• Mohammed Lawal Ibrahim Heritage Bank Plc, Maiduguri. Borno State
Keywords: Waqf, Infrastructure, Shariah, Budget function, population


This paper seeks to examine waqf as a tool for bridging infrastructural deficit in Nigeria. Infrastructure has always been the bone of contention in Nigeria due to its inadequacies and couple with its role to economic growth and development. Successive administrations have done their part towards resolving the infrastructural gap but it still persists, coupled with an increasing population. However, plans and strategies such as creating rooms for Public Private Partnership (PPP), Sourcing for funds within and outside country etc have been rolled out. Though, some of these steps have further widened the expenditure profile of the government via debt servicing. Despite all this moves it is yet to fill the infrastructure deficit. Thus, this calls for a waqf system, an aspect of Islamic social finance. This paper revealed the various conceptual definition of waqf, its types, permissibility and how is to be managed. However, a government budget constraint function was introduced to analyze how waqf can contribute in bridging infrastructural deficit which was further supported by adopting a modified revenue function via assumption that it only considers the population statistics of Nigerian citizen within the ages of 15-64yrs, N20 will be contributed per week and 5% level of cash collection error rate will be considered. The study revealed that Nigeria could earned a projected amount of about N1.4b and N5.8b weekly and monthly respectively which will amount to N76b yearly if for instance the cash waqf is adopted. This means that there will be some boast on the government revenue and if such fund is expended on certain components of developmental expenditure, it will go a long way to bridge infrastructural deficit. The study recommends legislation of act setting up waqf, public awareness should be properly done etc.

Author Biography

Mohammed Lawal Ibrahim, Heritage Bank Plc, Maiduguri. Borno State
Ibrahim Mohammed Lawal is bank staff at Heritage Bank Maiduguri, Borno State currently heading the Credit and Marketing Unit after serving at the branch in different capacities such as the Customer Service Officer, and Cash Officer. Ibrahim received his Bsc in Economics and PGD Mgt from University of Maiduguri and Msc candidate in Economics from the University of Maiduguri respectively. Ibrahim is a Chartered Banker and a Manager with certification from the Chartered Institute of Bankers of Nigeria (CIBN) and Nigeria Institute of Management (NIM). He is a member of Nigeria Economics Society (NES), Institute of Islamic Banking and Insurance (IIBI), Associate Member, Association of Certified Chartered Economist (ACCE) and a student member, Chartered Institute of Stock Brokers (CIS), Nigeria. With over 10 years of Banking experience and commitment earned him the award-Branch Most Customer Centric staff and commendation letters from the Managing Director (MD/CEO). Ibrahim has attended numerous trainings. Amongst which are Credit plus Training, Abuja, In-House Product Knowledge Training, Maiduguri, DSR Quarterly Training, Lagos, Enterprise Induction Training, Lagos. Credit Risk Management Solution Training, Kano, Product Knowledge Trainings, Abuja, Training on Credit Risk Management Solutions (CRMS), Training on Centralized Shared Services (CSS), Maiduguri. Borno State, In-House Training on Customer Service Delivery, Maiduguri. Borno State, Credit Training on Spring wealth products, Abuja, In-House Trainings on Springbank Products, Maiduguri. Borno State, Credit Training, Jos. Plateau State, Springbank Induction Course, Lagos. Currently, Ibrahim has five (5) papers published in academic journals.


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How to Cite
Ibrahim, M. L. (2018). WAQF: A CONTRIBUTORY TOOL FOR BRIDGING INFRASTRUCTURAL DEFICIT IN NIGERIA. European Journal of Islamic Finance, (11). https://doi.org/10.13135/2421-2172/2667