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WAQF Planning, 2. Ownership of Asset in Islam and Wakaf, recurring charity…
WAQF Planning
1. Definition
Derived from Arabic word
- To detain
- To stop / to prevent / to restrain
Detain an asset for purpose of harvesting its benefit for charity (amal ijrah) and the asset cant be sold or made as gift
Dedication of any property from which its usufruct or benefit used for any charitable purpose (does not include trust)
a. Wakif - Pewakaf
b. Maukuf Alaih - Penerima Wakaf
c. Maukuf - Harta yang diwakaf
d. Sighah - Ijab & qabul
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4. Creating Waqf
Criteria
a. Attain age, sound of mind and having legal capacity
b. Made before 2 witness where sighah take place (offer and acceptance)
c. Made during lifetime with good health
d. Cannot exceed more than 1/3 of assets from non legal heirs. Consent need from legal heirs if exceeds 1/3
e. Wakaf after death, wasiyyah will applied
Family Waaf
a. Provided for future generation
b, Made to ensure that the family members are able to continue with daily activities in absence of waqif
c. Economically will not be dependent to government or Baitulmal
d. In event of surplus, waaf can be applied to benefits such as orphan, the poor and needy
e. To be perpetual or as long waaf is existence
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- recurring charity
- knowledge benefit
- a pious son, who prays for him