Potential of Waqf in Enhancing Brunei Darussalam's Economy

Abstract

Waqf institutions used to be a renowned philanthropic tool simultaneously used in generating economic activities and ensuring a continuous accumulation of benefits to the society. The contribution of waqf in Brunei Darussalam are mostly channeled towards religious purposes such as mosques and cemetery to the extent where its potential as an economic booster has been neglected. This has made waqf a missing commercial manner in our economic system that needs to stand out in promoting economic growth. Thus, this research attempt to determine the crucial factors that limit the potential of waqf towards enhancing the economy. Current utilization of cash and land waqf in Brunei Darussalam will also be highlighted in order to measure the involvement of waqf towards the economy. This research uses a qualitative method which is based on in-depth interview sessions with several government bodies related to waqf practices in Brunei Darussalam. The significance of this research is to assist the highest authority and related government bodies in developing and widening the potential of waqf towards economic purposes. It will also give a broad view on the potential of waqf as an economic booster. It is concluded that the potential of waqf towards enhancing the country's economy is underdeveloped.