Vakf

Vakf, also known as waqf in Arabic, is an irrevocable charitable endowment in Islamic law. A founder assigns property—typically real estate, money, or other assets—into a trust to be preserved in perpetuity. The income and usufruct of the endowment are used to support a specified public benefit, such as a mosque, school, hospital, or housing for the poor. The property itself is not owned by individuals; it remains dedicated to the endowment's purpose under the administration of a custodial body.

Key features include perpetuity, non-division, and a defined charitable objective; the endowment is managed by an appointed administrator (often called mutavalli) who oversees investments, rents, and disbursements in accordance with the founder's instructions and Islamic law. Conditions in the deed, or waqfiyya, determine the beneficiaries and the duration of the endowment.

Historically, waqfs funded large segments of public infrastructure and education in Islamic states. In the Ottoman Empire they supported mosques, madrasas, caravansaries, soup kitchens, and hospitals, building a quasi-public budget through endowment revenues.

In modern times, many countries regulate and oversee waqfs through government agencies or independent foundations. In Turkey, the Vakıflar Genel Müdürlüğü administers a large network of endowments. Today, waqf funds may be invested to generate income for ongoing charitable programs, while some contemporary waqf projects focus on social housing, microfinance, or scholarship endowments.