Islamic Wealth Management
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Islamic Wealth Management

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.
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Chapter 17: Waqf in Shariah: basic rules and applications

Mazen El Khatib

Abstract

Waqf is an inalienable trust which is a perpetual endowment made by a living person for reason of piety that allocates the usufruct of that endowment to specific entities or individuals. There were many kinds of waqf that include but are not restricted to establishing houses of worship, centres of learning and hospitals as well as shelters for the needy. The money can be spent for building roads, caring for the poor, the needy and travellers. They even covered the funding of war efforts and caring for animals. Waqf is based on compassion, communication, social insurance and empathy among Muslims and even to benefit non-Muslims. This chapter discuss the concept of waqf from the shariah perspective, the common components of a deed, the restrictions and categories of waqf.

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