Lakhasly

Founder (waaqif): Waqf can be established either by a natural person or a legal entity.Moreover, waqf can take a form of cash, however it should be used in a way that doesn't lead to its consumption [perpetuity]; for instance, making the low risk Shari'ah-compliant investments such as mudarabah, in which the profit portion shall be transferred to beneficiaries.Subject Matter (mawquf): The key characteristics of an asset defined for waqf endowment are: a) being valuable (as recognized by the Shari'ah), b) being known (clarity of specifications), and c) being fully owned (with no encumbrance).Beneficiary (mawquf 'aleyhi): The benefits of waqf can be distributed between Muslims and non-Muslims, the rich and poor, as long as used in permissible by the Shari'ah manner.Islamic investment certificates (Sukuk) can also be endowed, the generated cash flow shall be distributed to the beneficiariesThe founder should possess a legal capacity to carry out financial transactions.2.3.

Founder (waaqif): Waqf can be established either by a natural person or a
legal entity. If the founder is a legal entity, waqf should be declared by the
general assembly, not by the Board of Directors. The founder should possess
a legal capacity to carry out financial transactions. Waqf is void if the founder
is interdicted for insanity [by the court], except if it was dedicated for himself
in form of personal waqf over his lifetime. If the founder was interdicted for
his indebtedness, the permission from the creditors should be taken before
establishing waqf. If they disagree, the waqf contract shall be considered invalid.
2. Beneficiary (mawquf ‘aleyhi): The benefits of waqf can be distributed between
Muslims and non-Muslims, the rich and poor, as long as used in permissible by
the Shari’ah manner. It is not a pre-requisite that the beneficiaries should be
in existence at the time of the waqf endowment. If none of specified recipients
survive, the waqf should be transferred into charitable uses.
3. Subject Matter (mawquf): The key characteristics of an asset defined for
waqf endowment are: a) being valuable (as recognized by the Shari’ah), b)
being known (clarity of specifications), and c) being fully owned (with no
encumbrance). It is permissible to endow a real state, including all movable
assets attached to it, with the intention of its perpetuity. It is also permissible
to dedicate movable assets to waqf regardless whether it is independent or
attached to the real estate. Moreover, waqf can take a form of cash, however
it should be used in a way that doesn’t lead to its consumption [perpetuity];
for instance, making the low risk Shari’ah-compliant investments such as
mudarabah, in which the profit portion shall be transferred to beneficiaries.
Islamic investment certificates (Sukuk) can also be endowed, the generated
cash flow shall be distributed to the beneficiaries