SS 33 - Вакф

This standard aims at indicating the basic Shari’ah rulings on Waqf, which constitute the basis for practical application in this area. The standard also indicates the role of Islamic financial Institutions (Institution/Institutions)

in supervision, management and investment of Waqf properties.

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This standard presents the definition of Waqf and discusses its types, Shari’ah rulings, basic elements, and the conditions that pertain to each of these elements. It also covers the conditions required in the Waqf and the Waqif (donor), and illustrates the appropriate methods for Waqf utilization, investment, supervision and management. Furthermore, the standard covers the crucial role that Islamic financial Institutions could play in the development of Waqf, and the appropriate methods of Waqf investment. This standard, however, does not cover other philanthropic Institutions such as Irsad (allocation of public property for public utilities) and financial trusts which resemble Waqf in some aspects. 2. Definition, Shari’ah Rulings, Rationale of Permissibility and Types of Waqf