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What is Waqf?
Definition of Waqf
Waqf:
(Pl: Awqaf/waqfs) Literally waqf means to stop, contain, or to
preserve. In shari'ah, a Waqf is a voluntary, permanent,
irrevocable dedication of a portion of ones wealth – in cash or kind – to Allah.
Once a waqf, it never gets gifted, inherited, or sold. It belongs to Allah and
the corpus of the waqf always remains intact. The fruits of the waqf may be
utilised for any shari'ah compliant purpose.
Origins of Waqf
“Ibn ‘Umar reported: ‘Umar acquired land in Khaibar. He came to
Allah’s Apostle (saw) and sought his advice in regard to it. He said: “Allah’s
Messenger, I have acquired land in Khaibar. I have never acquired more valuable
for me than this, so what do you command I do with it? Thereupon the Prophet
(saw) said: If you like, you may keep the corpus intact and give its produce
as Sadaqah. So ‘Umar gave it as Sadaqah declaring that the property must not be
sold or inherited or given away as a gift. And ‘Umar devoted it to the poor, to
the nearest of kin, to the emancipation of slaves, to wayfarers/guests, and in
the way of Allah.- Sahih Muslim
The above hadith set the
precedent for our honorable Sahaba (r) and Muslims from all walks of life, over
the centuries, to popularise the waqf system for any imaginable shari’ah
compliant purpose. This command of the Prophet (s) and the action of ‘Umar
(r) set into motion the first Social Development Waqf by means of an income
producing economic asset.
Forms of Waqf
Economic Assets:
These are generally fixed assets, income producing, include rentable
shops, houses, farms, shares in companies or businesses; function
facilities e.g. halls; etc
Social Assets:
These are also generally fixed or capital assets and include schools; masjids;
madressahs; hospitals & clinics; boreholes, water & sanitation facilities; libraries; cemetaries; community centres; hostels etc.
Examples
Land & Buildings:
Cash is provided by one or more persons as waqf to purchase land and buildings,
e.g. a small shopping complex. Once the complex is purchased, the property may
be classified as a waqf property and waqf rules apply. The property may not be
sold (except to replace), be gifted, or inherited. The property remains intact
and may not be spent. The rental income that is produced by the complex may be
used for any shari'ah compliant purpose.
Explanation
A Waqf is your Capital
Gift or Benevolent Loan to Allah in the form of a charitable endowment. 100% of
your donation is invested in an income producing capital asset, remains intact,
and is never spent for any expense. Only the income generated ie rental or
profits from the capital investment is utilised for funding sustainable
community and social development projects or programmes. As a donor
(waqif/a) you may designate the project or programme, or you may leave it to the
discretion of your Mutawallees to spend on a need or priority basis.
Beneficiaries may be Muslim as well as the poor in the broader community. Of
course, waqfs may take the form of masjids, schools, clinics, and other
socio-religious assets. Awqaf SA focuses on investments in income producing
economic assets. A Waqf may be made by any sane adult male or female and with
any amount - not only by the rich and famous, but one and all – irrespective of
social or economic background – according to means.
A Waqf is...
a Sustainable Development Institution...
a Sadaqah Jariyyah... a Capital Gift to Allah...
a Legacy for the Future... a Revival of the Sunnah...
a Beautiful Loan to Allah... a Social Responsibility Investment...
a Dedication to Allah... an ibadat..
a Civil Society Initiative...
an Enduring Endowment...
a Contribution to Nation-building, Poverty Alleviation,
and Community Empowerment...
Beneficial to Muslim, Poor, and Disadvantaged Communities...
...Your Eternal Fountain of Generosity, Benevolence, and Reward.
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