Filter by Categories
Accounting
Banking

Islamic Finance




Contingent Waqf


A type of waqf (Islamic endowment) that is contingent on a future event, or an event that does not exist at the time of dedication. Under shari’a, a conditional or contingent waqf is void (batil). Dedication or endowment cannot be permanent if its very existence depends on an event or a condition (shart). Therefore, in the case the waqf deed sets a condition that if any mismanagement of nazhir is established, the subject matter of waqf, mawqoof, would be re-owned by the family of the waqif, the waqf is void ab initio.

In the same logic, waqf (waqf muaqqat) that is “conditionally” confined to a specific period of time, rather than perpetuity, is void as it defies the very nature and characteristics of waqf, i.e., perpetuity and irrevocability.

Opposite to the views of majority of fuqaha (jumhur al-fuqaha), only Malikis consider contingent waqf to be valid, under an exception: creation of waqf upon one’s death. In such a situation, the Waqf will be limited to a portion of up to the 1/3 of the wasiyyah of a person on deathbed.

It is also known as a waqf muallaq or broadly as a waqf mashroot.



ABC
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
Watch on Youtube
Remember to read our privacy policy before submission of your comments or any suggestions. Please keep comments relevant, respectful, and as much concise as possible. By commenting you are required to follow our community guidelines.

Comments


    Leave Your Comment

    Your email address will not be published.*