Waqf

Waqf means a unilateral contract to relinquish a right over property and allocate it for general enjoyment of the usufruct by the specified beneficiaries. It can be made applicable in the treatment of a takaful fund, while management and operational aspects of the takaful fund may still use wakalah and mudarabah contracts. Participants will give contributions into a waqf fund, and thus completely lose the right over their contributions. The takaful operator acts as a trustee to the waqf fund. For further details see: Islamic Financial System; Principles and Operations.


قرار رقم : 215 (11/22) بشأن استكمال بحث قضايا التأمين التعاوني ودراستها
Retakaful Business Model Based on Wakalah - Wakaf

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