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Journal of King Abdulaziz University, Islamic Economics, vol.37, no.2, pp.3-28, 2024 (Scopus)
Waqf holds profound significance, extending beyond its economic role, rooted in the concept of qurbah—seeking closeness to Allah Ta’ālā. It embodies perpetual worship ('ibādah) dedicated to serving the needy and virtuous causes while maintaining a vital nexus with the economy as a charitable endeavor for producing added value. This study descriptively explores this nexus by analyzing the Turkish awqāf sector and its economic contributions. In Türkiye, the awqāf SECTOR comprises fused (mazbût), annexed (mülhak), new (yeni), community (cemaat), and state awqāf, along with corporate awqāf, waqf universities, and waqf healthcare institutions. Fused and annexed awqāf represent the Ottoman waqf tradition, while state awqāf redistribute the government revenue sources by providing aid to the poor and disadvantaged. Community awqāf, apart from their hospitals, have limited contributions. New awqāf represent contemporary models with diverse revenue sources, making the most substantial contribution to the Turkish economy. Turkish awqāf play a significant role in providing public services, notably in higher education, industrial manufacturing (especially for defense sector), research and development, healthcare, and social assistance, primarily through corporate awqāf and waqf universities. As a result, they foster economic growth by expanding capital stock and investments while aiming to improve income distribution and the welfare of the poor.