Corporate Social Responsibility, Waqf System and Zakat System as Faith-Based Model for Poverty Reduction

Poverty is a plague which has continental manifestation, but its impact is heavily felt in several Muslim majority nations (MMNs), where unemployment, illiteracy, chronic diseases, food shortage, sectarian wars and wave of militancy are surging at alarming rates. The purpose of this paper is to develop a faith-based model (FBM) to complement the conventional poverty reduction models. Experiences have shown that FBMs find more acceptability among Muslim nations because they have theoretical and theological underpinnings from the Qur’an and Hadith, as opposed to conventional models that are often viewed with suspicion, sequel to Islamic revivalism. This research adopts a qualitative research method relying on secondary data/information sourced from CIA Factbook, previous scholarly works, working papers, case studies and relevant internet resources. In line with methodological approach of qualitative research, the secondary data/information were subjected to content and thematic analyses (CTA) from which facts, figures and presumptions were derived to support the FBM. The paper justifies the plausibility of integrating corporate social responsibility (CSR), Waqf system (WS) and Zakat system (TZS) as FBM for poverty reduction, enterprise development and economic empowerment in MMNs.