Solving Socio-Financial Challenges of Contemporary Muslims in Nigeria Using Cashwaqf

CashWaqf is an integral part of Islamic Social Financial System and its uniqueness goes a long way to improving the scope of Waqf practice in the banking and non-banking sectors in Nigeria. It is one of the socio-financial tools used in solving challenges facing contemporary Muslims. There are problems of socio-financial issues among the contemporary Muslims which lead to poor health care, insecurity and poor access to education. This paper aims at solving socio-financial challenges of Contemporary Muslims in Nigeria with the use of CashWaqf. Qualitative and analytical methods are employed in the research for presentation of facts and its objective analysis. Qualitative method is employed to examine the existing works on the subject in its sequence while the analytical helps to make use of proper analysis of the Islamic financial models.The finding reveals that, CashWaqf is viable and innovative as it gives room for many individuals to invest in the hereafter via finding solutions to human problems wholistically. It makes available modern Models of Waqf in Cash form that can be adopted by Islamic Finance Sector and beyond. The paper concludes on the need to work on Waqf institution as it may avail mankind many other carrier opportunities in the nearest future. It is recommended that application of CashWaqf and its models in line with principles should be made known to the generality of Muslims while making them aware of opportunities therein. Also, the training of Waqf Managers should be improved on in order to have effective usage of the model.