Realizing the Pristine Islamic Economics and Social System Through Gold- Based Productive Waqf: Introducing the Ubaid Waqf Economy Model for Empowering Businesses and Individuals


Ahamed Kameel Mydin Meera
Sultan Azlan Shah University, Bukit Chandan, 33000 Kuala Kangsar, Perak
Mohamed Mahees Raheem
Effat University, Qasr Khuzam St. Kilo. 2, Old Mecca Road, P.O.BOX 34689, Jeddah 21478
Abu Ubaidah Kemin
Waqafa International Sdn. Bhd., Jalan Raja Muda Abdul Aziz, Kampung Baru 50300, Kuala Lumpur


It is an ardent desire of many Muslims to witness the realization of a true Islamic economy that is benevolent to the community. The growth and advancement of Islamic banking and finance within the present riba-based monetary system, is indeed a step towards that vision. However, the success of the industry has not translated into uplifting the society’s socioeconomic standards. In addition, the current financial systems have rendered economies and environment unsustainable. The need arises to look beyond traditional financial institutions and economic models to seek a sustainable, equitable system that will benefit all sections of the community. Towards this end, this paper proposes an innovative Waqf Economy model that is being practiced in South East Asia, which in our reasoning is capable of rendering that pristine Islamic Economics and Social system that is aspired.

February 9, 2024