Revitalizing Waqaf for Intergenerational Justice: Ethical Mechanisms for Wealth Preservation and Social Equity

Abstract

Waqaf has historically functioned as a mechanism for ethical wealth preservation and social redistribution, ensuring continuity across generations while addressing inequality within communities. Yet, contemporary waqf institutions often face systemic challenges such as weak governance, asset mismanagement, and inequitable distribution, limiting their effectiveness. This paper develops a governance- and equity-oriented conceptual framework that situates waqf as an ethical instrument for intergenerational justice. The proposed model integrates three interdependent pillars: governance for asset preservation, equity mechanisms for fair distribution, and sustainability to ensure long-term benefits across financial, social, and environmental dimensions. Comparative evidence from Saudi Arabia, Malaysia, Indonesia, Bangladesh, Pakistan, and India demonstrates both the challenges and opportunities of revitalizing waqf institutions. The framework contributes theoretically by linking Islamic finance with intergenerational equity studies and institutional theory, and it provides practical guidance for policymakers and practitioners to modernize waqf governance, strengthen accountability, and align with the Sustainable Development Goals. By balancing preservation and equity, waqf can reclaim its role as a dynamic and sustainable institution capable of addressing global inequality and safeguarding resources for future generations.