Waqf fundamentals, principles, and modern applications

Abstract

Waqf has been playing an important social finance role in improving the welfare of Muslim societies for centuries. Recently, the financial technology (Fintech) has started penetrating every branches of financial system offering better services. Hence, waqf institutions could use this opportunity to comply with the wave of Fintech to improve the efficiency and enhance the transparency of operations. Understanding the importance of waqf, this chapter aims to clarify the concept of waqf from the perspective of Islamic jurisprudence, define its Shari’ah framework, and provide waqf classifications; and, finally, it reviews the existing applications of waqf models. The study should serve as guidelines for further development of waqf models in light of the latest technological advancements.