MIJ WAQF FUND FAQs
What is Waqf?
Waqf means to ‘stop’ and to ‘maintain’. Technically, it is similar to an endowment, where assets are maintained for charitable purposes. Anything given as Waqf cannot be sold, gifted, inherited, or used for any purpose other than the intention of the Waqf. When an asset is designated as Waqf, Allah becomes the owner perpetually and that asset can never be removed from Waqf status.
What can be given as Waqf?
Land, property, gold, cash, vehicles, copies of the Qur’an, Islamic books, furniture and more! When such items are given, they can either be used by people for free. Alternatively, some of the assets can also be invested, leased, or used to generate revenue, where the revenue is then used for charity.
What does the person get for giving Waqf?
Giving in Waqf means you will be giving in charity and Sadaqah perpetually! In the MIJ Waqf Fund, if you have given £1, that £1 will be continuously reinvested, and the recurring revenue will be continuously allocated to Islamic causes. It is as though you are setting up an automated donation that will keep donating on your behalf perpetually, even after you pass away.
Can you give an example of Waqf?
A property can be given as Waqf which is then leased. This would mean that ordinary people can reside and rent the property, but the rental income will be used for whatever cause the person giving Waqf decided, whether that is to fund a masjid, provide for orphans, support the community or anything else of virtue.
What is the difference between Zakat, Sadaqah and Waqf?
Zakat is given only if you qualify, and it can only be given to specific people. Further, Zakat money must be transferred into the beneficiary’s ownership, they can spend and use it.
Sadaqah is private charity and voluntary, again given to someone who can then use as they wish. Zakat and Sadaqah are just one-off payments and one-off donations.
Waqf on the other hand is not transferred in the ownership as a ‘one-off’ to any person for their individual use, rather the Waqf asset is held as Waqf and must remain for continuous use and benefit. Hence, Waqf is perpetual giving and recurring charity.
What is the MIJ Waqf Fund?
The MIJ Waqf Fund is a Cash Waqf, which means that all the monies donated to the Waqf Fund are invested by the Waqf, and the revenue that is generated is spent in charitable causes. The capital is always maintained and reinvested. As such, whoever gives capital to the Waqf, will be as though they are donating recurringly as their capital that was initially donated will be generating revenue for charity continuously.
Which investments do the MIJ Waqf Fund invest in?
The Waqf only invests in Shariah compliant opportunities and investments. More details of any current investment can be found on the website once an investment is made.
Where do I get further updates on the Waqf?
Updates on the Waqf, investments and charitable causes of the Waqf will be uploaded soon on the masjid website.
How can I donate to the Waqf Fund?
The Masjid has a ringfenced and special account for Waqf as follows:
Bank: al Rayan Bank
Account number: 01205601
Sort Code: 30-00-83