Question

Question

What kind of programs and activities do you propose for poverty eradication in your hometown? Please relate to Islamic financial economics.

Answer 1

Poverty is a socio-economic problem which is seen all over the world. Poverty can be described like not having enough financial capacity, resources and opportunities to secure basic necessities of life. In Islamic financial resources waqf plays a prominent role in providing and meeting social and economic obligation and basic human requirement of life like;

1. Religion
2. Physical self
3. Knowledge
4. Offsprings
5. Wealth

Waqf penetrates all sectors like agriculture, industrial and show economic sectors. Waqf is a non-transferable religious donation governed by Islamic law. Poverty eradication programs and activities are as follows;

1. Food and health care has to be supported by funds in the form of simple charity to protect both the rich and the poor.
2. Profits from charitable assets must be distributed to the poor.
3. Provide shelter for the poor.
4. Deliver water to a locality.
5. Supplying foods for some internally displaced persons.
6. Hospital for children's treatment.
7. Education must be sponsored by religious contribution which covers books library stipends to students which in turn help poor to get education.
8. Government must provide public goods for social welfare.
9. Endowment needs to be established for the supply of wedding outfits to girls of poor families.
10. The government must create skills and entrepreneurship centres to disseminate knowledge and coach skill in entrepreneurship development to enhance microfinance among the poor.

To conclude, if the government initiates these programs to certain extent poverty can be reduced and we can see economic development contributing to sustainable growth.