Definition of waqf and its goals

Waqf in language means stopping, holding back, stopping, stopping.

In terms of property, this word means the suspension of part of the movable, ie cash, from cash, current, flows in order to invest in real estate with the aim or intention of enjoying the property and/or its fruits for the benefit of themselves, their loved ones or the wider community society, as a constant, pleasing to God, giving and charity, for the benefit of the needy

Investments can be general-economic, from agriculture onwards, whatever Allah has not forbidden, in economic areas, in educational-cultural, health, permitted service areas, etc.

The benefit or income from such an investment may be for personal, common, and social needs.

Benefit or income at all these levels can be tangible and intangible.

This type of waqf investment unifies two models of the economy: savings because the money invested is kept in the endowment itself, and the creation of a new economy of value.

This type can be useful in many ways, because projects such as scientific-cultural-educational can realize the principles of role-saving, earnings, and other wider socially useful benefits, in terms of staff training.

The only goal of a Muslim is to please God.

In that direction, the intentional act of endowment can cover various needs of the religious and wider community of society: providing prayer, educational, cultural, social, communal, security, and other needs of individuals and the community of a settlement.

It is important to note that the economic structure of the waqf must be such that the fruits are used and the basis is preserved, and in this way to ensure the lasting benefit of the waqf.

It should be noted that the waqf, as a property sector of the Islamic community of Serbia, by its essential nature and purpose, is neither a private nor a government sector because as an endowment its self-sustainability must not be based on dependence on government budget or anyone else, but on valid, domestic economic management.