Waqf creates great benefits for society as well as the endower.
Benefits for the donor:
- Ongoing and never-ending blessings, even after the donor is no longer alive
- Offers support to the community and enables the more wealthy to fulfil their social responsibility
- Fosters trust between the community and donor
- Revival of the Prophet’s (pbuh) sunnah.
Allah (SWT) says in the Holy Qur’an: “Verily, those men and women who give charity and lend Allah a beautiful loan it shall be increased many times and theirs shall be an honourable good reward.” [Surah-Hadid: 18]
Allah (SWT) also says: “Indeed, it is We who bring the dead to life and record what they have put forth and what they left behind, and all things We have enumerated in a clear register.” [Surat Yaseen: 36.12]
As donations to Waqf can also be made in the name of a deceased person (such as a family member or friend), the continuous reward in this case will benefit the person to whom the donation was dedicated.
The Prophet (Peace Be Upon Him) said: “When a person dies the rewards for their good deeds cease except for three things for which they continue to get the reward (even after death) and these are: (1) Sadaqah Jariyah (on-going Charity), or (2) Knowledge Which Benefits People, or (3) Pious Children Who Pray After Their Death.” (Related by Imam Muslim).
Benefits to society:
- Sustainable development: The Waqf endowment is one of the greatest economic practices that Islam offers. It is a long-term investment for the whole community with continuing benefits
- Community-empowerment and poverty alleviation: Donors are able to improve the lives of poor communities.
What different types of Waqf are there?