ECONOMIC SECURITY AND WAQF ADMINISTRATION AMONG MUSLIMS IN SOUTH-WESTERN NIGERIA: CHALLENGES AND PROSPECTS

Abstract

Economic security is the nucleus of human life and centrally connected to all aspects of life, socially, morally, educationally and spiritually. The shortfall in economic life negatively affects other aspects, hence the reasons for overwhelmed illicit acts such as ritual killings, yahoo plus, promiscuity e.t.c. especially among the youths in South-west. Therefore, there is need for alternative mean of securing the economic life of individual especially the Muslims in the society. It is on this background that, this paper aims to examine the Waqf administration in solving economic insecurities among the Muslims in South-west. The study adopts semi-structured interviews as the main source of data collection method, given their central roles in achieving objectives of the study. In addition, the study incorporates historical, descriptive and analytical approaches to provide a comprehensive examination of the research topic. They  complement in the investigation and analysis of Waqf system in finding solution to challenges faced in the governance of Waqf.  The study finds out that Masājid and Madāris are the major Waqf projects administered in Yorubaland. Also, inadequate orientation on Waqf and poor documentation of Waqf project are the challenges being faced. The paper concludes that Waqf can be used to combat hunger and poverty and other socio-economic securities in South-western Nigeria if administered properly. The study recommends that, Agro Waqf and EduWaqf should be adopted with innovative approaches under the auspices of its effective administration.