showing your support to our Infaq Campaigns!
For every cent means saving a precious life.
Waqf is an important institution in the Islamic social framework. It can harness the potential of selfless charitable giving in an effective way for better economic impact in the targeted social segments of society.
But today, we witness the downfall of the Waqf institution due to a couple of factors. Thus, many people are unable to benefit from Waqf the way it should be.
Here are some example of the arising issues pertaining to Waqf institution.
Waqf property should be managed by qualified, knowledgeable and professional managers who are well acquainted with Islamic as well as country laws to make right symbiosis for attaining the performance goals in the Waqf systems. In some incidents the Waqf lands are managed by non-Muslims who are not really competent to run that venture in head as well as heard and beliefs.
Waqf asset is left idle due to some procrastination in the management process. The notable factors that lead to the procrastination consist of properties given out orally without any registration and documentation, and accounting practices are not in compliance with the Islamic accounting norms.
Complexity in the possession of land property makes sale and purchase restricted in the formal market, while in leasing and rental markets these are often rented below the market price and so on. Such a difference between the leased value and market value of the properties may open the doors of numerous menaces including corruption.
Waqf revenues are insufficient to bear the operational cost, Waqf properties has no self-generating income and unproductive, delay in the earning of the compensation in the acquisition of Waqf properties, procrastination in the istibadal and irregularity in receiving the benefit of the Waqf properties by the maukufalaih (beneficiaries).
Thus, the responsibility of the Muslims now is to look back and work out on these flaws and flourish the Waqf institution once again for the benefit of future Ummah.
