WHAT IS WAQF?
Waqf is an Arabic word which may be translated in simple English as endowment. A simple definition of Waqf is the dedication of a property (can be fixed asset or cash) by a person through a will or otherwise for pious purposes, religious purposes or for charitable purposes. The second type is Waqf khas, or specific waqf, which is a dedication for the benefit of the person's family members, offspring and their descendants.
In other words the property is given away for the benefit of whoever as desired by the donor (the correct term for the donor is waqf. Other than land or building, a person may also waqf useful belongings or objects which can be of benefit to other people. For example, a piece of carpet or chair can be made waqf to the mosque.
This is essentially a charity or ‘endowment for life’ project aimed at encouraging Muslims to practice virtuous religious attributes. Waqf is one of the ways of worship or a way to draw closer to Allah through the endowed wealth for benevolence and charitable acts or purposes. In case the object is not an everlasting object, then it must be ensured that it is used for as long as it remains usable.