How Waqf Can be Used to Create Sustainable Wealth
Hello Mallam Idris, where are you coming from? I asked. I am coming from a lecture on waqf. The topic of the lecture is “How Waqf Can be Used to Create Sustainable Wealth”, he said.
I am interested in waqf, Mr. Idris. Please I would like to learn from you what you had learned from the lecture.
I would be happy to share with you what the speaker had discussed, he said.
Please go on if you have the time now, I said.
From what I had learned from the speaker, he said that Waqf can be used to create long-term sources of income for religious and charitable purposes.
And that Waqf is an islamic endowment which may be in the form of property or fund invested for the support of a person, a group of people, an institution or a community.
You said earlier that the topic of discussion is “How Waqf Can be Used to Create Sustainable Wealth”.
Yes. he said..
I’d like to know how that was discussed.
The basic idea is to donate assets or property as a waqf. The waqf is then managed by waqf trustees or administrators. The income generated from the assets or properties is then used to support a charitable cause or purpose, said Idris.
The speaker further mentioned that there are several ways you can generate income from the waqf.
Let me see if my memory can serve me better today, Idris said.
The ways are:
- Rental income
- Investment income
- Business income
- Royalty income
And more..
Please, could you help me to explain these concepts, I enquired further.
Sure.. he said.
For the rental income, the property such as land, building, real estate etc donated as waqf could be given out to people on rent. The income realised from rent is then used for charitable purposes.
For the investment income, waqf can be in the form of cash, stocks, bond or mutual fund etc. So the money or income generated from these are used to support a charitable cause.
For the business income, waqf also can be in the form of business or commercial enterprise, so the profit generated from these are used to fund or support a charitable purpose.
For the royalty income, ‘I think I have forgotten this one. When I remember I’ll let you know’, said Idris.
Aha! I just remembered now, he said.
The speaker said that the waqf can be in the form of intellectual property such as patents or copyrights. So the income generated from these is called royalty income. And the income that come from these waqf assets can be used for charitable purpose
Thank you. I learned so much from you today. I said.
Don’t mention, he said.
Mallam Aliyu! I have a meeting to attend, see you next time. Bye! said Idris.