Assets

According to the AAOIFI Sharia Standard on Waqf, a share in a jointly-owned asset can be designated as Waqf. This is also the classical position of the Shafi’i and Hanbali schools.

Gold can be designated as Waqf. The gold Waqf can be lent, leased, invested or traded. If gold is lent, the borrower can use the gold as collateral or in another permissible manner.

Gold is a moveable asset which now has customary practice of Waqf designation. Based on the principles mentioned by classical jurists, a moveable asset which is customarily designated as Waqf can be allocated as Waqf.