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.
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Mohsin, M.I.A. et al. (2016). Legal Framework of the Institution of Waqf. In: Financing the Development of Old Waqf Properties. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-58128-0_1
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DOI: https://doi.org/10.1057/978-1-137-58128-0_1
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