Finance
Range Equity Linked Note
September 30, 2022
Islamic Finance
Charitable Wakaf
September 30, 2022

A type of waqf whose proceeds are used to serve a specific group of individuals (beneficiaries) such as students, travelers and wayfarers, expats, the poor and the needy, etc. In this sense, waqf aims to address the needs of a specific group of society. Charitable waqf may also aim to serve public interest (maslahah a’amah), i.e., the interest of the public at large (not necessarily that of of specific group).

The property given as endowment (mawqoof) will remain a waqf for perpetuity. That is, it cannot be disposed of either by the waqf donor/ founder (waqif) or beneficiaries.

Charitable waqf is also referred to as philanthropic waqf or waqf khairi/ waqf khayri.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts