The Waqf Governing Document is the founding document for your Waqf and ensuring it is formulated correctly is all about asking the right questions.
Three documents will be key to creating your Waqf and ensuring the Waqf assets are held and used correctly. Click on an item below to find out more.
Letter of Instructions
Asset Transfer Declaration
What is a Governing Document?
What is the Letter of Instructions?
Your Letter of Instructions details to your trustees who you want your Waqf to be utilised for. You may have detailed plans or general guidelines, whichever it is, the Letter of Instructions is the place to set this down in writing. The Letter of Instructions can always be amended in future by you, so as long as you retain the ability to do so in your Waqf Governing Document.
What is the Asset Transfer Declaration?
When you create your Waqf Governing Document you establish the Waqf with £10. You then need to decide which assets to transfer into your Waqf and when. The Asset Transfer Declaration is a document which confirms the details of the asset(s) which will be held for Shariah purposes on the terms of your Waqf Fund, from the date the declaration is signed.
Creating your own Waqf Fund is a straightforward process. Review it below.
Step 1 - Contact
Go to our Contact page and complete our ‘Establish my Waqf’ questionnaire.
Step 2 - Meeting
We arrange an initial meeting with you to discuss Waqf and your requirements.
Step 3 - Questionnaire
Once you agree to proceed, we send you a link to a detailed questionnaire gathering all the information needed to prepare your Waqf Governing Document, Letter of Instructions and Asset Transfer Declaration.
Step 4 - Review
We prepare the documents and send them to you. You check the papers and we follow-up with you until you are happy with the contents.
Step 5 - Signing
You sign your Waqf governing document, Letter of Wishes and an Asset Transfer Declaration. Your Waqf is established.
What type of Waqf to create?
How to choose Trustees?
Who will be the Beneficiaries?
When will each Beneficiary receive something?
Type of Waqf
The first question you will need to decide is whether your Waqf should be permanent or temporary.
A permanent Waqf, as the name suggests, never ends. Every asset added as Waqf to this type of Waqf Fund is maintained and grown, never spent up, inherited or gifted away. The beneficiaries of your Waqf can receive from the income element of the Waqf as you decide.
A temporary Waqf can also be created if you want to create a Waqf for a limited amount of time (subject to a minimum length of one year). This is very useful if you wish to allocate certain assets to specific beneficiaries for a period of time. If you die before the end of the time-limit, the Waqf will continue until the end of the time-period and the beneficiaries of the Waqf can continue to use the assets as you envisaged. At the end of the time-period the Waqf ends and the assets will be inherited by your Islamic inheritors.
The trustees are the people responsible for making decisions on the running of the Waqf fund and how the assets will be invested and who will benefit. Ensuring you decide on the right people is therefore very important.
During my lifetime
Most people will want to be the trustee of their own Waqf during their lifetime. Some people will want to appoint others alongside them during their lifetime, so as to ensure the purpose and spirit of the Waqf as initially envisaged is retained and so as to make decisions relating to the Waqf if they are not in a position to do so (due to, for example, illness).
After my death
Who can benefit from your Waqf – well that’s really entirely upto you.
The rules of Waqf mean there are no restrictions on you and your family benefitting from the Waqf. If you need to receive all the income from a property you can continue to do so, once the property is in Waqf.
Deciding when everyone benefits
Every person’s circumstances are different, some will have multiple assets which they intend to add to Waqf, others will be adding their main and only home. This in turn will dictate when and how you decide to benefit wider family, charity or others. We will discuss this with you in detail to ensure you have the access you need to the assets of the Waqf, whilst ensuring the rules of Waqf are maintained.