Definition of Waqf (Islamic Endowment):
Waqf, in the Arabic language, means to stop, contain, or preserve.
In Islamic terms, waqf refers to a religious endowment i.e. a voluntary and irrevocable dedication of one’s wealth or a portion of it – in cash or kind (such as a house or a garden), and its disbursement for shariah compliant projects (such as mosques or religious schools…)
Difference between Waqf and Charity:
Waqf is a permanent donation. Once a waqf is created, it can never be donated as a gift, inherited, or sold. Disbursement of its returns is done in accordance with the endower’s wishes . Charity, on the other hand, is a broader concept; it encompasses alms, grant, inheritance, loan, waqf.
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