Waqf Resource Mobilization for Poverty Alleviation Based on Maqasid Framework

Abstract

This study is part II of our first study that seeks to adapt the framework practiced by various MDBs particularly International Development Association on (IDA) to the potential establishment of global waqf fund as this framework is proven effective (The excellent and valuable research assistance of Eman Adam is highly appreciated). The framework revolves around the IDA operations with replenishments, allocation of funds by implementing specific formulas, and the determination approach, which is mainly to monitor effectiveness of the earlier processes. The study proposes to integrate Islamic vision of development based on Maqasid al Shariah with IDA principles for the allocation of funds for a potentially global waqf fund. The objective is to create more effective approach for raising and using resources for a global waqf fund.