Wakalah with Waqf Models: Meaning of Waqf

‘Waqf ‘means ‘detention’ and connotes the tying up of property in perpetuity for the public’s benefit. According to jurists, 'Waqf' is the detention of a thing in the implied ownership of Almighty God, in such a way that its profits may be applied for the benefit of human beings. The beneficiaries of the Waqf may be for general public or a group of people. Waqf properties may be happen in two forms such as immovable property or movable such as lands or houses. In Indonesia, in previous times ago, cash Waqf are familiar and most of people were involved into this Waqf concept, but, nowadays, it is become a issue among of people group that considered that Waqf should in form of ‘fixed asset’ not in cash. This statement was agreed by Hanafiyyah, he said cash Waqf invalid because it one’s of endowment of movable properties (Waqf al-manqul) and it also can easier to change-over on total physical insufficient. Some of scholar argued that cash Waqf has no eternal attribute which should be available in Waqf property. From economic perspectives, the value of cash was tied with inflation rate and depreciation which may affect the bargaining power of selling and buying cash Waqf (al-Misri, 2005). From these arguments regarding to this issue, most of Islamic country was discouraged to adapt this Waqf in terms of ‘cash’.

According to Islamic Jurists, Waqf can be classified in three main categories, which are based on timing, purpose and object. Based on timing of Waqf, most of them agreed that it must be permanent but, according to Malikiyyah, it also could be temporary (Al-Zuhayli, 2000). In term of the purpose of the Waqf, the Waqf could be made to the family of Al-Waqif (donour) or to the public for the charitable purposes whether it coul...

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...ncertainty will exist when it is start expressing its doubt to any possible under typical of Wakalah. So, the compensation contract will be applied to overcome this kinds of problem on uncertainty in Takaful contract. In addition to the relation of agent with Waqf, the firm also has a relation of Mudarib, when it invests the Waqf funds as Mudarib.

References

Mahmud Saedon Awang Othman, Peranan Wakaf di dalam Pembangunan Ummah (translated: The Role of Wakaf in the Development of the Muslim Society), Al-Ahkam, Jilid 6, Dewan Bahasa dan Pustaka, Kuala Lumpur, 1998, pp158-159;

Syed Khalid Rashid, Muslim Law, Eastern Book Company, Lucknow, 1996, chapter IX.

Abdul Ghafar Ismail. 2010. Money, Islamic Banks and the Real Economy. Cengage Learning Asia Pte Ltd. Pg. 78-79.

Al-Misri, Rafiq Yunus. 2005. Fiqh Al-Muamalat Al-Maliyyah. Damascus: Dar Al-Qalam.