Waqf as a Socially Responsible Investment instrument A case for Western Countries

Although globally Islamic financial assets have shown phenomenal growth but the fact still remains that Islamic financial products are miniscule in both value and reach, when compared with their conventional counterparts. There are also fears that the growth of Islamic financial assets are losing steam. For sustainable high growth and to capture a bigger percentage of the world’s financial services’ assets Islamic finance firms have to evolve their products to make them appealing for both Muslim and non-Muslim customers and investors. This paper looks at how socially responsible investments can be used to make Islamic financial products more attractive to the non-Muslim investor