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