Waqf


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Waqf

 

or wakuf (Arabic, literally “retention”), property relinquished by the state or by an individual for religious or charitable purposes, in accordance with Muslim law. The institution of waqf arose in the seventh and eighth centuries in the Caliphate. It spread to all the Islamic countries and became the economic basis for the vast influence of the Muslim clergy. A waqf could consist of immovable or movable inalienable property. There were two kinds of waqfs: basic, in which the donor lost all rights to the property turned over; and ordinary, in which part of the income was left for hereditary use by the donor and his descendants. Special persons (mutawallis or nazirs) managed the waqf. In many countries of the Islamic East, waqfs have survived in one form or another to the present day (for instance, in Saudi Arabia and several other countries).

References in periodicals archive ?
The same sort of restrictions of waqf law with respect to sale and exchange--a logical outgrowth of the mandatory rule in favor of perpetuities--is also present with respect to the mortgaging of waqf property.
The first includes successful story of waqf management in other Muslim countries, the growth of the economic system and the conceptual development of waqf itself.
chairman Dr Sheikh Yusuf al-Qaradawi praised HH the Emir's support to the waqf.
We have 400,000 hectares of Waqf (Endowments) land in India and the IDB is willing to develop some of them," said Khan.
A group of unknown armed men have opened machinegun fire against an employee of the Sunni Waqf (Endowment) in Kut city, killing him on the spot, whilst the armed men fled to an unknown destination," the security source told Aswat al-Iraq news agency.
While talking to The Pioneer CEO of Delhi Waqf Board Ali Ashraf said, "The programme is well planned, structural and focused.
Only the Waqf's original owners were able to select its beneficiaries; the protective measures even included the provision that offspring and the state could not inherit the trust once the Waqf owner died.
He also added, "KHCB has decided to support the Waqf Fund for research due to its important objectives that are not limited to Islamic finance.
All the Takaful companies operating in Pakistan are based on the Wakalah Waqf model.
A group of 150 Israeli citizens, which represent a broad cross section of the Israeli public, have initiated an unprecedented criminal prosecution of WAQF (Islamic trust) leaders in Jerusalem -- alleging that Islamic officials have engaged in the deliberate destruction of ancient Jewish relics on the Temple Mount.
1 /PRNewswire/ -- A group of 150 Israeli citizens, which represent a broad cross section of the Israeli public, have initiated an unprecedented criminal prosecution of WAQF (Islamic trust) leaders in Jerusalem -- alleging that Islamic officials have engaged in the deliberate destruction of ancient Jewish relics on the Temple Mount.
Conceptualized by the Waqf Fund and designed and delivered by the Ivey Business School exclusively for the Waqf Fund member institutions, the programme aimed at grooming the next generation of C-suite executives in the Islamic banking industry.