The Status of " Waqf" Institution in the Third Sector Economy

Notwithstanding its brilliant record in the old Islamic civilization, the benevolent institution of Waqf is today confronted with some efficiency, organizational and ideological problems. Meanwhile, examining the diverse aspects of Waqf institution in a systematic manner, in the creditable religious context and based upon narrative, intellectual, scientific and experimental reasons, and using the data achieved from the third sector economy and the donation economy, these problems can be solved and a new path for Islamic economic system can be opened, especially in Iran. The hypothesis of this article is that “the ideal magnitude of Waqf institution, considering its jurisprudential and ideological aspects and its share in the third sector economy and donation economy of the Islamic countries, is approximately 2 percent of the national product.” The research method in the information gathering stage is the library one. In the Quranic, narrative and jurisprudential deductions, we will act according to the text analysis method, and in the economic arguments, according to the action analysis method. The findings show that in the current world situation, the share in the national product of the third sector economy, the donation economy and Waqf economy is at most 10, about 2 and most optimistically about 1 percent, respectively. But, by “designing the policy of the economic development of Waqf institution”, its share can be raised to 2 percent of the national product.