Waqf as Economic Matters but Being Left Out as Policy Tools

The aim of this paper is to revisit on the possibility to reintroduce the waqf as policy instruments for economic development. This study is motivated by our findings that waqf are considered as economic matters in three aspects: ownership, tools for intergenerational transfer, investment and sources of revenue and expenditure. Subsequently, we suggest to record these activity in the State of National Account. However, the current practices of transmitting the waqf via NPO and Islamic microfinance lead us to narrow the scope of recommendation to only fiscal policy. The related policy that could contribute to a very large and significant development and welfare of the community is being left out. Therefore, in this paper, we suggest a social security policy, which is intended to achieve the prosperity of society.