Definition of Islamic Waqf & Will
A Waqf is a concept which resembles a form of endowment under which the ownership of assets is transferred to a non-for-profit body (Waqf Board), which manages the assets for named beneficiaries for a defined period. Trustee is usually an institution or individual and the beneficiary usually is the Muslim
community.
Based on Islamic endowment laws and principles, herewith in a set of bylaws developed to govern and record in terms of the assets to be transferred and the beneficiaries of the proceeds of the assets.
A coherent management structure (Board of Trustees) must be put in place.
Whereby, the board of trustees, governed by the attached bylaws, is authorized to act in good faith on behalf of the Waqf and in line with the objectives of the Waqf.
The types of assets which are able to be owned and managed by a Waqf are movable as well as immovable assets may including all kinds of properties, securities, trade names, moneys and intellectual property rights.
A Will, sometimes called last will and testament, is a legal document declaring a decedent’s intentions for who should manage his or her estate after death, and to whom he or she wishes various assets to be given. From legal as well from Islamic aspects, it is necessary to have a will and avoid misuse of one’s estate after death.
Islam has strongly emphasized that everyone makes a Will in his lifetime and have witnesses to it. It is highly recommended as perceived from the sayings of the Holy Prophet (S.A.W.) to write a Will. In these times, the Will has become extremely important. It avoids costs and complications for the heirs. It provides for the proper distribution of assets, properties and possessions, instruction for payment of debts, selection of an executor and appointment of a guardian for minor.