Understanding Waqf, Its Role and Practice: A Revisit

Abstract

Waqf is an ongoing public service that utilised a private wealth to establish institutions for public benefits. Therefore, a full grasp of the concept of waqf helps to understand its practice in societal welfare and sustainable development. In view of that, the study conducted library research and survey primary and secondary sources to highlight the basic concepts and principles of waqf and its role in Muslim societies. The study findings proved that waqf has the ability and great potential to finance common welfare.  However, the theoretical discussion of waqf in this study includes a number of areas including literal meaning, validation, and conditions of waqf. In addition, it also discusses various other kinds of waqf. This chapter sheds light on the importance of waqf, its overview, objectives, importance, and management substantiated by a few practice examples of waqf.