Author: In Am Nabila Binti Mohd Hashim
Allah SWT stipulated that in our role as ‘ibad’, in the process of submission to Him, we should perform a few important task as our everyday habits:
1. Establish Prayer;
2. Give Zakat;
3. Perform Fasting;
4. Believe in the Messengers and support them;
5. Give loan to Allah in the form of Waqf, Sadaqah and Jariah.
Hence, making Waqf should be part of our life and being practiced at every opportune moment.
Is Waqf an Investment, an Infaq or a Sadaqah?
The basic principles in the Islamic Wealth management is to divide $1 of income earned into three portions namely:
1. One-third is for basic needs: Consumption such as foods and lodging,etc.
2. One-third is for seedling: Re-investment to ensure future income generation. This includes investment in houses and business investment.
3. One-third is for the eternal investments: Investment for Hereafter including Waqf, Sadakah, Jariah and Zakat.
Hence the answer is YES. Waqf is an investment, and it is an eternal investment.
Is Waqf the same as Infaq and Sadaqah?
The main difference is that Waqf have a double effect compared to Sadaqah.
- When we make a Sadaqah, we part with our money with the intention (Nia) that it is done in the name of Allah SWT, and we will forget about it.
- When we make Waqf, we give an asset that will be permanently kept in the name of Allah. The wealth will generate income or benefit eternally and hence the reward for it will flow eternally into the donors’ account as reward.
Hence, Waqf is considered as both re-investment for worldly affair and as eternal investment for the Hereafter.