The Meaning of Waqf
Literally waqf means to stop, contain, or to preserve. A Waqf is a voluntary, permanent, irrevocable dedication of a portion of ones wealth – in cash or kind – to Allah. Once a waqf, it never gets gifted, inherited, or sold. It belongs to Allah and the corpus of the waqf always remains intact. The fruits of the waqf may be utilised for any shari’ah compliant purpose.
Wafq also could mean to make an endowment and to spend the income for the public welfare while keeping the original property itself under custody or guardianship.
History of Waqf
Ibn ‘Umar reported: ‘Umar acquired land in Khaibar. He came to Allah’s Apostle (saw) and sought his advice in regard to it. He said: “Allah’s Messenger, I have acquired land in Khaibar. I have never acquired more valuable for me than this, so what do you command I do with it? Thereupon the Prophet (saw) said: If you like, you may keep the corpus intact and give its fruit as charity (sadaqa). So ‘Umar gave it as sadaqa declaring that the property must not be sold or inherited or given away as a gift. And ‘Umar devoted it to the poor, to the nearest of kin, to the emancipation of slaves, to wayfarers/guests, and in the way of Allah.- Sahih Muslim
Under the custody of Dompet Dhuafa, waqf is formulated into:
- Social Assets: These are generally fixed or capital assets for the use of social purposes, include: schools, masjids, hospitals, clinics, boreholes, water and sanitation facilities, libraries, cemeteries, community centers, hostels, etc.
- Economic Assets: These are also generally fix or capital assets that allocated and utilised on productive sectors, such as rentable shops, houses, apartment, farms, shares in company or business, function facilities, and etc.