Waqf as a framework for entrepreneurship

Abstract

Purpose

This paper aims to add to the existing body of literature on this subject by advocating how waqf-based entrepreneurship can be practiced in Malaysia.

Design/methodology/approach

The paper begins by presenting an overview of waqf and its role in entrepreneurship and proceeds by proposing a model of waqf-based entrepreneurship which is synthesized from various models existing in the Islamic world.

Findings

The paper concludes by recommending waqf-based entrepreneurship as an alternative socio-economic framework of society’s wellbeing.

Research limitations/implications

The research is limited to the preliminary aspects of waqf entrepreneurship.

Practical implications

Waqf organization may be able to finance its own businesses through crowdfunding and other methods and also disburse waqf funds to small and large ventures.

Social implications

The waqf system is a social tool that not only finances social development projects but also has social economic alternatives to assist poor and underprivileged groups in the society. This paper is toward such a socio-economic direction.

Originality/value

This paper might be considered the first attempt to detail the practical aspect of waqf entrepreneurship, in terms of enterprises to be financed, and how the funds to be accumulated.

Citation

Iman, A.H.M. and Mohammad, M.T.S.H. (2017), "Waqf as a framework for entrepreneurship", Humanomics, Vol. 33 No. 4, pp. 419-440. https://doi.org/10.1108/H-01-2017-0015