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Jakarta Post

‘Waqf’ can help promote inclusive economy

Durham, UK   /   Fri, October 26, 2018   /  09:02 am
‘Waqf’ can help promote inclusive economy In Indonesia, waqf revival has been very significant in the past decades after the consolidation of regulation and bureaucratic procedures in the waqf sector in the form of Law No. 41 of 2004 on Waqf. (Shutterstock/File)

Indonesia with support from the Islamic Development Bank, has reaffirmed its position as one of the world’s Islamic economic and financial catalysts with the launch of the Waqf Core Principle during the recent International Monetary Fund and World Bank Group Annual Meetings.

Following the successful inauguration of the Zakat Core Principle at the 2016 United Nations World Humanitarian Summit in Istanbul, the initiative is part of a broader focus on promoting inclusive economy. Waqf is not only perceived as an Islamic social finance instrument, but also involves the commercial sector. The meetings in Bali attended by 189 countries were therefore a perfect opportunity for the introduction of waqf to the world.

Other than zakat, there are many Islamic finance instruments that can be harnessed to alleviate poverty. Indeed zakat redistributes wealth among p...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.