Articoli

WAQF: A CONTRIBUTORY TOOL FOR BRIDGING INFRASTRUCTURAL DEFICIT IN NIGERIA


Abstract


This paper seeks to examine waqf as a tool for bridging infrastructural deficit in Nigeria. Infrastructure has always been the bone of contention in Nigeria due to its inadequacies and couple with its role to economic growth and development. Successive administrations have done their part towards resolving the infrastructural gap but it still persists, coupled with an increasing population. However, plans and strategies such as creating rooms for Public Private Partnership (PPP), Sourcing for funds within and outside country etc have been rolled out. Though, some of these steps have further widened the expenditure profile of the government via debt servicing. Despite all this moves it is yet to fill the infrastructure deficit. Thus, this calls for a waqf system, an aspect of Islamic social finance. This paper revealed the various conceptual definition of waqf, its types, permissibility and how is to be managed. However, a government budget constraint function was introduced to analyze how waqf can contribute in bridging infrastructural deficit which was further supported by adopting a modified revenue function via assumption that it only considers the population statistics of Nigerian citizen within the ages of 15-64yrs, N20 will be contributed per week and 5% level of cash collection error rate will be considered. The study revealed that Nigeria could earned a projected amount of about N1.4b and N5.8b weekly and monthly respectively which will amount to N76b yearly if for instance the cash waqf is adopted. This means that there will be some boast on the government revenue and if such fund is expended on certain components of developmental expenditure, it will go a long way to bridge infrastructural deficit. The study recommends legislation of act setting up waqf, public awareness should be properly done etc.


Keywords

Waqf, Infrastructure, Shariah, Budget function, population

Full Text:

PDF


DOI: http://dx.doi.org/10.13135/2421-2172/2667

References


Anselem k 2017.” Investing in Nigeria's Infrastructure” viewed 23 August 2017. < https://www.stearsng.com/article/investing-in-nigerias-infrastructure>

Azniza, H A & Mohamed, A H 2015, “The Possible Role of Waqf in Ensuring A Sustainable Malaysian Federal Government Debt” Procedia Economics and Finance. ScienceDirect. No.31 Pp. 333-345

Badeshi (2017). View. 29 September 2017; www.budeshi.ng/#menu>chooseadataset>NationalPrimaryHealthCareDevelopment

Business Day 2017.” Addressing Nigeria’s infrastructure deficit” Viewed 23 August 2017 < http://www.businessdayonline.com/addressing-nigerias-infrastructure-deficit/>

Budget office of the Federation 2017, “2017 Appropraition (Harmonised bill). Viewed 29 September 2017, < www.budgetoffice.gov.ng/index.php/2017-approved-budget>.

Building Contractors Secret (2017) Viewed 28 September 2017; www.buildingcontractorssecrets.tk/2017/06/what-would-it-cost-to-build-a-standard-2-bedroom-flat-in-nigeria.html?m=1

Castle (2017). View; www.castle.com.ng/magazine/article/CONSTRUCTION/67; Cost of Boreholes ranges from N150k- N1,000,000 depending on location

Fidelis O. Nedozi1, Jude O. Obasanmi2 and J. A. Ighata 2014.” Infrastructural Development and Economic Growth in Nigeria:Using Simultaneous Equation” J Economics, Vol 5. No.3. Pp. 325-332

Gramlich, E 1994. “Infrastructure Investment; A Reviewed Essay” Journal of Economic Literature. Vol.32, No.3. Pp.1176-1196

Jaiyeoba, HB, Ndzembanteh AN, Traore I, Md Yousuf H, Mory FS 2015,” Financing And Developing The Agricultural Sector Through Cash Waqf: An Analysis Of Cash Waqf Using The Mudarabah Approach”. South East Asia Journal of Contemporary Business, Economics and Law. Vol.6, no.1, Pp. 66-81

Kahf, M 2015,” Waqf: A Quick Overview”. Viewed 29 September 2017,

http://monzer.kahf.com/papers/english/WAQF_A_QUICK_OVERVIEW.pdf>

Kahf, M 2007,” Role of Zakah and Awqaf in Reducing Poverty: A case for zakah-awqaf-Based Institutional Setting of Micro Finance”. Paper presented at the “International Seminar on “Islamic Alternative to Poverty Alleviation: Zakat,Awqaf and Micro Finance” April 21-23,2007, Bangladesh. In Foyasal, K, “ Waqf: An Islamic Instrument of Poverty Alleviation-Bangladesh Perspective. Thought on Economics. Vol. 22, no.3.

Karls, T 2015.”Bridging infrastructure development gaps in Nigeria” The Guardian Nigeria Newspaper. Viewed 23 August 2017. < https://guardian.ng/features/focus/bridging-infrastructure-development-gaps-in-nigeria/>

KPMG Report 2007. “ Building for Prosperity-Exploring the prospects for Public Private Partnership in Asia Pacific. Hong Kong. KPMG International. P.12

Magda Ismail, A, (2008).” Cash Waqf A New Financial Product Model Aspects Of

Shariah Principles On ITS Commercialization”, This paper is presented at Islamic Banking, Accounting and Finance Conference (iBAF 2008), organized by Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 28-29 July 2008 at The Legend Hotel, Kuala Lumpur 2008

Masoud A 2015, “Role of Waqf in Sustainable Economic Development and Poverty Alleviation: Bangladesh Perspective”. IISTE- Journal of Law, Policy and Globalization. vol.42, pp. 118-130

MerriamWebster2017, “Waqf” Viewed 22 May 2017, https://www.merriam-webster.com/dictionary/waqf

Michael MOE 2016. “ The Dynamics of Infrastructure and Economic Growth in Nigeria”. Journal of Global Economics. Vol4. No. 1. Pp.1-9

Mohamed, U, Shahida, S, Abdul, G, & Zaini, E. 2012. “Tackling Poverty: A Look at Cash Waqf”. Prosiding PERKEM VII, pp. 1611-1623.

Mohammad, A B 2014, “The Significance of Waqf For Economic Development” Equilibrium vol.2, no.1 pp. 19-34

Mohsin, MI2008, “Cash Waqf: A New Financial Product Model Aspects Of Shariah Principles On ITS Commercialization”, This paper is presented at Islamic Banking, Accounting and Finance Conference (iBAF), at The Legend Hotel, Kuala Lumpur.

National Planning Commission. 2013 “Nigeria’s $8b infrastructure deficit” – Daily Independent | The Citizen. Viewed 23 August 2017.< http://thecitizenng.com/public-affairs/nigerias-8b-infrastructure-deficit-daily-independent/>

National Planning Commission 2015.” Nigeria’s Current Infrastructure Stock and Investment Level” viewed 05 September,2017

Nigeria Sovereign Investment Authority 2015” Nigeria Infrastructure Fund” Viewed 05 September,2017.

NigeriaDataPortal 2017, “Population Distribution by Age 2006” Viewed 29 September 2017,https://nigeria.opendataforafrica.org/xlomyad/population-distribution-byage-2006>

OnlineNigeria 2003 “Pre-Oil Boom Era (1960-1970)” Viewed 30 August 2017,www.onlinenigeria.com/economics/?blurb=489

Pengenalan Wakaf 2015, Yayasan Waqaf Malaysia: Viewed 20 April,2015,

Sadeq, A M. 2002. “Waqf, Perpetual Charity and Poverty Alleviation”. In

Masoud A 2015, “Role of Waqf in Sustainable Economic Development and Poverty Alleviation: Bangladesh Perspective”. IISTE- Journal of Law, Policy and Globalization. vol.42, pp. 118-130

Shaham, R 1991, “Christian and Jewish "waqf" in Palestine during the Late Ottoman Period”. Bulletin of the School of Oriental and African Studies, pp. 460-472.


Article Metrics

Metrics Loading ...

Metrics powered by PLOS ALM

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

EJIF - European Journal of Islamic Finance has been approved for inclusion in ERIH PLUS and in DOAJ 


Indexed by
EBSCO Discovery Service e Arab World Research Source: Al Masdar


European Research Centre for Islamic Finance www.ercif.org 

Registrazione Tribunale di Torino n.: 29
data registrazione: 21.10.2014
ISSN 2421-2172
Direttore responsabile: Paolo Biancone

Università degli Studi di Torino

___________

Licenza Creative Commons

EJIF content is licensed under a Creative Commons Attribution 4.0 International License.