Sustainable Poverty Alleviation through Integration of Waqf and Microfinance: A Case Study of Sokoto State, Nigeria

Abstract

This is an exploratory research aimed at unveiling many myths surrounding the prevalence of poverty in the Nigerian State of Sokoto. This study attempts to disclose the failure of previous conventional poverty-alleviation programs and suggests ways of resuscitating waqf institution in order to achieve sustainable poverty alleviation in the state. Case Study Approach of Qualitative Research Method was adopted in this research and data was collected through relevant literature survey, face-to-face interview, observation and archival studies. Descriptive technique was used for data analysis findings indicate that poverty in Sokoto State remains resistant to all successive conventional measures of its alleviation. The potentials of waqf are found not adequately harnessed for sustainable poverty alleviation. Thus, there is a need for re-focusing the activities of waqf institution towards achieving the ultimate goal. Waqf-based microfinance evidently proved to be an effective way of alleviating poverty which can be achieved by financing MSMEs and enhancing earning potentials of the poor. Weak management of waqf properties amounts to waste of hard-earned resources. While prevalence of poverty culminates in the rising rate of ignorance, unemployment, hunger, diseases and social vices. All stakeholders in the phenomenon; arms of government, the rich, scholars and the general public, should be live up to their respective responsibilities. Unlike zakah that has confinements and limitations, waqf has an openended pooling system that can squarely tackle the problem of poverty if professionally managed.