A Framework for Designing the Waqf based Economics

Despite the importance of the Waqf institution in Islamic economics and despite its brilliant record in ancient Islamic civilization, today it faces challenges in terms of efficiency, organization and schooling. For solving these challenges, the authorities of this institution follow "Waqf Comprehensive system of economic transformation plan", but the issue of "Waqf economy" and its components and dimensions are not available in scientific and academic form even to the officials of this institution to find problems with scientific methods and deals with to solve them. Therefore, the present article seeks to design a framework for the economy of Waqf. This paper is exploratory and its main question is: "What are the key elements of the economy of Waqf in three areas 1). Waqf demand; 2). Waqf offer; 3). the structure of relations between government and Waqf institution?" The answer to this basic question will be obtained through the "analytical-descriptive" method. Findings indicate that progress of "Waqf economics" depends on development of "third section economics". In brief, Waqf can solve institutional challenges in terms of efficiency, organizational, and ideological through development of "third section economics".