Tom Facchine – What is a Waqf

Tom Facchine
AI: Summary © The Sharia is a system where individuals take an underlying asset and it gets dedicated through an act of intention and an act of intention. The income generated from these assets is used to fund a variety of services, including school, programs, and housing. The endowment is a system where individuals can get rewarded for their donations to the poor, and the system is serving a population until judgment.
AI: Transcript ©
00:00:01 --> 00:00:41

Walk is an Islamic endowment. And it is an extremely important part of the Sharia. Here's how it works. You take an underlying asset, such as a house or a piece of land, or something that's going to generate income. And it gets dedicated through an act of intention and declaration that this is going to be frozen that it can't be sold off, it can't be gifted, it can't be inherited by somebody else. So it moves from the realm of private property to something that's almost like public property, I guess, you could say. And then the income that that asset generates is dedicated to a certain purpose or a certain cause. Let's say that the income that it generates is going to be given

00:00:41 --> 00:00:49

to the poor, or it's going to be go to an orphanage, or it's going to fund the school, or it's going to fund a mess cheap, right.

00:00:50 --> 00:01:26

So what happens is people keep on putting in their money into the wall. And then the wealth gets bigger and bigger and bigger, and they're able to do more things. They're able to generate more income, and then the purpose or the service that they're providing grows. Right. So this was the model throughout hundreds of years of Islamic civilization, where public goods were funded, we're talking about hospitals, we're talking about schools, we're talking about messages, we're talking about roads, streetlights, you name it, it was taken care of primarily through this organizational system called the wealth, the Islamic endowment. And it's significant for a lot of different

00:01:26 --> 00:02:10

reasons. One of those reasons, if we're to turn our attention to our good deeds in the afterlife is that your donations go further. If I donate $10, to the poor, let's say something very, like, very much like a cattle fatal. It is, it's like it's a consumable donation, right? It's consumed $10 given $10 is spent, and then it's gone. So the impact I have is very, very short term. Now, that means that the deed that I did, even if Allah rewards it very, very generously, multiple times, it's still just a one time deed. If I take that same, same $10, and I put it into an Islamic endowment, and that endowment is now serving one population. That means every single time that endowment serves

00:02:10 --> 00:02:18

that population, I'm getting a reward. That mean this is sadaqa jariya, that the prophet Ali so that's I'm talking about this is something that's going to keep on putting

00:02:20 --> 00:02:45

good deeds in your scale until the day of judgment. And one of the first people to do this was Earth men. When it came to the well and Medina famous story. He made it into a web and that well and the land around it, the date trees and everything. It's still producing dates. The money from the sale is still going to the needy, and he's been collecting good deeds for 1400 years.

Share Page

Related Episodes