of ownership and donating the usufruct of that property to the
beneficiaries”. Initially waqf in Islamic civilization was practiced by Rasulullah (peace be
upon him) and the companions. Although no explicit “waqf” terminology can be found
in Quran as the main Islamic jurisprudence, its practice is being recommended in Shariah
(AAOIFI, 2015; Abbasi, 2012). In principle waqf assets should be sustained while its
benefit flows in perpetuity to the waqf beneficiaries (mauquf alayhs). In addition, AAOIFI
(2015) noted that all of their activities need to be in accordance with Shariah principles.
In the past, Çizakça (2016) noted that waqf was normally created by rich single waqf giver
(waqif) by giving fixed assets in form of land, building, or properties. At that time, they
could easily appoint either other people or themselves to be the responsible party to
manage the waqf assets, called as nazhir or mutawalli. Currently, innovative waqf assets
are collectively contributed by waqifs (H. Ahmed, 2018) in the form of cash. Collective
contributions in the form of cash waqf allows for flexibility and encourage more
participants in Indonesia, Malaysia, Singapore, and Turkey as it is permissible by law.
Within the last decades, more studies and initiatives to revive the waqf sector are
observed. While significance of waqf to the society has been acknowledged in the past,
it is believed that waqf has the potential to contribute positively for the society and
address the current global issues like poverty and inequality (Cizakca, 1998; Sadeq,
2002). While prevalent capitalist economic system encourages people to accumulate
individual wealth, waqf on the other hand, promotes social well-being and care for
others. Waqf scheme enables retail or individual donors to collectively accumulate funds
for productive investment. Ibn Khaldun mentioned in the Mukaddimah that wealth in
86 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
form of estates and farms need a progressive and persistent wealth accumulation
process. He mentioned that “The accumulation of numerous estates and farms by the
inhabitants of towns and cities does not come all at once and not at one time. No one
person would have enough wealth to acquire limitless (real) property…” (Rosenthal,
1958, p. 463). According to this proposition, waqf may become alternative for sources
of funding on businesses that are required by human being, especially by Muslim ummah
to secure their independency.
Saptono (2018) stressed that waqf represents activities that enables wealth allocation and
distribution. Technically, the waqif will give the waqf assets to the selected nazhir. Then
the nazhir will manage and develop waqf assets so that there will be a perpetuity benefit
to be distributed to the mauquf alayh. The mauquf alayh can be either public, family, or
combination of both according to the intention of waqif, as stated in the waqf deed.
Therefore, it is mentioned to offer justice to more people (Abdul-Karim, 2011). In many
literatures, waqf is proposed to become the alternate solutions of conventional financial
and micro-financing systems (Mohammad, 2015). Waqf is expected to be an economic
institution, property, activity or fund to promote socio-economic development.
2.2. Socio-Economic Development from Islamic Perspective
Initially, economic growth dominates the discussion of economic development in the
past. As the time goes by, more studies acknowledged that economic growth itself is
not sufficient to represent the meaning of economic development. Ismail et al (2014)
and Mirakhor & Askari (2010) among others, noted such changes. Sadeq (1987) asserted
that from Islamic perspective, economic development covers both material and non-
material improvement to secure both temporal life in this world and permanent stages
of human beings in the hereafter. As such, he noted that the index of economic
development need to be based on “economic growth, equity distribution of income and
wealth, and a healthy and congenial social environment of Islamic norms and values”
(Sadeq, 1987, p. 37). Socio-economic development need to be aligned with maqasid al
shariah with aims to ensure the human wellbeing (Ismail et al., 2014; Sadeq, 1987).
Chapra (2007) interpreted from Ibn Khaldun’s Mukaddimah that “the development or
decline of an economy or society does not depend on any one factor, but rather on the
interaction of moral, social, economic, political and historical, factors over a long period
of time”. Sadeq (1987) noted that greed and lack of ethical values are mentioned to be
the underpinning reason that cause financial crisis. Mohammad (2010, p. 1) noted that
“Overconsumption, corruption i.e. disregard for moral values, and the greed for wealth
are recognised as the indicators of the fall of civilisations which are proxied to be the
Waqf for Socio-Economic Development: A Perspective of Ibn Khaldun 87
indicators of unsustainable development.” According to his understanding on principles
of Ibn Khaldun, a) collective authority in form of state, b) the rules, regulations, and
institution to enforce them, c) people, d) wealth and development, e) justice, f) moral
legitimacy are mandatory to enable strong economic development. These represent
factors that may influence the rise and fall of civilization.
3. Relevant Ibn Khaldun’s Perspectives to Waqf Sector
3.1. Promoting Societies’ Well-Being Through Waqf: Analysis on Role of State
In waqf sector, to date, two different arguments with regard to the role of state remains.
Malik (2016) and Cizakca (2018) argued that waqf sector need to be independent from
the state. This argument was based on historical experience as the government misused
the waqf assets that brought down their significance. On the other hand, state based
authority is expected to exist to support the development of waqf sector in the country
(Kahf, 2015; Rashid, 2018).
According to the Mukaddimah of Ibn Khaldun, Chapra (2007) noted that “Ibn Khaldun
viewed the state to be neither a laissez faire state nor a totalitarian state. It is rather a state
which ensures the prevalence of the Shariah and serves as an instrument for accelerating
human development and well-being‟. Here, clearly that government is expected to play
public interest welfare role with the assigned or elected authority. In waqf context, as Ibn
Khaldun argued that there is no need for government’s involvement in trade, production
and commercial affairs, the role of the state needs to be as authority (regulator/ruler) only.
To Ibn Khaldun, state need to establish laws and regulations to enable conducive economic
activities. In addition, Ibn Khaldun predicted that involvement in such activities may
decrease the economic surplus and cause countries decline (Karatas, 2006).
However currently in some countries, waqf authorities assuming both regulator and
administrator roles at the same time, while there are some other private waqf institutions
which play administrator role only. Given the dual state role, it seems that the state
competes with private sector, but with non-level playing position and authority on waqf
activities. It is expected that state involvement as waqf administrator may cause control
issues due to absence of segregation of duties (U. Ahmed, 2013). Even in some other
countries, waqf authority represents the only regulator and administrator at the same
time on waqf matters. In this kind of situation, people in the society are apparently do
not have alternative institutions in the country to give their waqf. As such, due to the
state’s bureaucracy, people may resist and be discouraged to create any new waqf
(Çizakça, 2016).
88 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
In addition to that, waqf authority needs to implement good governance to avoid any
corruption or misappropriation of authority as it happened in the past. Chapra (2007)
noted that Ibn Khaldun required the state to be both accountable and transparent. As
elaborated, “Ibn Khaldun emphasized and characterized the role of the state in
development as good governance, responsible for its permissive to participate in
decision making according to the principle of shura” (Chapra, 2007; Mohammad, 2010).
Take a lesson from his propositions on the role of state in waqf context, there is an
urgency for waqf authorities to make necessary changes to develop waqf sector in their
respective country.
3.1.1. Waqf Habit and Role of State
In Mukaddimah, Ibn Khaldun (2015, p. 690) mentioned that habits can influence and
shape human characters. Therefore, good habits need to be encouraged into an
ecosystem or habitat. In case of waqf, waqf literacy need to be spread so that more
people understand its urgency and its goodness. Sufficient effort needs to be conducted
to address this kind of misconception about waqf. In the grassroot, many Muslims think
that waqf is limited to the tangible assets such as land and building, hence can only be
done by the rich people. While in fact, everybody is eligible to create waqf.
When Muslim have proper and correct understanding the importance and benefit of waqf
both in this world and the hereafter, it is expected that they will have strong motivation
to create many other waqf. Moreover, it can be noted that there is no companion left
without established waqf (Abdullah, 2015). And since the given waqf assets will no
longer belong to the waqif once it is declared as waqf, practising waqf may train people
become more sincere, hence better characters. The more people become waqif, the
better for the state as “public spending contributes to the welfare and prosperity of
people which in turn strengthens the state” (Mohammad, 2010, p. 11).
Practical wisdom of waqf literacy may be promoted through education and by allocating
sufficient resources to encourage public awareness waqf campaign. To this end, state
can take a role by providing sufficient resources and supportive regulations. Waqf sector
warrants for sufficient budget as it deserved mentioned to have huge potential to
promote justice in terms of socio-economic dimension (Çizakça, 2000). Other than
resources in form of adequate budget, the state may take an important role by ensuring
that only competent and skilful human resources involve in the waqf authority. This
action is important since quality of human resources within the waqf authority may
influence its effectiveness. This aligns with the stance of Ibn Khaldun who encouraged
the state to pay attention to the welfare of people (Chapra, 2007; Mohammad, 2010). In
Waqf for Socio-Economic Development: A Perspective of Ibn Khaldun 89
addition, government or people with authority may provide good role model by creating
waqf infrastructure and incentives. In the past, waqf that was established by Rasullullah
(pbuh) encouraged his companions to do waqf as well (Abbasi, 2012).
3.1.2. State Policies for Professional Nazhir
In parallel while the waqf habit that is being promoted, there is necessity to ensure the
quality of professional nazhir. In his book, Ibn Khaldun asserted that skilful and
competent people need to be placed in every field of work. Waqf need to be within
management of such people to fulfil its objective and maintain its characteristics. In
nature, nazhir belongs to service-based occupations (servants) that according to Ibn
Khaldun (2015, p. 691) can be categorized into four. “He may be capable of doing what
he has to do, and trustworthy with regard to the things that come into his hands. Or, he
may be the opposite in both respects, that is, he may be neither capable nor trustworthy.
Or, he may be the opposite in one respect only, that is, he may be capable and not
trustworthy, or trustworthy and not capable” (Rosenthal, 1958). The first represents
those with high value (salary), in contrast with the second which is not expected. He
mentioned that when both characters cannot be secured in once, the capable is preferred
rather than the trusted only. In summary, it can be illustrated in figure 3.1
Capable and Trust worthy Capable but not trustworthy
Trustworthy but not capable Neither trustworthy not capable
Figure 3.1 Categorization of Service-Based Occupations
Developed from Mukaddimmah of Ibn Khaldun (Rosenthal, 1958)
Professional nazhir is expected to have proper capability (competency) and
trustworthiness (integrity) (Mohsin et al., 2016), so that able to manage the waqf assets
in their best interest. As an effort to call people’s interest to become nazhir, proper
appreciation and compensation need to be given. Ibn Khaldun (2015) asserted that the
more demand on particular livelihood, the higher the value is. Currently, many nazhirs
are voluntary and do not enforced to any specific qualifications or certification.
Sometimes, they come from religion background rather than business, economic, or
professional background. With this proposition, demand for professional nazhirs need
to be created by the authority. Practically, it is necessary for the state to regulate that
waqf institutions can only be managed by professional nazhirs, those who have passed
particular training or certification to ensure sufficient knowledge and competencies in
managing and developing the waqf assets properly.
90 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
3.1.1. Options for Investment of Waqf Assets
Ibn Khaldun (2015) acknowledged that high demand business is more promising to
provide more value and benefits. According to him, maintaining quality investments is a
prerequisite to sustain in a business. Apply his propositions in waqf context, the
investment of waqf assets need to be allocated in high demand business with proper
and effective quality control towards its realising productive outcome. Practical wisdom
suggests the collected cash waqf need to be invested in way to enable sustainability of
those assets while also producing benefit for the mauquf alayh in perpetuity. As such, a
number of investment options may be differed between each waqf assets. Theoretically,
when there is no specific requirement given by the waqif, then nazhir may invest the
most productive waqf assets in the best interest of the beneficiaries.
Currently, when choosing investment, many people consider investing the waqf asset in
real estate and rental business. The reason is normally due to its easy scheme and
simplicity. However, it should be noted that demand of products from this kind of
business is limited to specific people who are having sufficient fund, business or other
interest for office or space. On the other hand, consumer goods business, agriculture,
or livestock business may become more appropriate for waqf investment in the long run.
These kinds of businesses are high demand in nature due to its ability to fulfil basic
needs of people in majority. In principle, investment of waqf assets need to consider the
local wisdom and available resources and demand in their surrounding area. As such,
the potential high value in demand may secure the investment.
3.2. Moral Values for Sustainable Socio-Economic Development: Proposal for Waqf
Context
From his work, it can be noted that Ibn Khaldun acknowledged the central roles of human
being in civilization (Chapra, 2007; Khaldun, 2015). Moral value and justice are
mentioned to be clearly matters to the rise and fall of civilization. According to Ibn
Khaldun, immorality and injustice are recognized as the indicators of unsustainable
development that may cause the fall of nations (Ismail et al., 2014). As such, sufficient
resources and efforts need to be allocated to improve and promote both moral and
justice among people in the society.
Chapra (2007) noted from existing literatures that moral degeneration represents
among the important factor which led the decline of Muslim civilization. Ibn Khaldun
acknowledged that concentration in luxury custom and spending lead to corruption and
wastage (İsmail & Jaafar, 2017, p. 27; Rosenthal, 1958, p. 469) hence need to be avoided.
In waqf context, Rashid (2014, 2018) and Çizakça (2016) stressed that significant
Waqf for Socio-Economic Development: A Perspective of Ibn Khaldun 91
decline of waqf contribution in the past was also caused by this anomaly. Therefore, to
avoid such failure, there is an urgent need to improve the moral and ethical value of
people in the society. Educating Muslim to embrace Islamic teaching in their daily life
should be an option.
According to the extant literatures, Ismail et al (2014) noted that religiosity significantly
influence economic development. Islam, as the revealed religion had a significant effect
on harmonic balanced economic development in history of Muslim civilizations (Omar,
Hussin, & GH, 2015, p. 99). Primarily Islamic teaching alleviate human belief, practice
and ethics as akhlaq. In many occasions, Muslim need to be reminded of their amanah
as servants of Allah swt and vicegerent of the earth. As mentioned by Maniam (2016),
the Islamic values and principles can be instilled and cultivated in the educational
system. In addition to that, character and personal development may also be emphasized
as subject to be taught. By embracing the values and implementing these approaches,
amore cultured, and caring society is developed to be sensitive to the environment.
These values are important due to the nature of human being as social creatures, hence
cannot sustain by his/herself. Ibnu Khaldun stressed this point in his book, as noted by
Mohammad (2010, p. 8) that “Ibn Khaldun recognises civilisation to consist of both
organisation and cooperation”.
In substance, Islam encourages the economic development which is underlined with the
application of morality, ethics, and social justice, equitable and fair development” (Ismail
et al., 2014). Good morality needs to be infused to each Muslim in order to promote
their awareness on the requirement of integrity and competency in doing every job.
Relevant to this matter, Chapra (2007) elaborated pre-requisites to the Khaldunian’s
model attributed to the sovereign in his work.
1. The strength of the sovereign (al-mulk) does not materialize except through the
implementation of the Shariah
1.1. The Shariah cannot be implemented except by the sovereign (al-mulk)
1.1.1. The sovereign cannot gain strength except through the people (al-rijal)
1.1.1.1. The people cannot be sustained except by wealth (al-mal)
1.1.1.1.1. Wealth cannot be acquired except through development (al-imarah)
1.1.1.1.1.1. Development cannot be attained except through justice (al-adl)
1.1.1.1.1.1.1. Justice is the criterion (al-mizan) by which God will evaluate mankind
1.1.1.1.1.1.1.1. The sovereign is charged with the responsibility of actualizing justice
In order to promote justice, laws and regulations need to be implemented and enforced
properly. Similarly, in the waqf context which has religious value in nature, relevant laws
and regulations need to be implemented properly. Necessary actions need to be taken
92 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
for any deviation to the existing laws and regulations, so that people are being motivated
to behave in the best moral and ethical value. Skill and sincerity of human being
represents two main requirement to enable and promote justice in the society
(Mohammad, 2010; Sadeq, 1987).
4. Conclusion
To summarize the Ibn Khaldun’s perspectives that relevant to waqf context, these
precedents that may fit with the current effort in promoting waqf for socio-economic
development. Related to the role of the state, there are three. First, the state needs to
act as authority (regulator/ruler) only. Second, the state needs to promote waqf habit
and allocate sufficient resources to run massive campaign to spread people awareness
to waqf and increase the waqf literacy in the Muslim society. Misconception on waqf
assets need to be addressed. Sufficient resource allocation to develop waqf sector is
required to actualize its huge potential. Third, there is urgency for the state in
supporting the existence of professional nazhirs and ensuring adequate appreciation
flows to them. In terms of moral value, the Islamic teaching need to be elaborated in the
educational system in terms of character and personal development. It is expected that
content relevant to waqf need to be included in the proposed collaboration. There should
also be law enforcement towards the existing laws and regulations on waqf to encourage
nazhirs’ discipline. This study represents a pioneer attempt to elaborate Ibn Khaldun’s
perspective on waqf context to promote its contribution towards the sustainable socio-
economic development.
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Malik, M. (2016). Foundations of Islamic Governance: A Southeast Asian Perspective (Vol. 1).
Taylor & Francis.
Maniam, V. (2016). An Islamic Voice for Openness and Human Development in Education: The
Relevance Of Ibn Khaldun’s Ideas to Australian Teacher Education Programs Today.
Postcolonial Directions in Education, 111.
Mirakhor, A., & Askari, H. (2010). Islam and the path to human and economic development.
Springer.
Mohammad, M. T. S. H. (2010). Principles of sustainable development in Ibn Khaldun’s economic
thought. Malaysian Journal of Real Estate, 5(1), 1–18.
Mohammad, M. T. S. H. (2015). Theoretical and trustees’ perspectives on the establishment of an
Islamic social (Waqf) bank. Humanomics, 31(1), 37–73. https://doi.org/10.1108/H-05-
2013-0032
Mohsin, M. I. A., Dafterdar, H., Çizakça, M., Alhabshi, S. O., Razak, S. H. A., Sadr, S. K., …
Obaidullah, M. (2016). Financing the Development of Old Waqf Properties. Springer.
94 Lisa Listiana, Syed Musa Alhabshi, Agastya Widhi Harjunadhi
Nasir, F. M. (2017). Bibliography and Review of Selected Waqf Literature in Indonesia: Origins,
Past and Current Trends. In Global Waqf Gateway: Bridging the Waqf Agenda For Nusantara.
Pekanbaru: ICWR.
Omar, W. A. W., Hussin, F., & GH, A. A. (2015). The Empirical Effects of Islam on Economic
Development in Malaysia. Research in World Economy, 6(1), 99.
Rashid, S. K. (2014). Factors Affecting the Development and Good Governance of Awqaf. In
International Conference on Waqf Management: Turkish Experience . Turkey: ICWR.
Rashid, S. K. (2018). Potential of Waqf in Contemporary World. Journal of King Abdulaziz
University: Islamic Economics, 31(2), 53–69.
Rosenthal, F. (1958). The Muqaddimah (English). An Introduction to History, 3.
Sadeq, A. M. (1987). Economic development in Islam. Journal of Islamic Economics, 1(1).
Sadeq, A. M. (2002). Waqf, perpetual charity and poverty alleviation. International Journal of
Social Economics, 29(1/2), 135–151.
Saptono, I. T. (2018). Waqf Based Financial Institutional Design.
Shirazi, N. S. (2014). Integrating zakāt and waqf into the poverty reduction strategy of the IDB
member countries. Islamic Economic Studies, 22(1), 79–108.
