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All Journal Journal of Regional Development and Technology Initiatives Perwakilan: Journal of Good Governance, Diplomacy, Customary Institutionalization and Social Networks Spektra : Jurnal Ilmu-ilmu Sosial
Aliyu, Shafa'at Ahmad
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Moral Economy and Islamic Ethics: Re-examining Waqf in the Context of Modern Capitalism Muhammad, Adamu Abubakar; Aliyu, Shafa'at Ahmad; Shariff, Ikilima Abubakar; Dalhatu, Rabi Shehu
Perwakilan: Journal of Good Governance, Diplomacy, Customary Institutionalization and Social Networks Vol. 3 No. 2 (2025)
Publisher : IDRIS Darulfunun Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58764/j.prwkl.2025.3.135

Abstract

This study investigates the relevance, transformation, and potential revival of waqf (Islamic endowment) as a foundation for moral economy and Islamic ethics in the context of modern capitalism. While traditional Islamic moral economics focuses on equitable wealth distribution and social welfare, current capitalist institutions frequently favor profit maximization, financialization, and market efficiency. This study looks critically at how waqf has historically reduced socioeconomic gaps and how its ideas might be used in modern economic systems to alleviate poverty, social exclusion, and market failures. The paper proposes a normative framework for incorporating waqf into ethical economic strategies that reconcile moral imperatives with capitalist realities, based on doctrinal analysis of Islamic legal texts, a review of contemporary scholarship on moral economy theory, and case studies of modern waqf initiatives. The findings suggest that waqf can serve as a long-term tool for community investment, social safety nets, and value-based economic resilience if legal reform, governance innovation, and ethical institutional frameworks are achieved. The article concludes by advocating policy and institutional options for reviving waqf within global economic systems while maintaining Islamic ethical integrity and modern market efficiency.
Reinterpreting Waqf in Light of Contemporary Socio-Economic Realities Aliyu, Shafa'at Ahmad; Muhammad, Adamu Abubakar; Ardo, Adam Muhammad; Adam, Maryam
Perwakilan: Journal of Good Governance, Diplomacy, Customary Institutionalization and Social Networks Vol. 3 No. 2 (2025)
Publisher : IDRIS Darulfunun Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58764/j.prwkl.2025.3.137

Abstract

Waqf (Islamic endowment) has historically been a key driver of socioeconomic development in Muslim cultures, funding education, healthcare, social welfare, and public infrastructure. However, conventional waqf administration and utilization strategies have struggled to adequately address modern socioeconomic concerns like as poverty, unemployment, urbanization, financial isolation, and inadequate institutional governance. This research investigates the importance of reinterpreting waqf within the context of present socioeconomic realities while maintaining true to its classical juristic roots. The study uses a qualitative and analytical approach on Qur'anic principles, Prophetic traditions, classical fiqh literature, and modern Islamic finance scholarship to explore how waqf can be revitalized through innovative instruments, institutional reforms, and integration with modern economic systems. The research advocates for a maq??id al-shar??ah-oriented reinterpretation of waqf, which provides for greater flexibility in asset management, investment strategies, and governance structures while maintaining its perpetual and benevolent nature. The findings demonstrate the ability of contemporary waqf models such as cash waqf, corporate waqf, waqf-based social finance, and public-private partnerships to satisfy current developmental requirements in a sustainable manner. The research concludes that reinterpreting waqf in light of current socioeconomic conditions is not a departure from Islamic tradition, but rather a necessary evolution that can reposition waqf as a dynamic tool for inclusive growth, social justice, and sustainable development in today's Muslim world.
Co-Authors Adam, Maryam Ardo, Adam Muhammad Dalhatu, Rabi Shehu Jika, Fadimatu Ahmed Mikail, Usman Jibril Muhammad, Adamu Abubakar Muhammad, Ibrahim Abubakar Shariff, Ikilima Abubakar