INVESTMENT OF WAQF [ASSETS]:
TRADITIONAL AND MODERN METHODS
Prof. Dr. ʿAlī Muḥyī al-Dīn al-Qurahdāghī
Head, Department of Fiqh and Uṣūl
Faculty of Sharīʿah and Law
Journal of the Islamic Fiqh Academy
of the Organization of Islamic Cooperation
Thirteenth Issue, Vol. 1, pp. 466-495
In the name of Allah, Most Gracious, Most Merciful.
Praise be to Allah, the Cherisher and Sustainer of the universe, and peace and blessing be upon the last Prophet, his family and his excellent companions.
Anyone who studies Islamic civilization will be greatly impressed by the role of awqāf (endowments) in contributing to the construction of Islamic civilization and the comprehensive development of the Muslim ummah. They covered various aspects of life such as universities and hospitals. There were even endowments for animals such as horses for jihad; when they were no longer usable they were retired on pensions, and their fodder and other necessities were funded by endowments. To restore the role of waqf means restoring a major role to the volunteer sector, which was established to serve civilization, progress and development.
The present research is a humble contribution to the topic of investing waqf [assets] while also preserving them. I have defined investment lexically and technically and explained the ruling on investment. Then I linked waqf to investment and discussed the traditional and modern ways and means of investing waqf resources.
I have consulted fiqhī resources and the opinions of our scholastic heritage. Our classical scholars provided sufficient flexibility in dealing with endowments to make it easy for their administrators to develop them and their properties and revive their roles if they so choose.
We pray and ask Allah, the Exalted, to help us achieve what they set up for that purpose and to make our efforts purely for His pleasure. He is our master, and what an excellent master and supporter.
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