IslamicFinance.de

The word Waqf is used in the Islamic Law in the meaning of holding a property and preserving it so that its fruits, revenues or usufruct is used exclusively for the benefit of an objective of righteousness while prohibiting any use or disposition of it outside its specific objective.
The real innovations in the idea of Waqf began in the early Islamic Period in Madinah. It was initialed by the Prophet, peace and blessings be upon him, when he said that someone should buy the well of Rumah and to designate it as a public utility of drinking water free for all. This brought about a wide range of Awqaf that serve the welfare of the society at large and provide basis for sustainable public utilities in a way that has no precedents in the history of humanity.