Waqf Governing Document

The Waqf Governing Document is the founding document for your Waqf and ensuring it is formulated correctly is all about asking the right questions.

The Documents

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.

Waqf Governing Document

Governing Document

Letter of Instructions

Letter of Instructions

Asset Transfer Declaration

Asset Transfer Declaration

What is a Governing Document?

Waqf Governing Document
The Governing Document is the founding document that governs the running and administration of your Waqf. Throughout history when individuals created their own Waqf they would set out the details of how the Waqf was to be run in a Governing Document. The great flexibility of Waqf lies in the fact that the Waqif (the one creating the Waqf) has complete control on how their Waqf is to be utilised, provided the rules of Waqf are adhered to.

What is the Letter of Instructions?

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?

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.

The Process

Creating your own Waqf Fund is a straightforward process. Review it below.

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Contact Us

Step 1 - Contact

Go to our Contact page and complete our ‘Establish my Waqf’ questionnaire.

Meeting

Step 2 - Meeting

We arrange an initial meeting with you to discuss Waqf and your requirements.

Questionnaire

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.

Review

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.

Signing

Step 5 - Signing

You sign your Waqf governing document, Letter of Wishes and an Asset Transfer Declaration. Your Waqf is established.

The Questions

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.

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Permanent

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.

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Temporary

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.

Choosing Trustees

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.

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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).

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After my death

After your passing, because your Waqf is created for Shariah purposes only, for legal purposes the Waqf assets will be treated as per the remainder of your estate. This is why it is important to ensure your Islamic Will incorporating a Will trust is in place, something which our partners at iwillsolicitors.com can assist with. It is usually the best option to ensure the Waqf trustees are the same as the trustees of your Islamic Will.

Choosing Beneficiaries

Who can benefit from your Waqf – well that’s really entirely upto you.

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Family

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.

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Charity

Although you should ensure that you and your family have enough, the real benefit of Waqf derives from the possibilities of a continuously increasing reward which comes about by utilising the Waqf in favour of charities and charitable causes. Do you have a passion for education? Maybe healthcare is where you want to have an impact? Or perhaps religious knowledge and dawah strikes you as the need of the day. Utilise your Waqf to leave a lasting impact.
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Others

Because of Waqf’s incredible flexibility, any cause, business, organisation, individual or social need can potentially receive funds. In the past there was a Waqf to replace broken utensils and one to provide pasture-land for old animals to live out their days in comfort and ease. The possibilities of Waqf are limited only by your imagination.

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.

Where Now?

Explore the website and get all the information you need to understand why Waqf could be right for you, what Waqf is and how setting up your own Waqf with I Waqf works.

Why would you want to?

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Icon (1. Your Waqf, Your Way)

Your Waqf, Your Way

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Icon (2. Your decide who benefits)

You decide who benefits

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Icon (3. No tax or legal) – transparent

No tax or legal implications

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Icon (4. Assign assets to those who may need)

Assign assets to those may need them

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Icon (5. Safeguard)

Safeguard and control assets

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Icon (6. Harness exponential)

Harness the exponential benefits of Waqf

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Large tax savings

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Icon (8. Revive Sunnah)

Revive a lost Sunnah

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Icon (9. Shariah Compliant – certified)

Shariah Compliant - Certified

What is Waqf?

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Story Book

The Story of Waqf

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Waqf Fundamental Principles

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FAQs on what Waqf is

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Waqf Fatwa Centre

How does it all work?

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Waqf Governing Document

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Adding Assets

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Combining with an Islamic Will

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Waqf Register

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Charitable Waqf

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FAQs on how to establish your Waqf

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