Awqaf (Waqf)
Charitable endowment under Shariah, often managed for community benefit.
Detailed Description
Awqaf (Waqf)
What is the primary purpose of Awqaf?
The primary purpose of Awqaf is to dedicate a portion of wealth for religious, charitable, or social purposes in accordance with Islamic law.
How does Awqaf differ from conventional financial instruments?
Awqaf differs from conventional financial instruments by focusing on social welfare, being irrevocable, and operating strictly within Islamic law.
What are the main types of Awqaf?
The main types of Awqaf are Religious Awqaf, Charitable Awqaf, Family Awqaf, and Public Awqaf.
What challenges does the Awqaf system face?
The Awqaf system faces challenges such as management inefficiencies, legal ambiguities, financial sustainability issues, and limited public awareness.
Can you provide an example of a successful Awqaf?
An example of a successful Awqaf is Al-Azhar University in Egypt, which provides religious and secular education to many students.