Awqaf Ireland (Islamic Endowments)

AWQAFIreland

What is Waqf: Waqf (plural = Awqaf) is a permanent, voluntary and irrevocable dedication of movable or immovable properties for religious or charitable purposes as recognized by the Islamic law.  

Waqf Goals: Waqf plays a significant role in the society, it aids in the development process by helping the needy, establishing mosques, and social-welfare institutions such as schools, health care centers, and centers for people with special needs.

Differences between Waqf and Charity Organization or (Trust Fund):

Waqf is a form of Sharia Compliant Charity for the sake of Allah and it also seeks to empower the Muslim society. Unlike other charities, Waqf is permanent and irrevocable.

Waqf Investments; Why it is important:

Globally; Awqaf are thought to have at least a half trillion dollars or more in total assets, making awqaf one of the largest pools of investment funds in the Muslim world.

Waqf has three components: The endower, the endowment (waqf), and the beneficiary.

1.The endower:

The endower must confirm his/her decision to grant an endowment and designate its beneficiary either verbally or in writing.

2.Endowment:

Endowment funds or assets must be in compliance with Shariah. Endowment can be either in cash or in kind such as estates and stocks. Since an endowment is a continuous charity (Sadaqah Jariah), it must be permanent and non-perishable. Therefore, food cannot be endowed. Moreover, the endowment can be a part of an undivided joint estate granted its percentage is known (such as 25% of the estate). Endower has the right to increase his Waqf with time by additional funds or in kind.

3.Beneficiary’s requirements:

The beneficiary can be an individual(s) or an institution(s) which is awarded the income generated from investing the Waqf.

For More Details about Awqaf Ireland Please visit www.Awqaf.ie