The potential of waqf in activating idle agricultural land
This paper attempts to analyse the possibility of collaboration of waqf in agricultural land development realizing the farmers’ financial problems in developing their land. The early Muslims made contracts among themselves as individuals without banks, self-regulated by their adherence to shariah...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Kebangsaan Malaysia
2015
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| Online Access: | http://journalarticle.ukm.my/9527/1/11376-30912-1-PB.pdf http://journalarticle.ukm.my/9527/ http://ejournal.ukm.my/pengurusan/issue/view/700 |
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| Institution: | Universiti Kebangsaan Malaysia |
| Language: | English |
| Summary: | This paper attempts to analyse the possibility of collaboration of waqf in agricultural land
development realizing the farmers’ financial problems in developing their land. The early
Muslims made contracts among themselves as individuals without banks, self-regulated by
their adherence to shariah. However, it can be argued that these days the money lenders or
banking institutions have established themselves as the most easily accessible source of
financing. Therefore, the fruits of transaction in the real world depend very much on the
religious sincerity of the bankers. Unfortunately, the bank is an institution, not an individual,
and is unlikely to favour transactions involving mutual trust and risk. Accordingly, it seems
that another practical way to ensure the implementation of Islamic instruments that would
really help rural economies like agriculture in developing countries would be to establish
Islamic trusts (waqf) specifically designed for the purpose. It is believed, eventually, that
appropriate charitable institutions could be approached to create, administer and develop
trust property to be utilized to cater specific needs of Islamic societies. |
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