Waqf and Development: A Study of Economic Potential of Waqf in Bhopal, Madhya Pradesh

Waqf and Development: A Study of Economic Potential of Waqf in Bhopal, Madhya Pradesh

Naila Iqbal Qureshi Khan (PNU, India)
DOI: 10.4018/978-1-7998-1245-6.ch005

Abstract

Waqf is a Sadaqah Jariyyah, a Capital Gift to Allah which is useful for Sustainable development and beneficial to Muslim, Poor, Marginalised, and disadvantaged communities. The important thing is waqf properties must be used for the benefit of needy. It can be achieved through investing the waqf in infrastructure development through the generation of profits from waqf infrastructure and utilization of Waqf property by common and needy public. The proper management of waqf properties through modern techniques of risk and asset management so that maximum benefits can be achieved through any Waqf property is the need of time. The history of Waqf is very old in Madhya Pradesh and this research is undertaken to study the methods used to commercially develop Waqf lands which are regulated by waqf board of MP located in the state of MP. The researcher is trying to find out the potential of economic development through waqf properties in MP and the welfare which can be achieved of poor and marginalized classes in this chapter.
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Introduction

Methods of Charity in Islam

Charity is one of the best ways to bring ourselves closer to God and increase our faith. The Prophet (pbuh) said: “The believer’s shade on the Day of Resurrection will be his charity.” -Al-Tirmidhi

There are several different ways to give charity and fulfil this important duty as a Muslim:

  • Provide Money to the poor and needy.

  • Volunteering your time for the benefit of needy or for religious work.

  • Give a Smile to everyone.

  • Picking something up out of the road.

  • Give Advice where needed.

  • Tasbeeha, taking the name of Allah.

Waqf is one of those rare charities which last even after the waqif or Donor is gone. That is why so much importance is given to waqf in Islam.

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Waqf: Meaning, Importance And Its Use

A waqf or mortmain property, is an inalienable charitable endowment under Islamic law, which typically involves donating a building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust. The person making such dedication is known as waqif, a donor.

Key Terms in this Chapter

Social Security Waqf: This waqfs Operate as the social security institution. These waqfs helped people in distress and need.

Waqf Waters: Providing water for public use and drinking is a key waqf objective, and weirs, wells and fountains are common all over the cities of the world.

Soup Kitchen Waqf: In the Anatolian Seljuk cities, waqf founders often donated property in the form of buildings, which they allocated for charitable institutions known as imarat (soup kitchen) to serve the entire population. They also donated a portion of their wealth to create an annuity trust whose revenue was used to keep the soup kitchen going by covering its expenses.

Posterity Waqf: Posterity waqfs were established on land allotted to dervishes - the most important agents in the Turkification of Anatolia - starting in the marches or border regions.

Waqf Libraries: One important aim of waqfs is to promote public education. To this end, public libraries are built as part of the complexes commissioned by the rulers.

Women’s Waqf: Women’s waqfs also occupy an important place in waqf tradition. It shows women’s contribution to social and economic life.

Revenue Waqf: Economically profitable investments were sometimes registered as investment or revenue waqfs in Seljuk cities. Revenues generated from rooms in inns that had been donated as such waqfs were used, for example, to cover the expenditures of the city’s madrasas.

Dervish Lodge Waqf: Waqf set up by benefactors to meet the needs of the dervish lodges and ensure they could provide their full line of services is called dervish lodge waqfs.

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