When a person dies, all their deeds end except three: a continuing charity, beneficial knowledge and a child who prays for themProphet Mohamed PBUH (Sahih Muslim)
There is no difference between the two as the Waqf bases itself on the hadith about ongoing charity whose rewards are not cut off after one dies. The aims are one, goodness and getting closer to Allah.
The scholars from among the companions of the Prophet (peace be upon him) and their followers (tabe’een) permitted Waqf and considered it a form of sadaqa. It was then known as ‘Al Habs’ which means ‘confinement’ and in north Africa they are known as ‘Al-Hobous’ or ‘Al-Ahbas’ because the Waqf is a confinement - or reservation - of money for a specific purpose, where its proceeds are given in charity.
The most prominent principle on which Waqf is based is when the caliph Umar ibn al-Khattab (may Allah be pleased with him) acquired land in Khaybar and asked the Prophet (peace be upon him) what should be done with it. The Prophet (peace be upon him) said, “If you like you can give the land as an endowment and give its fruits in charity."
So Umar donated it as a charitable endowment on the condition that it would not be sold or given to anybody as a gift, and could not be inherited. He stipulated that its yield would be given in charity to the poor, to relatives, for freeing slaves, for the cause of Allah, to travellers and guests; and that there would be no harm if the guardian of the endowment ate from it according to their need with good intention, and fed others without storing it for the future.
This means that he confined the source and gave its proceeds and whatever good it generates for the sake of righteousness and charity.
A Waqf is better than charity given once because the positive impact of it is prolonged and not limited to the time the sadaqa is given.
You can establish a Waqf by confining some assets and forbidding the buying and selling of them and instead using their revenues and proceeds on charitable causes. The Waqf may be individually or collectively owned, especially as there are multiple forms of Waqf and methods of investing to maximise profits. This opens new opportunities for the donor to direct their Waqf to specific causes and diversify their spending on different aspects of charity.
Through this Waqf your donation funds are invested in diverse projects that comply with Shariah principles. Their proceeds are spent on projects that our other Waqf may not cover, so it is a good option for donors who have not decided on a specific cause to invest their donations in.
Through this Waqf, IBW seeks investments that generate revenues that can be used to increase the self-sufficiency of communities and enable them to confront hardships and natural disasters. Thus, your donations contribute to supporting communities on an ongoing basis meaning you are constantly rewarded if Allah wills, while the impact of your kindness is long-lasting.
Through this waqf, donation funds are invested in different and diverse projects that comply with Sharia principles. Their proceeds are spent in areas that our other awqaf may not cover. Therefore, this waqf allows donors who have not decided on a specific field to invest their donations.
Through this waqf, we seek conscious investment that generates revenues that could be used to provide self-sufficiency in the basic needs of communities and enable them to confront hardships and natural disasters. Thus, your donations contribute to supporting communities on an ongoing basis, so that you are constantly rewarded and the impact is lasting and uninterrupted.
