THE APPLICATION OF ZAKAT AND WAQF FOR THE STRATEGIC DEVELOPMENT OF ENTREPRENEURSHIP IN ADAMAWA STATE, NIGERIA
DOI:
https://doi.org/10.22452/Keywords:
Zakat, Waqf, Entrepreneurship Development, Islamic Social Finance, Adamawa State.Abstract
The study critically examined the role of Zakat and Waqf in developing entrepreneurship in Adamawa State, Nigeria. It specifically examined the impact of Zakat-based financing on micro and small business entrepreneurship and the role of the Waqf-based financing system in sustainable entrepreneurial development. The study used a cross-sectional survey design and a quantitative research approach, sampling 301 entrepreneurs from selected Local Government Areas in Adamawa State using a multistage sampling procedure. The study used structured questionnaires to collect data and analyzed it using descriptive statistics. The results showed that Zakat financing significantly influenced respondents' business capital, business profitability, and business expansion. Moreover, Waqf support systems positively affected business sustainability, entrepreneurial skill development, and employment generation. The statistical outcomes showed significant positive correlations between entrepreneurship development outcomes and Islamic social finance interventions. However, institutional barriers such as poor coordination, limited funding, and weak monitoring systems may hinder long-term sustainability. The study concluded that Zakat and Waqf have strong potential to promote inclusive entrepreneurship and sustainable economic empowerment, provided they have proper, high-quality governance and institutional integration. The study contributes to the growing discussion on Islamic social finance and entrepreneurship development in developing economies.
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