>From Prof Adi
Salaams to all, Just a quick short note: The waqf and market do not have to be an either-or, mutually exclusive thing, meaning, a creative and productive symbiosis between the two can be (re?) instititionalised (has actually been institutionalised in the past), for, to a large extent, waqfs and trusts derive their income from prudent investments in the market (private enterprise) sector. A mechanism can be worked out and then tested out on the ground through pilot projects (to provide proofs of concept) funded by local, regional and international economics research grants. I'm willing to collaborate actively in this endeavor, through a research unit which I'm setting up at IIUM. My hunch is that even Western economic think tanks will want to collaborate with us, given the serious rethinking now going on there due to the global financial meltdown. One big advantage of a creative dynamic revival of waqf is an enormous increase in EFFICIENCY by cutting out from the econometric equations one big unreliable and clumsy variable, bloated government bureaucracy, the biggest of all "free-riding" middlemen. Thanks, adi On Mon, Dec 22, 2008 at 5:40 PM, Surya Darma <[email protected]> wrote: > Assalamu 'alaikum wa rahmatuLlahi wa barakatuh, > > > Dear friends, > > > This is another response to Gconomics, this time from Messr Mahmood Shafqat > of Pakistan. I whole-heartedly agree with the need for inclusion in > Wikipedia. > > > For information, I am doing some sort of cash waqf initiative in the mould > of Gconomics utilising Dr Monzer Kahf's kind help. Email me further if this > interest you. > > > I think Prof Adi will have some response towards the second paragprah. Can > Gift economy replace market economy? My answer tends towards yes, we have > to, but I am still travelling heavily and would let Prof Adi answer first, > again. > > > With best wishes > Surya > > > > > ---------- Forwarded message ---------- > From: "Mahmood Shafqat - IBD" > To: <ibfnet@ > Date: Thu, 18 Dec 2008 14:29:20 +0500 > Subject: RE: [IBF NET] Can We Make the Gift Economy Work? > > This mail and the mail on Gconomy reminds me of the wonderful philanthropic > contributions of Muslim civilizations through the ages, which need to be > included in the references on Wikipedia. As per my knowledge, and please > correct me if I am wrong, this kind of economy was institutionalized in the > form of Waqf in Muslim societies and Trust in others. The universities > (madaaris) were supported by properties, the income from which was dedicated > to them. Similarly many non-Muslims established hospitals, colleges, etc. as > Trusts which are running successfully. > > > > In my view, setting up Awqaf (plural of Waqf) can be one of the powerful > ways to institutionalize the Gift economy. It might not altogether replace > the Market economy, because people do need a respectable source of living in > this world, however, keeping in view the teachings on Infaq in the Holy > Quran, it needs to be institutionalized. Further the blessings promised for > Infaq alongwith its ethics also need to be widely circulated in order to > motivate the people. > > > > Best regards > *Mahmood Shafqat > > * > > *Mahmood Shafqat* > > Senior Joint Director > > Islamic Banking Department > > State Bank of Pakistan > > > > > > -- > This message and any attachments (the 'message') is intended solely for the > addressee(s) and is confidential. If you receive this message by mistake, > please delete it and notify the sender at once. Any use not in accordance > with its purpose, and/or any dissemination or disclosure, either whole or > partial, is strictly prohibited except with formal approval. The Internet > cannot guarantee the integrity of this message. Surya shall and will not be > liable for the message if modified. The recipient should check this email > and any attachments for the presence of viruses. Surya accepts no liability > for any damage caused by any virus transmitted by this email. > -- This message and any attachments (the 'message') is intended solely for the addressee(s) and is confidential. If you receive this message by mistake, please delete it and notify the sender at once. Any use not in accordance with its purpose, and/or any dissemination or disclosure, either whole or partial, is strictly prohibited except with formal approval. The Internet cannot guarantee the integrity of this message. Surya shall and will not be liable for the message if modified. The recipient should check this email and any attachments for the presence of viruses. Surya accepts no liability for any damage caused by any virus transmitted by this email.
