Waqf: Concept, Jurisprudence, Evolution & Modern Application

By Sheikh Professor Faizal Ahmad MANJOO

This session, presented by Sheikh Professor Faizal Ahmad Manjoo, explores waqf (Islamic endowment) from its classical fiqh foundations to its modern applications as a sustainable socio-economic instrument. It examines the definition, pillars, legal principles and historical development of waqf, while highlighting how Islamic jurisprudence has adapted to contemporary financial and institutional realities.

The presentation reviews the perspectives of the four Sunni schools of jurisprudence on key issues such as ownership, perpetuity, revocability, inalienability, temporary waqf, movable assets and cash waqf. It traces the historical evolution of waqf from the Prophetic era through the classical and Ottoman periods, followed by modern state centralisation, legal reforms and the contemporary revival of waqf institutions.

Particular attention is given to modern fiqhī adaptations, including cash waqf, temporary waqf, waqf of shares and sukuk, istibdāl (substitution), corporate waqf and digital or tokenised waqf. Contemporary standards and resolutions from bodies such as the AAOIFI and International Islamic Fiqh Academy (IIFA) are discussed as frameworks for preserving the essential principles of waqf while enabling innovative structures.

The session also examines practical models such as Cash Waqf-Linked Sukuk (CWLS) in Indonesia, corporate and share waqf in Malaysia, MUIS sukuk in Singapore, and sukuk al-intifāʿ linked to waqf assets in Saudi Arabia. These case studies demonstrate how waqf can be integrated with Islamic capital markets, professional asset management and modern financial institutions while maintaining its charitable and social objectives.

Overall, the presentation highlights the continuing relevance of waqf as ṣadaqah jāriyah, where the underlying capital or asset is preserved and its benefits are directed toward society. With effective governance, Shariah oversight, professional management and transparent investment structures, modern waqf models can support education, healthcare, poverty alleviation, social development, climate resilience and intergenerational economic sustainability.