Modus Operandi and Structures of the Classical and the Innovative Modes of Finance

Recently the development of the old and idle waqf properties has been advanced by individuals, foundations and government in the various Muslim majority as well as Muslim minority countries. By adopting three classical and 11 innovating modes of individual finance, the Islamic Religious Council, Islamic Endowment Corporation, Ministry of Awqaf, Foundations and Trust Foundations have successfully managed to develop the old waqf properties. This development was not only in terms of multiplying their generated revenues but also in terms of coming up with modern waqf buildings, which not only replace the old waqf properties but also have a direct impact on the socio-economic development of the countries examined. The beauty of this new development is in providing many facilities for the masses, at the same time as meeting the founders’ conditions. For example, the newly developed waqf buildings provide many jobs for the people working there, providing shelter for the residents staying in the modern waqf buildings or providing shelter for the visitors staying in waqf hotels. In addition, education has been provided for the majority of the students who are studying in the waqf schools and waqf universities, healthcare has been provided for the majority of people going to waqf clinics and waqf hospitals and many goods and services have been provided through commercial waqf buildings. All these are provided by developing the old waqf buildings, while the generated income from these properties will go direct to the beneficiaries according to the founders’ conditions.