Waqf And Zakat: Distinctive Financial Instruments For Achieving Development And Fighting Poverty

Abstract

E Both Zakat and Waqf have directly contributed to addressing many economic and social problems in the Islamic world. As a result, they have emerged in the current era as tools to reintegrate them into contemporary economic life, which has somewhat failed in its attempt to eradicate the phenomenon of poverty. Algeria, like other Arab and Islamic countries, has sought to integrate zakat and waqf into economic activity because of their significant impact on solving social problems and their ability to contribute to achieving economic and social development. Since independence, Algeria has made many legislative and legal changes that have greatly contributed to the recovery and organisation of Waqf properties, as well as the organisation of Zakat and the establishment of some funds that collect Zakat revenues and reinvest or distribute them to the poor and needy.

This research paper has attempted to address the effective role played by both Zakat and Waqf in development and the eradication of poverty, as well as the reduction of unemployment, while highlighting the Algerian experience through its adoption of the Zakat Fund and the Waqf Fund.