For those who do not know, Waqf is the act of donating assets like land, buildings, cash Waqf and other instruments for the benefit of the community. But, in my experience, people today still do not know why doing Waqf is good. Well, here’s my list of top 6 reasons:
1. It is SO easy!
Cash Waqf is a kind of Waqf which aims to promote service to mankind by establishing Waqf using money. Ever since the practise of cash Waqf has gained popularity among the Islamic community, it has been used to solve the issue of liquidity because cash Waqf helps finance the development of Waqf projects to generate further growth. Considering the potential and flexibility which comes with cash Waqf, it is significantly easier for anyone to donate to any cause. A successful new platform which has emerged is the WAQF Chain. Developed by Finterra as one of its flagship products, it is a global platform which caters to cash Waqf on blockchain. This blockchain-based platform, which was launched in February 2019, solves issues of transparency, accountability and liquidity – something which Waqf really needs in order to move forward.
2. The rewards keep coming
Unlike other deeds in Islam, rewards through Waqf does not come to an end when we pass away. Sadaqah Jariyah is more commonly referred to as Waqf because it is one of the most rewarding acts someone can do in his or her lifetime, for which he or she can be continuously rewarded for, and this is based on a hadith, which states that when a person dies, his deeds come to an end except for three things: Sadaqah Jariyah, which is a continuous charity like Waqf, or knowledge from which benefit is gained, or a righteous child who prays for him or her. As long as the Waqf is continuously useful for people, for example, if a well is built so people can draw water from it for generations to come, the reward will keep flowing.
3. Boosting the economy
In the past, Waqf was used to build social properties like schools and hospitals, and this act went a long way in contributing to the development and growth of the country. In the Ottoman Empire, Waqf accounted for more than one-third of the state’s revenue and catered to all sorts of communal projects. Waqf is one of the greatest economic practices that is perceived as a long-lasting investment with continuing benefits for all.
4. Helping people in need
At times, Waqf is classified as a charitable Waqf because it aims to support the poorer segment of the society and all activities which are of interest to people at large. Waqf has been linked to providing benefits for the poor and disadvantaged, whether it is by giving them a good education, building a clinic to provide healthcare to those in need, and other acts which can be considered as a Sadaqah Jariyah or “ongoing Sadaqah”.
5. Making history
In Islam, creating a Waqf is similar to leaving a legacy which can benefit future generations. Those who contribute Waqf assets are part of a history-making initiative. Examples of historical Waqf donations are the University of Al Quaraouiyine, the world’s oldest university, and the Well of Uthman, one of the oldest Waqf in history. There are many buildings which have been preserved for centuries through this Waqf system in all parts of the Muslim world, most of which have survived for longer than half a millennium.
6. Helping communities in need of help
Waqf contributes towards poverty alleviation as well as empowering poor, and disadvantaged communities to become more advanced. Waqf was a dynamic institution during the early Islamic society, long before it appeared in the West in the name of “endowment”, and provided a substantial contribution to the development and advancement of Muslim societies.
Waqf has proven to be valuable to individuals, both the contributors as well as the beneficiaries, organisations, communities, and governments. Waqf is easy for anyone and everyone to take part in. By highlighting the above points, it is hoped that the mindset of the general Muslim public will change from thinking Waqf is for the elite to Waqf is for everyone. The Muslim ummah truly needs to bring back the glory of what Waqf offers to humanity. With the WAQF Chain platform, people now have the means to contribute to Waqf projects in a secure, transparent and efficient manner, and get rewarded for helping people in distress, as well as for contributing towards the development of communities and the economy.