Although ‘Waqf’ does not need to be recognised as a Waqf in the law, the Waqf must be structured in a manner which is captured in an appropriate legal framework…
A Waqf can be conditional and contingent upon a future event. Contemporary scholars permit a contingent and conditional Waqf. This is the position of the AAOIFI Shariah Standards which are adopted globally.
A Waqf does not require acceptance from the beneficiary. If a specified beneficiary rejects the Waqf, he will not be entitled to the proceeds of the Waqf.
There are various and multiple pre-requisites and integrals for a Waqf to be valid. These pre-requisites and integrals relate to the following areas: