New Financial Institutionalization of Cash Waqf and Its Impact on Islamic Community Development

It has been said about variety of capital markets and financial institutions to mobilize savings and increase investment and raise capital formation in our country for a long time. By Looking at The foreign samples in the field of Waqf founds, it is seen that during the long years these institutions worked and Waqf founds in west and far east were the provider of financial affairs for many of cultural and social institutions. The purpose of this paper is to find out the potential of an innovation in the Islamic financial instruments, cash Waqf, as an effective factor in investment and its relationship with development plans in order to reduce poverty in the society. For this purpose, the present study is based on functionality; in terms of methodology is survey-analysis and is based on analysis of covariance matrix of the model using a structural equation modeling (SEM). The results of the study show that if Cash-Waqf to be used as a financial instrument in the Islamic economics, it can be a source of increase in investment in the form of Islamic contracts and legal forms and using the profit of investment in poverty reduction programs and to provide microfinance for people with low income and can be effective in the development of Islamic society.