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  • Essay / Importance of Waqf - 2407

    This research paper attempts to give some substance to the responsibility in the management of products and services based on Waqf (Pl. Awqaf), it is also explained that the use of waqf as a means of creating a sustainable Islamic financial growth through the implementation of microfinancing modalities, in particular, aimed to promote within the framework of Maqasid Al-Shari'ah and the accounting aspect. The results also indicate how to integrate waqf financing models effectively and efficiently into “Waqf Dual”. Accountability Model” to enhance the feasibility of a standard regulated framework for waqf activities, while strictly adhering to Islamic principles and without deviating from the Islamic worldview, i.e. Maqasid Al-Shari' ah. Literature Review Waqf or Islamic endowment is a well-recognized discussion in the field of Islamic microeconomics and previous researchers have delved into various complex and controversial issues regarding waqf in general and cash waqf in particular. Furthermore, the concepts of responsibility to commercial organizations and responsibility to non-profit organizations are examined and analyzed. This aspect is discussed by Shadul Hameed Hj Mohmaed Ibrahim and Hidayat Ihsan. The approach taken by contemporary scholars regarding the institutionalization of waqf and waqf-based financing through cash waqf is commendable. Most recent publications focus primarily on cash waqf and considerable attention is also given to the development of waqf property. In the works of Munzir Kahf and Ahmed Habib, which mainly emphasize the importance of developing waqf property and maximizing the maximum benefits of waqf financing, by doing so the state can also establish more constructions. ..sset.In addition to using waqf properties for rent and rental to generate income for waqf financing. MFIs can also invest in low-risk assets, and the yield generated could be used for waqf financing activities as mentioned above. The Impact of Waqf Institutions in the Golden Age of Islamic Civilization In conclusion, I say that the main object of Islamic economics is not profit maximization or industrial expansion rather aims to preserve the well-being and social well-being. Islam came to humanity as mercy and blessing and to ease the burden. The main objective is therefore to eradicate poverty and famine, it is a tool to help the poor and get them out of their code of poverty to be able to become a self-sufficient or independent society. The idea of ​​cash waqf financing can therefore play a central role in realizing this dream that the world hopes to see.