Waqf and its role in the social and economic development of the hashemite kingdom of jordan

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

Waqf and its Role in the Social and Economic Development of the Hashemite Kingdom of Jordan Dr. mousa almanaseer1 Dr.bashar matarneh2 1. Associate Finance Professor .Head of Accounting & Finance Dept. Applied Science University, P.O. Box 5055 Jufair, Kingdom of Bahrain * E-mail of the corresponding author: mousa_almanaseer@yahoo.com 2. Assistant finance Professor .Head of Accounting & Finance Dept. Applied Science University, P.O. Box 5055 Jufair, Kingdom of Bahrain * E-mail of the corresponding author: basharmatarneh@gmail.com Abstract This study aims at recognizing the role of waqf in both the economic and social sectors in the Hashemite Kingdom of Jordan. This study includes a definition of waqf, an abstract about waqf and its development to modern times since the age of the Messenger, peace and blessings of Allah be upon him... The study also shows the most important targets of waqf and the importance of waqf for both the economic and social sectors and the uses of waqf in both sectors.

This study adopted the descriptive methodology to show the role of waqf in both economic and social fields in the Kingdom. It depended on secondary data from previous resources, books, references and literature in the subject, in addition to analyzing the data submitted by the Jordanian Ministry of Awqaf, Islamic Affairs and Holy Places as well as Amwal Development institution?. The study also sought to know the realty of Islamic waqf in Jordan as well as the most important institutions interests and seeking to develop it? The revenues and expenses of Waqf's funds Development Foundation For the period of 2005 -2010 were also reviewed and a set of percentages were drawn up to show the distribution of waqf in the different sectors of the Kingdom.

The study concluded that the waqf funds dedicated to mosques and cemeteries ranks first and dominates all of the waqf funds, whereas there are a few waqfs that contribute to the economy. Despite the existence of huge waqf assets and properties, little has been invested in these assets and properties. Thus, the study recommends working on the following and conducting a campaign to raise public awareness on the importance of waqf for the economy, in addition to increasing the contributions of the private sector to waqf and investing in different projects that serve society.

Keywords : Waqf, the social, economic development 1.Introduction: Waqf is a very old institution known by many nations before Islam. The honorable Islamic Shari’a, regarding waqf, provided it with a detailed legal status and expanded it quantitatively and qualitatively, as waqf in Islamic history was considered to be one of the most important economic resources in an Islamic country. Waqf used to focus on the fields of health, education and social affairs to the extent that it contributed to paying the expenses of military campaigns undertaken in the name of the protection of the Oumma and the advancement of Islam. .

Anyone who reads the history of waqf will discover that it has never avoided any aspect of affairs in life and provided a source of finance even for horses, swords and other military equipment. However, currently little is known about waqf except its name, to the extent that many devout Muslims cannot define it or explain its role.

Thus, this research was carried out to demonstrate this role by highlighting the Jordanian experience in investing waqf, tracing its achievements, showing its importance from both the economic and social points of view and describing its role in undertaking good works.

In this context, it should be noted that the Ministry of Waqf, Islamic affairs and Holy Places in the Hashemite Kingdom of Jordan sought to enhance the waqf funds by establishing an administratively and financially independent investment body to undertake investments aiming at maximizing revenues generated by waqf capital. Therefore, in accordance with the Waqf Law no. 32/2001, the Ministry established the Waqf's funds Development Foundationto undertake the management and organization of the investment of waqf funds in addition to obtaining non-usurious loans for waqf projects. The institution also financed its own investment projects, in addition to speculating in land by accumulating improved and unimproved real estate through Ministry funds. Thus, the institution of waqf plays an important role in the comprehensive development of Jordan. In the social sector, the Ministry has activated the role of the mosques, schools and religious colleges as well as orphanages and health centers. They have also contributed to mitigating the charges on the state treasury in helping the poor, the handicapped, the sick and students through planned expenditures for which a quarter of waqf funds are spent, known as the waqf program system. As for the economy, waqf funds contribute to solving some economic problems such as inadequate housing and commercial buildings. Waqf funds also play a role in promoting agriculture through agricultural development projects and the lease of agricultural lands aimed at 18

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

creating profitable agricultural investments that conform to the Islamic Shari’a.

1.1: Research Hypotheses Waqf contributes to the economy of the Hashemite Kingdom of Jordan.

Waqf contributes to the social sector in the Hashemite Kingdom of Jordan 1.2:The Study Importance The importance of this study derives from the effective role of waqf from the economic and social points of view.

This study aims at assessing the Jordanian experiment in managing and developing waqf funds.

1.3:The Study Objective 1- Recognizing the philosophical framework of waqf in the Hashemite Kingdom of Jordan.

2- Recognizing the waqf reality in the Hashemite Kingdom of Jordan.

3- Reaching findings and recommendations for the concerned persons and decision makers.

2.1 Definition of waqf, evidence of its legal status and different types of waqf: In the Arabic language, waqf means: withholding or prevention, tranquility, silence. It is a word in Arabic composed of three letters and is mostly used in its source? as a past participle form to be spoken as: Waqf which means “withheld”, so it can be used in the dual or plural forms to be pronounced “Waqfan” and “Awqaf”. It can also be used with the sense of “stopping” (ibn Manzour, Lesan El-Arab 9/259- 360) In terminology, scholars have offered many definitions for waqf according to their approaches towards its origins. Abu Hanifa defined it as “withholding property according to the judgment of its owner, and providing charity from its revenues. The meaning implied here is that the property remains in perpetuity under the ownership of its custodian and cannot be disposed of in any way. (Ibn Abedin, 1987).

Shafi’I defined it as keeping of money that may be benefited from the remaining of its property confined as well as the devoting of its profit for charitable purposes. (Khatib 1377 AH- 1958 AD). Hanbali said that Waqf is: the confinement of the property and the devoting of its profit for the charitable purposes for the sake of Allah’s mercy (Bahooti 1414 AH- 1993 AD).

Idiomatically, Maalikis said that Waqf is: the devoting of profit of some property as long as it is existent provided that it shall be owned by the benefactor even if by name. Linguistically, it is (any property that its profit is devoted as long as it is existent) (Manh El-Jalil 4/34 and Gawager El-Ekleel 2/205).

The researcher considers that the most notable and comprehensive of these definitions is this meaning: withholding property and not permitting it to be owned by any person and disposing of its benefits in a permissible manner. This is supported with the narration by Abdullah Ben Omar May Allah be satisfied with them that Omar Ben al-Khattab May Allah be satisfied with him profited some lands in Khaibar and came to the prophet-peace be upon him- for the sake of ruling. He said, “O Messenger of Allah, I’ve profited some lands in Khaibar and I’ve never profited money more precious than these lands. So, what you see?” The Prophet said: “you can confine the assets and charity it” (Bukhari, 1414 Ah-1993 AD). In another narration: “confine the assets and devote the profits”. The saying “Tahbiis” stems from “Habs” which means confinement, that is, the confinement of property and non-ownership of it by any reason of ownership. The saying (Al-Asl) means the confined property and the saying (Tasbil El-Manfa’a) means the devoting of profits of confined property to the intended authorities that are concerned with such confinement.

As for Jordanian civil law based on the Islamic Shari’a law, waqf was defined in Article 1233 as “withholding the property owned from being disposed of and allocating its benefits for charity”. This means removing ownership of this particular property such that it cannot be owned by anyone; it is intended for Allah only. This supports Article 2 of the Jordanian Waqf Law no. 32/2001 defining waqf as “withholding the property of the owner for Allah the Almighty in order to allocate its benefits for charity and for good deeds…”

2.2 Types of waqf :In the texts of the Islamic Shari’a law a waqf is a legal institution established by a living person (waqif, or founder) who holds a revenue property and renders the property inalienable in perpetuity, prohibited from sale, donation, transfer or inheritance. Shari’a law describes three types of waqf: charitable, family and common. a) Charitable or Khairy waqf which the founder directed to charitable organizations at its founding (Yakan, 1388A.H). This includes the abstract religious waqf. It allocates funds for worship in its narrow meaning such as for the construction and/or maintenance of places dedicated to prayer, worship and other religious activities; Charitable waqf allocates properties and funds to the various charitable activities such as healthcare, education, cultural and social services. This type of fund is known to all nations since the beginning of history, but Muslims were those who expanded it in size and purpose. b) Family or Ahli waqf: which the waqf founder dedicated for himself or his family or both, or for a certain person or his family or both, or for the waqf owner and his family and other persons and his family as well. This type of waqf exceeds that known to previous nations and exceeds most of the types to which many western nations have become accustomed. It is a purely Islamic concept created by the Companions of our Prophet, Peace and blessings of Allah be upon Him, after El-Farouq Omar

19

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

registered his own waqf in Khaibar and chose witnesses to it, consequently many companions dedicated many of their properties as waqfs. Some of them stipulated that the benefits of these waqfs should benefit the family in priority, then any charitable cause. c) Common or Mushtarak waqf: which the founder dedicated for charity bodies and for individuals as well.

2.3 historical overview on the emergence and development of waqf legislation in the Kingdom of Jordan.

Waqf matters were regulated in accordance with the waqf management system of the Ottoman Empire until 1280 A.H. When the main law for waqf was issued in 1928 under the Emirate of Transjordan (Imārat Sharq al-Urdan), Article 61 was dedicated to the Islamic waqfs and their administration. The article stated that:“ a special law shall organize waqf funds and properties and the administration of their financial and non-financial affairs. The Waqf Authority shall be considered to be a governmental body”. The public Constitution of 1946 confirmed this law when the independent Hashemite Kingdom of Jordan was proclaimed and which stated that Waqf institutions are legally independent, and waqf funds shall not be integrated with other public funds. This shows the clear understanding of the early legislators of the Kingdom of the importance of waqf and its role in the Kingdom. It also stated that the courts are the only authorities with the right to judge in any matters or issues related to waqf according to the principles of Shari’a law. After the accession of His Majesty King Hussein ibn Talal the Constitution of the Kingdom was proclaimed in 1952. It reaffirmed in Articles 105 and 107 the provisions of Article 61 and the Waqf law passed in 1946 remained in effectuntil 1962.

In 1966, the Waqf Law that currently applies was issued as Law no. 26 under the name of the Waqf Law in Article 107 of the Constitution. Among the most important amendments of this Law was its name which was amended to be “Law on Awqaf, Islamic Affairs and Holy Places” (Salah, 2003).

2.3 The role of Waqf in the Economic Sector: Waqf funds contribute to solving some economic problems such as inadequate housing problems and commercial buildings; they also play a role in the development of agriculture through agricultural projects and leasing agricultural lands aiming at creating revenue-generating activities for beneficiaries in accordance with the Islamic Sharia law. One of these projects is the construction of the Shohada’ Mosque community complex in the Governorate of Karak, an integrated project that includes a mosque, a market, a school, a multi-purpose hall and a library, which contributed to creating many job opportunities and new occupations. It also affected the level of waqf development and increased its resources by leasing and direct utilization of the market and the entry fees for tours of the complex in addition to utilizing remaining vacant project lands in the future. Moreover, an agreement was entered into with the Ministry of Social Affairs to prepare a waqf housing project for the poor in El-Rasifa District. The Ministry of Awqaf, Islamic Affairs and Holy Places awarded a waqf plot of land with an area of almost 50 acres, provided that the Ministry of Social Affairsbuilds housingto provide lodgings for the poor until they are able to afford a house on their own, after which they are required to vacate their housing for others who are in greater need.

One of the most important investment projects that the Ministry has implemented is a construction project of low-rent stores and student housing in Amman/Sowaileh for a cost of 377 thousand JOD. The institution is working on completing some studies for some future projects such as constructing commercial stores and offices in Tafilah with a cost of 450 thousand JOD. The Ministry of Awqaf, Islamic Affairs and HolyPlaces allocated land as waqf to hospitals and health centers and medical pharmacies to provide for the medical treatment ofthe poor and provide them with suitable medications in cooperation with the Islamic Treasury, in addition to providing the necessary support by providing medical prescriptions to the poor from the waqffunds dedicated for this purpose.

2.4 The role of Waqf in the Social Sector:Due to the importance of waqf in the social sector, the Kingdom of Jordan established a ministry for this purpose under the name of the Ministry of Awqaf, Islamic Affairs and Holy Places which has many plans and projects for waqf and was working to meet the goals and objectives of the Ministry within each program plan for the achievement of the general objectives of the Ministry. The Jordanian government helped this Ministry by rising the budget of the Ministry of Awqaf, Islamic Affairs and Holy Places so that it could become administratively and financially independent. The budget subsided was estimated at 13 million JOD in 1999 and the waqf revenues were allocated to some activities, the most important of which was implementing religious rituals that include the building and restoration of mosques and cemeteries, in addition to promoting science and learning by establishing schools and libraries and providing them with the necessary assistance and any other aspect that could benefit society including building and maintaining hospitals, orphanages, cemeteries and all charitable organizations (Salah, Abdel-Fattah, 2003).To demonstrate in detail the role of waqf in the social sector in the Kingdom of Jordan, we explain below in detail the work financed by the Ministry for the benefit of mosques, schools, universities, orphanages and cemeteries.. a) Mosques: The Ministry of Awqaf, Islamic Affairs and Holy Places has included within its plans the establishment of mosques and their main public utilities as well as Islamic cultural centers and

20

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

publishing and distribution centers for the Holy Quran, in addition to providing for their maintenance and restoration. Examples are the reconstruction of Shohadaa’ mosque and the cemetery in the Karak District of Mu’tah and the western shrine. Maintenance and expansion completed have made it possible for these buildings to accommodate 3,000 people for the Prayer, in addition to providing housing for the Imam and the Muezzin, public utilities (running water for ritual ablutions and electricity for night lighting) for the mosque and a hostel for guests. The project also included a library, public spaces and other works. The cost of the project was estimated at 20 million JOD. Another example is the reconstruction of the Mosque of the Prophet Sho’aib near the town of El-Salt and the project to develop the Ahl El-Kahf “the Cave people” site “Al-Raqeem” in Amman, in addition to many other projects currentlyunderway and planned projects for the future. In 2010 in Jordan in 2010 there were about 6,243 operating mosques and 772 under construction. (Ministry of Awqaf, Islamic affairs and Holy Places). b) Schools and faculties of religious studies: The Ministry of Awqaf, Islamic Affairs and Holy Places has established many schools and faculties of religious studies onDa’wa(proselytization) and the history of Islam, and colleges of social sciences. Such colleges contributed to graduating many imam and muezzin qualified to educate and contribute to educating youth correctly on the principles and ethics of Islam. c) Orphanages: The Ministry of Awqaf, Islamic Affairs and Holy Places in Jordan provides support for an important area which is orphanages. The Ministry established a special department for orphanages which is the Amwal Development Institution for Orphans. Moreover, the Ministry established an industrial school to teach different crafts such as carpentry, printing, sewing, machine and vehicle maintenance, in addition to supervising the education of orphans who deserve an education, like all other individuals in society, in cooperation and coordination with the Ministry of Education (Salah, 2003). d) Cemeteries: The Ministry of Awqaf, Islamic Affairs and Holy Places in Jordan has allocated a certain amount in its budget for cemeteries. Part of the waqf revenue is spent on cemeteries following a specific plan. There are a total of 133 cemeteries within the capital borders, 128 of which are Islamic cemeteries managed by the Ministry of Awqaf, Islamic Affairs and Holy Places, and 5 of which are Christian cemeteries managed by the Christian Humanitarian Leagues as well as the Ministry of Health, the Ministry of the Interior and the General Secretary of Amman. While the closed cemeteries throughout the Kingdom number 200 cemeteries according to the 2010 report of the Ministry of Awqaf, Islamic Affairs and Holy Places.

2.5 Waqf Institutions in the Kingdom of Jordan:The Ministry of Awqaf, Islamic Affairs and Holy Places is considered to be the Ministry concerned with waqf. It established the Directorate of Awqaf Properties and the Awqaf Fund Development Institution. Below, some information is presented on each of them.

First: Directorate of Awqaf Properties:The Ministry pays special attention to the waqf properties by preserving the moveable and non-moveable waqf funds in developments, constructions, investments and agricultural projects. Its policy is implemented through the Directorate of Awqaf Properties in such a way as to accomplish purpose of each waqf. , This Directorate also provides for the correct utilization of waqf properties so that they correctly benefit the waqf, and its charitable objectives in the community, in order for the waqf to play its role in contributing to economic and social development and addressing community problems by enhancing the role of the waqf and carrying out their conditions in order to encourage citizens to create endowments of their properties for the purposes of waqf in order to benefit from the reward and compensation of Allah as well as creating a permanent charity that will provide benefits in perpetuity.

The Directorate contributed by increasing the number of waqf properties such that by the end of 1998, they numbered 4,422 plots. Moreover, 32 agricultural projects were implemented in different regions of Jordan with a total area of 1,105 acres planted with different kinds of orchards, the most important of which are the olive groves. An allocation of almost 1,530 acres was made to develop the mosques and cemeteries of the Noble Companions from the North of the Kingdom to the South. Work has started on some of them while on others work is about to be concluded, such as the Mosque of the Noble Companion Abu Obieda Amer ibn El-Garrah.

The revenues from rentals in 1993 reached 610,000.0 JOD and by the end of 1993 reached 940,000.00 JOD according to the estimates of the Directorate of waqf Properties of the Ministry of Awqaf Islamic Affairs and Holy Places.

Second: Awqaf Fund Development Institution:This is a public institution with administrative and financial independence established by the Ministry to be the investment arm that works on developing and investing waqf lands and funds in the Kingdom of Jordan. The institution was established in 2001 and started its work in 2003 in accordance with Article 26 of Law no.32/2001 which states “a public official institution is to be established under the name of the Awqaf Fund Development

21

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

Institution which shall enjoy a separate judicial personality and administrative and financial independence and must be granted financial liability that is independent from that of the Ministry. It shall complete all the legal acts that would enable it to carry out its functions. It may sue and be sued and may assign on its behalf a civil public attorney before the courts or any other attorney it might assign for this purpose� (Waqf Law, 2008). This Institution thus communicates an important message by taking an interest in charitable waqf and working to invest and diversify its investments to serve economic and social development by hiring qualified staff and conducting poverty reduction activities in a way that contributes to achieving the social security of the Jordanian community.

The Board manages this institution is run by a Board of Directors with expertise in public and private sector investments, under the presidency of His Excellency the Minister of Awqaf, Islamic Affairs and Holy Places. The General Director carries out his mandate with the assistance of employees through 15 offices located throughout the districts and regions of the Kingdom. The Institution carries out a number of missions, the most important of which is receiving the rental revenues of properties and leasing existing buildings and agricultural lands, in addition to maintaining and improving waqf properties. The institution also implements investment projects after conducting feasibility studies. The following table shows the reality of waqf in Jordan.

Figure (1) Distribution of waqf investments according to sector Figure 1 shows clearly that of the total there are 321waqf funds in the religious sector or 78%, which is the largest proportion of expenditures, including mosques and building, maintaining and expanding them and working on restoring them, in addition to managing the cemeteries and establishing publishing and distribution centers for the Holy Quran and Islamic cultural centers.

The health sector ranks second with 45 waqf funds or 11% of the total, including waqf properties to build hospitals and health centers and other expenditures. As for the social sector, 26 waqf funds, or 6% of the total, were dedicated for the benefit of orphanages, nursing homes and assistance for the disabled, in addition to providing the main needs of the poor in cooperation with the Ministry of Social Development, while the remaining 18 waqf funds, or 3%, were dedicated to other sectors .

3.1 Prediction Analysis 1-first Table (1) the institution revenues in 2005-2010 Revenues increased gradually from 2005, reaching a peak in 2009, but they declined again in 2010 due to the economic problems that led to a decrease in the number of people in the community who endowed their lands and low rates of apartment rent collection. . In the same year, rental revenues were transferred to the Ministry of Awqaf, Islamic Affairs and Holy Places, which led to the decrease in revenues.

2- Second: Table 2- Expenses in 2005-2010 Expenditures increased gradually from 2005, peaking in 2008. However, they declined in 2009 and 2010 due to the transfer of rentals to the Ministry, which decreased the expenses of maintaining the properties and other problems related to the rental expenditures. The current reality for waqfis that revenues are too low to meet the

22

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

main expenditures of the Ministry, or even its employees’ salaries. This has led successive governments in Jordan to subsidize the expenses of the Ministry of Awqaf, Islamic Affairs and Holy Places and the maintenance of the mosques under the State budgets.

Third: Table 3: proportion of revenues compared with the total Gross Domestic Product during 2005-2010 As regards revenues as a percentage of the Gross Domestic Product (GDP), we notice that it is a very small percentage and is continue in decreasing; even in the best years it never reached 0.03%. However, the Ministry of Awqaf, Islamic Affairs and Holy Places in Jordan is trying to develop and encourage waqf according to Islamic Shari’a law and increase the awareness of the importance of waqf and its benefits for society and the state from all points of view, especially the economy.

As a result, the Ministry is administering waqf lands and funds and managing them by investing in different activities to achieve the greatest objective of waqf which is the reward of Allah. Figure one shows the proportion of Awqaf in different sectors in Jordan Conclusion 1- The study showed that the institution of waqf contributes significantly to society by providing houses for worship and cemeteries for about 78% of the total, which is reflected in the increased social connections among individuals and lower costs.

2- The study showed that revenues are characterized by stability, in contrast to expenditures that fluctuate significantly as many of the main expenditures are incurred by the state.

3- The study showed that there is a weakness in the waqf contribution to the economy as its proportion of GDP does not exceed in the best cases .003%, which shows the lack of awareness of society regarding the importance of waqf in the economic sector.

Recommendations 1- Raising social awareness of the importance of waqf through forums, leaflets and local and regional conferences that shows the role of waqf and its importance in the social sector.

2- The need to amend the laws and procedures related to the management of the waqf institutions in Jordan in order to accelerate procedures.

3- Increase the private sector contributions in waqf through different economic projects.

References 1- Ibn Abedin, 1407 H- 1987. IbnAbedinannotation.”RadAlMehtarAlaAlDorrAlMokhtar” second edition, Beirut, House of Arab Heritage Revival.

2- Ibn Manzour, Lesan El_arab, Beirut, House of Arab Heritage Revival.

3- Abu Qatish, Mohammed Mahmoud, 2002, role of waqf in the sustainable social life, Master Thesis, Jordan University.

4- Al-Azhari, Salih Abdel-Sami’ AlAbi, Jawahr El-Iklil, sharh Mokhtasar Khalil, part 2. Cultural library.

5- AlBokhary, Abdullah Mohamed ibn Ismail, 1414Hijri- 1993, Sahih El-Bokhary, Ibn Kathir house, fifth edition. Edited by Mostaphadeib ElBogha.

6- ElBahoty, Mansour ibn Younis ibn Idris, 1414-1993, SharhMontaha AlIradat Almosama, Daqa’eqElNohaLesharhElMontaha- Beirut, first edition, books world.

7- Inistry of Waqf and Islamic affairs and sacred places, 2008, legislations of the Ministry of Waqf in the Hashemite Kingdom of Jordan.

8- ElHaggar, Tareq Ibn Abdullah, 1423 H/2002 “History of Waqf Schools in the prophet city”, the Islamic university Magazine in Medina. Issue 120 and issue 30, scientific research deanship.

9- ElHattab Kamal Tawfeeq, 2006, Waqf titles and its role in development, A Master’s Thesis, Yarmouk University.

10-ElKhatib Mohamed El-Sherbiny, 1377-1958, Maghna El-Mohtag, Baby ElHalabi& sons printhouse in Egypt 11-ElRahahela, Mohamed Yassin, 2004, the accountant and monitoring aspects of waqf in Jordan 12-ElZarqa, Mostafa Ahmed, 1418- 1997, waqf provisions, first edition, Ammar house.

13-El-Zarkashi, Mohamed Ibn Abdullah, 1412 -1991. SharhElZarkashi, Riyadh, ElAbikan bookstore, edition on, AbdulahElGebreen.

14-ElSarhan, Abdullah ibn Nasser, 2006, directing waqf banks towards meeting the needs of the society 15- ElSakran, Turki Ibn Abdullah Ibn Hamoud, 1430. Role of waqf in taking care of the handicapped. A research submitted to the third conference of waqfs (The Islamic Waqf, managing and building a civilization), 18-20 Shawwal 1430- the Islamic University in Median

23

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

Study Model Independent variable

dependent variables Economic field Social field

Waqf

First: Table (1) the institution revenues in 2005-2010 2010 2009 2008 2007 1,936,000

2,309,000

2,203,000

2,118,400

2006

2005

Year

2,115,300

2,113,000

Revenues

Development Institution, General Director of Administrative and Financial Affairs and the researcher’s own work)

Figure 2: Revenues

Second: Table 2- Expenses in 2005-2010 2010 2009 2008 517,557

1,081,468

2,159,803

2007

2006

2005

‫ا‬Year

1,628,518

1,109,461

970,200

Expenses

(Source: Awqaf Fund Development Institution, Director of Administrative and Financial affairs and the researcher’s own calculations)

24

Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.5, No.15 2014

www.iiste.org

Figure 3: Expenditures Table 3: proportion of revenues compared with the total Gross Domestic Product during 2005-2010 2010 2009 2008 2007 2006 2005 Year 0.0001

0.00013

0.00024

0.00024

0.00024

0.00024

Expenses

(Sources: Awqaf Fund Development Institution, Director of Administrative and Financial Affairs and the researcher’s own calculations)

Figure 4: Revenues compared with Gross Domestic Product (GDP)

25

The IISTE is a pioneer in the Open-Access hosting service and academic event management. The aim of the firm is Accelerating Global Knowledge Sharing.

More information about the firm can be found on the homepage: http://www.iiste.org CALL FOR JOURNAL PAPERS There are more than 30 peer-reviewed academic journals hosted under the hosting platform.

Prospective authors of journals can find the submission instruction on the following page: http://www.iiste.org/journals/ All the journals articles are available online to the readers all over the world without financial, legal, or technical barriers other than those inseparable from gaining access to the internet itself. Paper version of the journals is also available upon request of readers and authors.

MORE RESOURCES Book publication information: http://www.iiste.org/book/

IISTE Knowledge Sharing Partners EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open Archives Harvester, Bielefeld Academic Search Engine, Elektronische Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial Library , NewJour, Google Scholar