Legal And Financial Solutions For Strengthening Waqf: The Case of Pakistan

  • Muneer Ahmed Chief Editor


The institution of National waqf/awqaf loses its efficacy in countries where the
awqaf system is nationalized and the system is poorly managed. As a result,
such awqaf directorates are neither self-sustaining nor contributing to the
exchequer. Instead, they require funding from the government to pay salaries
and maintain the assets and programs. The case of awqaf system in Khyber
Pakhtunkhwa, Pakistan is an example of this type. Developing a regional
awqaf system for synchronizing social development with economic progress
must have two things; a) an enabling legal system and b) suitable financial
solutions (funds and products). Both require some innovative approaches. The
paper discusses these in the context of Pakistan for development of
economically backward areas and socio-economic uplift. Regarding financial
products, the case for sukuk-based waqf is presented in detail.