Towards the Development of a Framework for Islamic Micro-Waqf: Mechanisms, Methodology and Model Formulation

Abstract

This article has a twofold purpose: firstly, to make a modest scientific contribution towards constructing a specific theory of micro-waqf, secondly to present a proposal concerning the implementation of a network system of micro-waqf structures. After introducing the concept of micro-waqf and its jurisprudence, we tried to justify its financial importance and analyze its operational linkages, through a schematic and mathematical representations, giving an example on the calculation of the estimated recipe of micro-waqf, We brought forward a proposal to developing an “micro-waqf network system” that will link the different structures concerned by this type of waqf, within the framework of the cooperation and synergy principles, in order to maximize the social and economic utility expected from this system.

Keywords: waqf, micro-waqf, micro-waqf network system, solidarity-based finance.