DefinePK

Abstract

Muslim jurists have variously defined waqf. As per Imām Abū Ḥanīfah’s definition, waqf is to donate profits associated with an asset while keeping its ownership intact with the donor. Imām Mālik defines it as donating the profit associated with the donor’s asset for a specific period of time. Likewise, Imām Aḥmad bin Ḥanbal defines it as giving the ownership as well as its associated profit to whom the asset is donated. Imām Shāfi‘ī, Imām Muḥammad, and Imām Abū Yūsuf consider waqf as giving ownership of an asset to Allah as well as donating its associated profit. From the perspective of law, waqf is a legal transaction which can only be caused if all the mandatory conditions related to both the donor and the donated asset are fulfilled. This article attempts to examine the status of waqf of currency and company shares in the light of the Sharī‘ah rulings.