What can be given as Waqf?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The following assets can be designated as Waqf:
- Real estate
- Shariah compliant shares
- Sukuk investments
- Unlawful income
- Moveable assets
The classical jurists have stated that any asset can be designated as Waqf as long as there is customary practice to do so. For example, in the early period of Islamic scholarship, there was no practice of giving ships as Waqf assets. However, in the latter period, ships were customarily given as Waqf. Imam al-Tahtawi states:
“In our time practice has arisen with regard to the ships of the Red Sea. For some of them are made waqf of for transporting grains destined for Mecca and Medina ”.
Permissibility of making Waqf in the form of moveable property is based on the practice during the era of the Prophet (peace and blessings be upon him) and the orthodox caliphs with respect to making Waqfs for mosques. The majority of Fiqh scholars also support this opinion. The Waqf of immovable assets such as land was established by the practice of the noble companion Umar (may God be pleased with him). He designated the land of Khaybar as Waqf.
A usufruct can be donated as Waqf, because it has value and recognition. The fact that a usufruct is temporary does not affect this ruling since Waqf can also be temporary as indicated by the Maliki school. Shariah compliant shares and Sukuk investments are a mixture of both moveable and immovable assets which are now customarily given as Waqf. [AAOIFI Sharia Standards]
And Allah Alone Knows Best
Mufti Faraz Adam,
I Waqf Shariah Advisor