Islamic Social Finance Instruments - Waqf

Waqf is a religious endowment or trust, or in other words, a voluntary and irrevocable dedication of one’s wealth or a portion of it, in cash or in kind, and its disbursement for the socio-economic development of the recipients. A functional definition of waqf is “the appropriation of the property from private ownership and the dedication of its usufruct to charitable purposes.”