Fundamental Considerations for the Development and Investment Nature of Waqf

The title is a research paper by Sami al-Salahat published in “Journal of King Abdulaziz University”, vol. 18(2), pages 47-82, January. The following is an excerpt from its abstract.

Importance of the study

This study attempts to describe the fundamental points in understanding the nature of waqf as a financial source based on Sٍhariah principles. Since the very establishment of the waqf by the Benefactor Prophet (peace be upon him), it has been receiving such attention and innovation that hardly has a precedent, similar to the other Islamic financial contracts and transactions. It is through this institution that the Islamic civilization has innovated various horizons of goodness in different spheres of life. It has become a mark of distinction that distinguishes this Ummah from the rest of nations and communities.

Objective of the article

The present study aims at pointing out the important Shariah principles applicable for understanding the essence of waqf and its developing quality in the field of education, economics and society. Its historical dimension flourished with a lot of civilizational symbols, especially in these fields. The minarets of science, culture and development of social structure of the Islamic Ummah under the shed of economic advancement, have been among the important motives and reasons for the outflow of waqf offerings.

Method

In this study we intend to study the important fundamental rules to understand the development and investment basis of waqf, especially because of the strong relationship between the origin of waqf and the meaning of the contemporary terminology of development. This we shall discuss under two basic topics: First: the relation between waqf and development. Second: the fundamental considerations in the development of present day waqf.