An Analytical Approach to the Components of Sustainable Development with a Focus on the Sale of Endowments and the Optimal Transformation of Endowed Properties

Abstract

Waqf (endowment) is an institution through which a significant portion of societal issues and constraints can be identified, and the wealth and assets of philanthropists can be voluntarily utilized to address them. The existence of numerous sacred shrines and endowed properties, along with the potential use of waqf capacities—particularly the optimal transformation (tabdil be ahsan) of endowed assets in Iran—can offer a preliminary illustration of the role of waqf in the Iranian economy. Accordingly, examining the components of sustainable development with an emphasis on the sale of waqf properties and their optimal transformation, as well as identifying the potential for modernizing and making economic waqf themes more functional, can enhance the role of this financial institution in the process of sustainable economic development in the country. Sustainable development implies the eradication of poverty and the elimination of inequality gaps, both within and among countries, and is closely linked to the concept of optimal transformation of endowed assets. The waqf institution serves as a mechanism to provide benefits and welfare for the people; therefore, the formulation of legal rulings based on the fulfillment of public interests and benefits, and the avoidance of harm and corruption, is among the objectives of Islamic law. When the impact of waqf on economic independence and development is discussed, it does not imply that waqf alone can encompass all aspects and dimensions of a nation’s economy to the extent that the country would no longer require other financial resources. Rather, it means that waqf, as a vast financial capital, can have a constructive and significant impact in this direction.