Possibility of establishing a Waqf from the IFIs’ provisioned funds in the UAE

What is it about?

Islamic financial institutions (IFIs) can gather provisioned funds from various sources, but they are prohibited from incorporating these funds into their profits or using them for personal gain as they are considered illegitimate income. Instead, IFIs are required to allocate these funds to charitable purposes. This research examines the potential establishment of a Waqf (an Islamic alternative for endowment) using the provisioned funds of IFIs in the United Arab Emirates (UAE) by analyzing its Shariah perspective, utility, and viability.

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