DEVELOPMENT PROSPECTS OF THE "WAQF" FUND

Abstract

Since the spread of Islam, Waqf funds have performed a certain function of the state by providing economic and material social protection to low-income families in the society. Through waqf institutions, wealth was redistributed by the rich to the needy part of the population. That is, the rich donated their wealth to the waqf fund, and the needy section was financed from the waqf fund. As a result, the strong stratification between the rich and the poor was avoided. Based on the ideas of the modern capitalist concept, today the rich are getting richer and the poor are getting poorer. It doesn't matter if we call it market economy or digital economy, they are all models that complement each other logically. These models are concerned with how a person can make more wealth. As a result, 827 million people are condemned to poverty today, which is more than 10% of the world's population.