Evolution in waqf jurisprudence and Islamic financial innovation

This paper aims to analyse the evolutionary process in the jurisprudential structure of modern waqf (Islamic endowment) and underlines the scope of Islamic financia innovation through the mechanism of waqf. The paper proposes the innovative models of parallel waqf, waqf-based social and financial instruments, waqf-based .ukuk, micro takaful, and waqf-based commodity bank. The research adopts th…