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In plain terms
Waqf
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A waqf is an endowment: an asset such as land, a building, or funds, set aside permanently for a charitable or religious purpose. Its principal is not meant to be sold or inherited, only its benefit distributed. Mosques, schools, and wells have historically been established this way.
Related terms
Sadaqah
Sadaqah is voluntary charitable giving, distinct from zakat, which is obligatory. Hadith describe its scope broadly, extending to money, goods, and even a kind word or act. There…
Zakat
Zakat is the obligatory annual payment due on qualifying wealth, once it reaches a minimum threshold, nisab, and has been held for a full lunar year, hawl. It is one of the five…