SUKUK Product WAQF, Can be Considered as a Lever Innovative for the Financing of Development in Islamic Countries?
The forms of charity based on the principles of Islam such as Zakat (alms "obligatory") and the Waqf (godly foundation) have proved through the centuries their paramount importance in economic and human development. Each of these two sources constitutes a complete economic system designed to reduce the gap between the different social strata by encouraging productive investments and the entrepreneurial spirit. Despite this importance, Zakat and Waqf remain today in the margins of economic and financial policies, which prevents them from to play their part in the fight against poverty and unemployment. The purpose of this study is to propose avenues for reflection to determine the management and investment strategies to enhance the skills of charitable fund for economic development. We will try to answer the following questions: What are the economic missions of Zakat? and Waqf? Can Islamic charity be used as an innovative lever for development finance? How to mobilize these flows to make them productive? Drawing on the experience of a few countries in the Arab world, exactly in Algeria, our paper shows that sound governance and tax benefits are important factors in supporting charities. Furthermore, investing in charitable funds based on the necessary expertise in finance Islamic, ensures more sustainable returns than if they were paid directly to charities. Finally, cooperation between the organizations of national development and structures of Waqf and Zakat strengthen the capacities of these two bodies in the fight against poverty and exclusion social.
Keywords - Charitable Funds, Zakat, Waqf, Poverty, Investments, Development Economic, Islamic Finance. Arab Countries