Theory and Practice
Edited by Mohamed Ariff and Shamsher Mohamad
Chapter 18: Framework for international waqf foundation
Waqf literally means holding or preserving certain property that continuously benefits specified beneficiaries for religious and charitable purposes as recognized by the Shariah. The aim here is to seek the pleasure of God to perpetuate good deeds by using wealth. In the contemporary environment, waqf can be incorporated under foundation laws that allows for dynamic wealth transfer, dynastic planning and inheritance management protected within a tax-efficient legal entity. This chapter provides details on the setting up of behest at the Labuan International waqf Foundation (LIWF) as an Islamic foundation to hold and manage properties for identified beneficiaries. The advantages of managing properties under this foundation, using the different types of waqfs under the LIWC, their economic potential and dispute resolution mechanism are in place to safeguard the behest from challenges.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.