Waqf

Waqf (Arabic: وقف, literally 'halt' or 'confinement') is an Islamic perpetual endowment — a voluntary, irrevocable dedication of an asset by a founder (Waqif) in perpetuity for charitable, religious, educational, or social purposes. The principal asset cannot be sold, gifted, or inherited; only its usufruct (revenues and benefits) may be used. Historically, Waqf financed mosques, schools (madrasas), hospitals, water infrastructure, and welfare systems across the Islamic world for centuries. Modern Waqf instruments include Cash Waqf (monetary endowments invested to generate returns for beneficiaries), Corporate Waqf (company shares endowed), and Sukuk Waqf (Sukuk proceeds fund Waqf assets). The global Waqf asset base is estimated at over $1 trillion, largely underdeveloped and presenting significant opportunities for Islamic social finance. Governed by AAOIFI Shariah Standard No. 33 and national Awqaf authorities in each jurisdiction.