Waqf business issues : can a Waqf go in partnership with other persons ?

Fatawa Question

As-Salaamu Alaikum Warah'matul-Laahi Wabarakaatuhuu Dr. Kahf, May Allah bless you, your family, and loved ones abundantly. I have recently been informed of the release of a certain piece of land to be used to generate wealth that would help the community. The concept of Waqf came to mind as my recent visit to Jeddah educated me on the readiness of the Islamic Development Bank to support Waqf based projects in non-Member countries. Here are my questions : 1. Can a Waqf project be done using a partnership structure with other interested parties ? I.e. the waqf would own a percentage of the project ? 2. Can a management company manage the Waqf for a fee ? the reason for my first question is that I intend to look into maximizing the value of the land in question, and thus the amount needed for the project may be more that would be given to establish the Waqf project. In this case we may need other investors to pitch in to complete the project. Your clarification of these issues would be much appreciated. Ma'a Salaam Fawzi

Fatwa

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Publication Date

2010-03-13

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Waqf
• Partnerships

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-728376

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