Cash waqf and mu'aqat waqf / Norain Husna Norlizal … [et al.]

An Islamic endowment of property to be held in trust and used for religious or charitable purposes is known as a waqf. In Islamic finance, this is a well-known idea where the donor (waqif) dedicates the assets (mawquf) to a particular charitable purpose. The assets are overseen by a custodian (mutawalli), and they are dedicated to the designated purpose indefinitely. Although Muslim jurists disagree on who is legally entitled to the assets after the endowment is finished, the assets cannot be used for purposes other than those specified, or be sold to settle a debt. Throughout Islamic history, waqf has been crucial to the socioeconomic development of the region by facilitating public access to healthcare, education, and other public services.

Generally speaking, the term waqf refers to something donated for charitable purposes or Islamic needs. Any property that, while retaining its physical resources, the waqif maintains the right to it through any transaction, inheritance, hibah, or will is considered waqf. The endowed property's benefit is intended for either specific or general welfare (as prescribed), with the intention of using the waqf in getting closer to Allah SWT.