Waqf Law and Islamic Religious Revenue: New Sources of a State Revenue
The state constitution makes a provision that they can expand the sources of revenues for socio-economic purposes. Among these revenues are waqf, zakat and similar Islamic religious revenue. This study will present an evidence based on the consolidated account in several states in OIC member countries. The results will try to prove that (i) there are several advantages to compiling a consolidated account, such as being able to centralize the planning, and reporting of the revenue. In addition, it also helps in formulating the public policy. This study may have an impact on the disbursement made by the waqf institutions in one state that should be recognized and endorsed by the relevant authorities or operational regulations.
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