Combining the concept of waqf and Islamic tourism to create a sustainable fund to alleviate poverty
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The term universality has many meanings. The Webster Dictionary defines the term as: "of or pertaining to the universe; extending to, including, or affecting, the whole number, quantity, or space; unlimited; general; all-reaching; all-pervading; as, universal ruin; universal good; universal benevolence or benefice." For the purpose of this article, the meaning of universal would be restricted to 'unlimited', 'general', 'all-reaching', and 'all pervading only. The objective of this new concept proposed is to ensure that the universality aspect of Islamic finance is reflected in one concept using different mechanisms used in it. The government of the Maldives, via the Maldives Center for Islamic Finance, is embarked in implementing an innovative concept of Islamic finance that could combine the concept of waqf and Islamic tourism to create a sustainable fund which will be utilized to alleviate poverty. This concept is similar to the story of Robin Hood.
Waqf , Islamic finance , Islamic tourism
Muneeza, A. (2016). Combining the concept of waqf and Islamic tourism to create a sustainable fund to alleviate poverty. Islamic Finance News, 13(38), 21-22.