Integrating Zakāt and Waqf into the Poverty Reduction Strategy of the IDB Member Countries

Abstract

The paper estimates the resource gap for poverty reduction and potential of Zakāt and Waqf in the IDB member countries. Paper stresses on revival of the Zakāt and Awqāf institutions and their enforcement, which will enable the IDB MCs to generate sufficient revenue for their all pro-poor expenditures. For any tangible results, the institutions of Zakāt and Waqf need to be integrated into the poverty reduction strategy of the IDB member countries. The proceeds of these institutions should be made as a part of their pro-poor budgetary expenditures.

Keywords: Zakāt, Waqf, Poverty Reduction, Strategy, IDB Member Countries