The concept of wealth in Islam is bounded by the Islamic worldview that encompasses the principles of justice, equity and fairness, and aimed at upholding the objectives (Maqasid) of the Shari’ah (Islamic Legal System). Based on Islamic teaching, the ultimate owner of wealth is Allah s.w.t; while man functions mainly as the trustee of the said wealth, or in other words, as fiduciary owner in his role as Allah’s vicegerent on earth. Waqf is an instrument of wealth creation and distribution that is based on Islamic divine rules and teachings. Waqf is defined as the perpetual, inalienable instrument of Islamic endowment, which aims at improving the socio-economic well-being of society. Technically, waqf is a form of transfer of assets which is withheld as a trust by individuals or organizational entities, where only the benefits associated with the assets are used for general or specific philanthropic purposes.
Managing Waqf for Social Well-Being is suitable for students, educators and the general public who are interested to learn about waqf and commit to practising/conducting research on waqf-Islam’s beautiful wealth management vehicle. Here, waqf practices and situations are described and analysed. This book uniquely offers an emergent framework of ‘waqf for societal well-being’ which will provide insights for a deeper understanding of the subject and inspire improved practices in managing awqaf.