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The Concept of Waqf and
its Application
in Takaful
A presentation by:
Nabil Bello
Tankertanker Design
Tankertanker Design
Tankertanker Design
Definition of Waqf
• Waqf is an Arabic word, which has its root from the Arabic verb “waqafa”. The plural is awqaf. Literally it means to ‘stand’. It also means to ‘cause a thing to stop and standstill’ or ‘detention’, ‘holding’ and ‘keeping’. (Lisan al-Arab)
04/13/23
Tankertanker Design
Tankertanker Design
Tankertanker Design
Definition of Waqf
Technically, waqf is defined as taking the corpus (‘ain) of any property from personal ownership, transferring it permanently to the ownership of Allah and dedicating its usufruct (manfa’ah) to purposes recognized by the Shariah as pious or charitable. (Islahi, 1992)
04/13/23
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Tankertanker Design
Tankertanker Design
Shariah Authority
• Qur’an:
((وما يفعلوا من خير فلن يكفروه))“Of the good that they do, nothing will
be rejected Of them; for Allah knoweth well those that do right.”
(Suratu Ali Imran)
04/13/23
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Shariah Authority• Hadith:
عن أبى هريرة رضى الله عنه أن النبى صلى الله عليه وسلم قال: "إذا مات ابن آدم انقطع عمله إال من ثالثة أشياء: صدقة جارية، أو علم ينتفع به، أو ولد صالح يدعو
له" When a man dies, all his acts come to an end, but three; recurring charity (sadaqa
jariya) or knowledge (by which people benefit), or a pious offspring, who prays
for him”
04/13/23
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Types of Waqf
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Main Features
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Application of Waqf in Takaful
• Takaful is defined as a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants, in case of need whereby the participants mutually agree to contribute for that purpose. (Takaful Act, 1984)
04/13/23
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Operation of Takaful
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Pure Waqf Model
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Wakalah Waqf Model
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Mudharabah Waqf Model
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Surpluses
• May be kept as reserve to mitigate future losses.
• May be distributed as a cash distribution to the participants.
• May be used for charitable purposes.
04/13/23
Thank you
