Empirical Results of Application of Tawhidi Methodology to Waqf (Perpetual Charity as Endowment) in Wellbeing Function

Abstract

The combination of Tawhidi methodology and its method of application in the context of monotheistic unity of knowledge is of a simgulat nature in its own field of econometrics involving pervasively continuous endogenous relations between circularly causal variables. This approach forms a universally unique model of the wellbeing function in anything and ‘everything’ of the world-system study, One such world-system of critical study in the framework of Tawhid as law that is distinctly different from the benign methodology and thereby absence of any precise approach in shari’ah is the Islamic financial system. In this system there has now been a burst of interest in the study of perpetual charity (also endowment) called waqf. In its vast meaning of charity as a social contract waqf and its vast extant of inter-causal relations in the Tawhidi methodological and applied context forms a generalized system-study. The underlying approach is afforded by Tawhid as law with its primal ontology of unity of knowledge and the supporting theory of Tawhidi String Relations (TSR).