There a several ways to build the Muslim community. One of them is through waqf. When administered and managed effectively, as it is done using Finterra’s WAQFChain platform, waqf has the potential to empower the community among other benefits.
One way of empowering the community is through employment. With waqf tools, funds can be provided to make promising businesses flourish. With this comes the ripple effect for a more productive society, reduced poverty and prosperity in the society.
Another way waqf can empower the community is by providing education. Waqf is not just reserved for mosques, cemeteries or Tahfiz schools. Conventional education can also be provided through waqf. There is no doubt that education empowers the community.
A third way waqf can be used to build the community is by providing healthcare. A healthy population is more productive and will automatically become more prosperous. A healthy society also experiences a ripple effect for greater benefits in education.
A fourth way in which waqf can be used to build the Islamic community is by providing housing. A good example of this is in Penang, Malaysia, where the State Islamic Religious Authority partnered with a property developer to come up with a profit-sharing venture to provide housing.
A fifth way waqf can be utilised in building the Islamic community is through the redistribution of wealth.
A sixth way waqf can be used to build the Islamic community is by providing physical infrastructure such as roads, bridges and parks. One advantage of waqf providing these facilities is that it reduces the Government’s financial burden and frees up resources for other uses.