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Legal Framework of the Institution of Waqf

In: Financing the Development of Old Waqf Properties

Author

Listed:
  • Magda Ismail Abdel Mohsin

    (INCEIF – The Global University of Islami)

  • Hisham Dafterdar
  • Murat Cizakca

    (Ucuncu Nilufer Caddesi)

  • Syed Othman Alhabshi
  • Shaikh Hamzah Abdul Razak

    (INCEIF – The Global University of Islami)

  • Seyed Kazem Sadr

    (INCEIF – The Global University of Islami)

  • Thamina Anwar
  • Mohammed Obaidullah

    (Islamic Research and Training Institute)

Abstract

Waqf is a financial charitable institution established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling public or family needs, depending on the preferences of and conditions set by the founder. Once the property is created as waqf, it can never be given as gift, inherited or sold. It belongs to Allah (swt), and the waqf property always remains intact. Only its generated revenue is channelled to the beneficiaries. The main motivation for a founder to create waqf is clearly stated in both the Quran and the Sunnah.

Suggested Citation

  • Magda Ismail Abdel Mohsin & Hisham Dafterdar & Murat Cizakca & Syed Othman Alhabshi & Shaikh Hamzah Abdul Razak & Seyed Kazem Sadr & Thamina Anwar & Mohammed Obaidullah, 2016. "Legal Framework of the Institution of Waqf," Palgrave Studies in Islamic Banking, Finance and Economics, in: Financing the Development of Old Waqf Properties, chapter 0, pages 1-12, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-58128-0_1
    DOI: 10.1057/978-1-137-58128-0_1
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