"And establish prayer and give zakah and bow with those who bow" [in worship and obedience]."
Surah Al-Baqarah (2:43)
"And establish prayer and give zakah and bow with those who bow" [in worship and obedience]."
Surah Al-Baqarah (2:43)
it refers to a religious and charitable endowment of property or money. This endowment is made by a Muslim individual or organisation, where the assets are dedicated to religious, educational, or charitable purposes. The main characteristics of a Waqf include:
Once something is designated as a Waqf, it cannot be sold, inherited, or donated as a gift. It remains in perpetuity.
The benefits of the Waqf must be directed towards the public good or specific beneficiaries outlined by the founder.
The Waqf is typically managed by a trustee or a group of trustees to ensure it is used according to the founder's wishes.
The vision of an Islamic endowment (Waqf) is multifaceted, aiming to achieve several key objectives:
Ensuring long-term, sustainable financial support for religious, educational, and social welfare institutions. This helps in maintaining continuous services and support to the community without depending on unstable external funding.
Promoting social welfare by addressing the needs of the less fortunate, providing healthcare, education, and other essential services. The Waqf system aims to reduce inequality and support community development.
Fulfilling the religious duty of charity (Sadaqah) and benevolence in Islam. It allows Muslims to contribute to the common good and earn spiritual rewards.
Stimulating economic growth by funding infrastructure projects, creating jobs, and supporting small businesses and agricultural activities. The proper management of Waqf assets can lead to broader economic benefits for society.
Preserving Islamic culture, heritage, and educational traditions by funding the maintenance of historical sites, mosques, libraries, and educational institutions.
So whoever does an atom's weight of good will see it, Zalzalah:7
The goals of an Islamic endowment (Waqf) can be summarized as follows:
Providing continuous financial support to charitable, religious, and social welfare activities, ensuring they operate effectively and sustainably over the long term.
Funding educational institutions, scholarships, and research, thereby enhancing knowledge and learning within the community.
Financing hospitals, clinics, and healthcare programs to improve public health and provide medical services to those in need.
Assisting the poor and needy through direct aid, housing, and support services, contributing to poverty reduction and social equity.
Ensuring the upkeep and functioning of mosques, religious schools (madrasas), and other religious facilities.
Protecting and maintaining cultural and historical sites, libraries, and artefacts of significance to Islamic heritage.
Supporting infrastructure projects, community centres, and other initiatives that promote the overall development and well-being of the community.
Encouraging economic growth by providing funds for small businesses, vocational training, and employment opportunities, thus enhancing economic self-sufficiency within the community.