Integration of WAQF, microfinance and micro, small and medium enterprises for poverty alleviation in Sokoto State, Nigeria

There is a growing concern over the alarming prevalence of poverty in Nigeria generally, and in Sokoto State particularly. Ironically, the long existence the Waqf and microfinance institutions which are considered among the most effective
poverty-alleviation institutions, of these institutions in Sokoto state are apparently not making any significant impact on poverty alleviation in the area. Similarly, micro, small and medium enterprises (MSMEs) are hampered by acute financial
exclusion in Nigeria. Therefore, this study was primarily conducted in order to explore effective mechanisms of harnessing the potentials of waqf, microfinance and MSMEs for sustainable poverty alleviation in Sokoto state. The exploration of these mechanisms has required the adoption of qualitative research method involving series of interview and focus group discussions. Subsequently, the primary data collected was analysed thematically through NVivo 10 computer software. By adopting grounded theory approach in data collection and analysis, capacity-building theory of poverty alleviation was eventually generated for implementation in the state. Based on the findings of the study, a waqf-based Islamic microfinance integrated model (WIMIM) was proposed. This model which
is a mix of commercial and investment institution which employs various Islamic financing techniques to develop local MSMEs in the research survey area was empirically justified and practically demonstrated in various entrepreneurial and
capacity-building arrangements. The findings of this study covered the alarming prevalence of poverty in Sokoto State, capacity-building theory of poverty alleviation, ideal waqf administration, effective microfinance services, growth of
MSMEs and integration of waqf and microfinance for sustainable poverty alleviation in the State. These findings are meant to guide the policy-makers and all stakeholders in rectifying anomalies in the current poverty alleviation schemes in the state.