Islamic Finance Talk Series: The Concept of Waqf in Agriculture

 

WAQF has a long history in Islam. It has played — and, in many cases, continues to play — a pivotal role in the socio-economic advancement of the Muslim community. Many phenomenal architectural relics and public infrastructures, all over the world, from the Atlantic to the Pacific, throughout the centuries, were funded by waqf. Al-Azhar University in Egypt, the University of Cordova in Spain, and Al-Noori Hospital in Damascus, to name a few, are among the public projects financed by waqf funds. Some waqf institutions have even survived for more than a millennium.

Despite its phenomenal achievements, there is still room for improvements in terms of waqf management. Throughout centuries, mismanagement has resulted in vast idle waqf lands and properties. 

Many people, due to their lack of understanding of the dynamic aspects of waqf, often limit its scope to immovable properties and lands, and for religious and educational purposes only. There is a need, therefore, to explore more productive and innovative directions for waqf. Among these is the agricultural sector. Effective and extensive implementations of agricultural waqf would not only expand waqf as a concept but have a great potential to strengthen our national food security.