waqf.docx - Running head WAQF 1 Waqf Students Name Institutional Affiliation Abstract Waqf has had a considerable amount of success in the Arab world

waqf.docx - Running head WAQF 1 Waqf Students Name...

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Running head: WAQF 1 Waqf Student’s Name Institutional Affiliation Abstract Waqf has had a considerable amount of success in the Arab world over the duration of time it has been in existence. This has seen the impact of waqf become a major source of adoption of the waqf principles in many of the modern countries of the world, more so in the western world. Waqf alludes to a voluntary work of charity by an individual of wealth, whereby they give up a huge chunk of wealth to the benefit f the society. This may be; buildings land or other types of assets. The huge success witnessed because of waqf has seen the western world borrow from the concepts, in the hopes of achieving similar success. Among the benefits arising from waqf in, the western world includes the eradication of poverty, improved access to social amenities and the overall betterment of the economy. This paper seeks to articulate the benefits of waqf to western society.
WAQF 2 The Impact of Islamic Endowment (waqf) on the Modern Western Trust The Arabic world has had its fair share of problems over the years; wars, climate and increased instability, have marred the Arab world for what is most of, modern history. Due to little to no assistance from the government, the Arab people had to take care of themselves, and what was created was waqf. This was a way in which the rich looked after the affairs of the poor by donating tremendous assets such as land, buildings and such to alleviate the stature of the less fortunate in society (Mustafa, 201). What set waqf aside from the rest of the charity schemes was the effectiveness in which waqf had on the society. The donations made by the wealthy were entrusted to certain trusts and charitable institutions that had the mandate over the utilization of the contributions, and the exploitation of donated resources in a way that would positively influence the society. The revenue generated in turn was allocated to the necessary social needs, concerning urgency. This resulted in an effective and timely spending of donation money, which saw a massive change in society. Through waqf, Muslim nations that practiced it came to see decreased dependence on the

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