Concept of Waqf in Quran and Hadith

However, it is necessary in Shari‘ah to determine any one of the aforesaid methods before the launch of the fund. The practical way for this would be to disclose in the prospectus of the fund the basis on which the fees of the management will be paid. It is generally presumed that whoever subscribes to the fund agrees with the terms mentioned in the prospectus. Therefore, the manner of paying the management will be taken as agreed upon by all the subscribers.

       Integration of Waqf in Islamic Financial System

Accordingly, one can waqf one third of his inherited assets to be used for the welfare of the society besides donating any amount of money or assets in his life for the welfare of the society. These guidance from the Islamic Shari’ah can lead to achieve the following objectives for the betterment of the society.

1. The waqf assets (including money) can be given to cultivators who do not own land and the land can then be utilized by them for cultivating profitable crops.

2. The bright young engineers who do not have any wealth to start their own business but have done some valuable projects during their studies can be handed over waqf assets to establish their own business in those territories where there is less employment so that by starting manufacturing of profitable out put the unemployed youth of that particular territory could avail employment opportunities

3. The bright young doctors who do not have any wealth to establish their own clinics can be given waqf assets to establish their clinics in those areas where the clinical/medicine facilities are lesser than the other areas, so that the population of the area could get proper health facilities like the other areas.

4. The young business graduates who got top positions in the management discipline but do not have any wealth can be handed over waqf assets to initiate some profitable ventures in those areas where other businessmen do not want to go due to certain reasons so that these neglected areas could also start wealth generation for their population.

5. The areas which need to establish educational institutions for the people can be established with the waqf assets to enhance literacy rate in these areas.

6. The areas which need hospitalization facilities for the poor people can be helped with waqf assets to establish hospitals so that the poor people could avail proper hospitalization facilities

7. Poor people who can not start any work due to not having any wealth can be given waqf assets to start establishing small business to create wealth generation with micro finance but at macro level.

8. The prisoners who can be released from the prison but do not have any funds to pay as damages can be helped out with the waqf funds to get released

9. Poor ladies who can not get married due to not having sufficient funds can get married with the waqf funds

10. The houses for children who have lost their parents can be constructed with the waqf funds and can be used by these children.

11. The houses for old citizens who have lost their children or even did not have any child can be can be constructed with the waqf funds and can be used by these people.

If we summarize the impact of above mentioned utilization of waqf funds we can safely conclude that it can change the whole economic scenario of the world. The poverty line can reduced, there may be proper distribution of wealth, the literacy can be high and the poor can prosper. Keeping in view the probable outcome of waqf funds on can say that there is great integration in between the waqf concept and the prosperity of the whole world.