Can the profit from bank interest be used for Waqf?
The money obtained from the interest rate of conventional banks is classified as Non-Shariah-Compliant Funds, and it must be endowed according to the decision of the Special Federal Territories Sharia Legal Consultative Committee Meeting No. 2/2023
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Will the accumulated funds for waqf generate any earnings or interest?
The waqf funds are only collected or deposited in banks that comply with Sharia principles, hence no profit or interest is gained.
What is the definition of Waqf Khairi? Is it different from benevolent waqf?
Both terms denote a charitable endowment that is created with the intention of promoting social welfare, providing for the needy, supporting educational initiatives, or contributing to other beneficial causes in society. With such Waqf Khairi or ...
Can waqf be withdrawn or revoked?
No, the endower cannot withdraw or revoke the possession that has been designated as waqf
What is the purpose of Waqf?
The purpose of waqf, as stated by Imam Ahmad bin Hanbal in the definition of endowment according to Shariah, is to draw closer to Allah SWT. The act of waqf is also included in the concept of ongoing charity (sadaqah jariyah), which promises ...
What are the pillars of Waqf?
The pillars of Waqf consist of four main elements: 1. Endower (Wakif): An individual or entity who endows property or assets. 2. Endowed Property (Mauquf): Property or assets given as an endowment for public benefit or specified purposes. 3. ...