Getting evidence of the use of Waqf which is a perpetual voluntary charity in the empowerment of educational institutions have been simplified in that one does not need to venture far to find them. Well renowned universities and educational institutions of the world operate with the Waqf model or in the term most likely used ‘endowment’ model. Education institutions that span across continents of the world. In the United States, there is the example of Havard. In Europe is the established case of Oxford and Cambridge University. In Africa, there is Al- Azhar University and Al-Quarawiyyin. In the middle east, there is King Abdulazeez University. These are just to mention a few prominent ones.
A Waqf property is indeed a property of Allah used to service and benefit mankind. Therefore such property is bounded by Islamic law and should remain the property of Muslims forever. Thus this criterion originally prevents the said asset from being inherited, sold or exchanged except in certain situations and that is where the concept of Istibdal comes in.
The concept of Istibdal is one used in discussions of Waqf properties. Istibdal is an Arabic word derived from the word “Badal” which means to change or replace. In true essence, Istibdal means to sell what is lacking or a waqf property that has lost its revenue to buy what is better than that.
Cash Waqf has found itself amongst the frequently used waqf terminologies. This could have a lot to do with the fact that poverty is on the increase- especially in third world countries. In addition to that is also the unavailability of credit opportunities to grass-root citizens because they are not seen as credible individuals to receive loans. This challenge has all but worsened their economic situation and this is where cash waqf comes into play.
The term Cash Waqf can easily be defined as a monetary form of waqf that is capable of offering assistance to the labouring class. This assistance could come in a form of interest-free loans or non-refundable financial assistance…
Cash waqf is a form a movable waqf. It involves the use of money for Islamic endowments as opposed to traditional forms of waqf which are mostly immovable. Cash waqf is indeed useful in redeveloping idle waqf properties. Most of these idle waqf properties are immovable properties such as land. Furthermore, cash waqf adds to flexibility in the utilisation of waqf proceeds.
Over the years, new methods of engaging in cash waqf have emerged. The most innovative forms of cash waqf are corporate waqf, sukuk waqf and waqf shares…
Although the concept of Waqf is as old as Islam itself, it is still faced with issues especially in the Muslim World where it ought to have been developed. Previous articles by the author have discussed how Waqf operated in the old Muslim world and how it is practiced in the present day. This article identifies some of the issues and challenges facing the Waqf industry all around the world. It concludes by suggesting solutions to some of these problems.
2. Financial and Management Issues…
THE FIRST WAQF UNIVERSITY: The Story of Fatimah Al Fihriyyah and the Establishment of Al Quarawiyyin University
A little trip back in history to the year 800AD would help bring into the perspective the first instance of Waqf being used to start a university – the famously known Al-Quarawiyyin University in Morocco. Before the narration of that, it would help to give a brief tale of the great woman behind it. Fatimah Al-Fihriyyah was a lady born into the Arab descent of Qurraysh in Tunisia in the year 800AD. Although she was born in Kairouan, she migrated with her family to the town of Fes in Morocco. Her family made sure to educate both she and her sister…
To understand this article, it is imperative for readers to be aware of the primary importance of Waqf. In Islam, Waqf is primarily established as a source to improve the overall socio-economical welfare of society. This establishes its role as somewhat of a reminder to the wealthy members of the society whose wealth should be given out voluntarily to assist the underprivileged.
Considering the relevance of Waqf in societal development, it is reasonable that administrative bodies are conditioned to cater to the smooth running of Waqf assets. Various countries- Muslims and Non-Muslims both-have organised mediums to govern Waqf assets and these mediums could differ between countries.
In Islamic Law (Shari’ah), there are two primary sources, namely, the Qur’an and the Sunnah of the Holy Prophet (SAW). As for the permissibility of Waqf, there is no direct evidence from the Qur’an and the Sunnah. Muslims derive the Shari’ah legitimacy of Waqf based on its permission by the Holy Prophet (SAW) during his lifetime. The legal characteristics of waqf have been developed by Ijma’ (consensus among jurists) over the years. This article will highlight these characteristics.
The most important characteristics of waqf in Islamic Law are the existence of a founder (waqif), beneficiary, declaration and specific property…
There a several ways to build the Muslim community. One of them is through waqf. When administered and managed effectively, as it is done using Finterra’s WAQFChain platform, waqf has the potential to empower the community among other benefits.
One way of empowering the community is through employment. With waqf tools, funds can
be provided to make promising businesses flourish. With this comes the ripple effect for a more productive society, reduced poverty and prosperity in the
society. Another way waqf can empower the community is by providing education…