The Roles of Cash Waqf in Improving the Economic Welfare: Case Study of Turkey

Awqaf play important role in advancing the economy and prospering the Islamic community in many places in the World. While the concept of Cash Waqf means a trust fund established in order for supporting services to human beings in the name of Allah in form of cash or liquidity. The objective of the paper is to analyze the roles of cash waqf in enhancing economic welfare in Turkey and study how this cash waqf can affect the economy positively. Applying qualitative methods this paper found that implementing efficient cash waqf will add a very important role in ensuring an equal distribution of wealth among people, decreasing the government liability, reducing the poverty levels, improving and strengthening the economy of Turkey. In addition, the waqf assets could be enhanced and developed in a more innovative and creative way which is the most significant and relevant in the current scenario.