A few days ago, Professor Jasser Auda spoke about Waqf at a seminar. He believes Waqf is one of the principal pillars of Islamic economics. Rather than viewing Waqf solely as an act of charity, he sees it as the backbone of Muslim civilization. He also highlighted how essential Waqf is in enabling scholars to express their opinions freely in institutions like Al-Azhar.
Many significant institutions in Muslim civilization were based on Waqf, from Baghdad’s House of Wisdom to later institutions like Al-Azhar. It wasn’t just educational institutions or research centers, but hospitals and libraries were also established based on Waqf within Muslim civilization.
Various countries are actively working on Waqf in different ways. In Saudi, Kuwait, Malaysia, Sudan, Indonesia, and other countries, there are various Waqf-based initiatives and institutions. In addition to educational institutions, there are Waqf-based hotels, clinics, housing, ambulance services, and even startup accelerator programs. Non-Muslim-majority countries like New Zealand and Singapore have also established Waqf-based mosques, schools, and Da’wah centers.
Last semester, a brother completed his master’s thesis on Waqf in Bangladesh. During this time, he encountered various challenges. For example, he didn’t receive any response from the Waqf Administration on general statistics, like the number of Waqf estates in Bangladesh. The Bangladesh Bureau of Statistics conducted a survey on Waqf in 1986. From the papers on Waqf in Bangladesh I have read, most of them refer to this single survey. Dr. Foyasal Khan, in a 2010 conference paper, mentioned this survey as the first and last survey on Waqf, noting that it reported over 150,000 Waqf properties in Bangladesh.
Each waqf has the potential to transform an entire community. All that’s needed is proper utilization. It’s doubtful that the government will focus on advancing waqf initiatives in Bangladesh in the near future. In this regard, the role of private initiatives and religious institutions is most important. We need to consider hybrid models that integrate waqf with other instruments like zakat and qard al-hasanah.
Two Success Cases of Islamic Microfinance
Worldwide, microfinance programs tend to have significantly higher interest rates compared to commercial banks. For instance, Grameen Bank’s interest rate is around 20%, while BRAC’s