Definition of Wakf :
A Wakf is an unconditional and permanent dedication
of property with implied detention in the ownership of God in such a manner, that the property of the owner may be extinguished
and its profits may revert to or be applied for the benefit of mankind except for purposes prohibited by Islam.
For the purpose of the Musalman Wakf validating act
of 1913, a Wakf means "a permanent dedication by a person professing the Musalman faith of any property for any purpose recognized
by the muslim Law as religious, pious or Charitable".
SHIA LAW- Wakf is a contract, the fruit of effect of
which is to tie up the origin of thing and to leave its usufruct free. The subject of the Wakf is transferred so as to become
the property of the beneficiaries.
A wakf for a limited period time is void. According
to better opinion Wakf in favour of descendants without any provision in the event of failures of successors is void.
Who may make a wakf - Subject to the provision of any
one for the time being in force, a Mohammadan who is a major and is of sound mind, make a Wakf in respect of any property
of which be is the owner.
An indispensable companion for all concerned with this subject.