Many of the problems in our communities have a financial component to them. We need a way to address the lack of affordable goods and services. Setting up a waqf (endowment) system can solve this problem.
It has been used for more than 1440 years to provide socio-economic services to communities. Services such as providing healthcare, education, interest-free loans, employment, social assistance to anyone in need, and infrastructure development are among a long list of services financed using waqf organizations.
Waqf is an Islamic institution introduced by the Prophet Muhammad (peace and blessings be with him) where ethical investments and assets are passed on as a divine trust to benefit the community. The waqf property remains intact without a time limit, and cannot be sold or given away except in certain circumstances.
The most important feature of a waqf is that it has to be sustainable. Profits derived from the core investment or asset are used to provide goods and services to everyone, especially the poor and the needy.
You can now use ShuraForAll to set up and manage a cash funded waqf for your organization. Only organization financial accounts are supported. No personal accounts are allowed.
Interaction between the shura and the waqf would be ongoing. The shura would be used to develop a strategy for project implementation, to invite others to participate in project work, to manage the work as it is being performed, and to financially contribute to it. Consequently, the shura would provide for the management and administration of the waqf.
1. Select Start a Shura;
2. Choose the option to set up a waqf shura;
3. Give a name to the project that will be financed using your waqf;
4. Provide a detailed description that explains the purpose and the scope of the project to be financed using the waqf;
5. Enter the PayPal ID of the organization account you want donors to send their money to;
6. Upload a document created by a state official within your country that recognizes the good standing of the organization that wants to establish a waqf. This document must be verified by ShuraForAll; and
7. Complete all the remaining steps required to set up a shura.
Once the uploaded document is verified to be authentic and that financing your project using a waqf is allowed, ShuraForAll will automatically generate a web page that serves as a payment gateway for users who want to contribute to financing your project.
ShuraForAll uses the PayPal service for the payment gateway. Check here to determine if it supports payments in your country.
This service will provide a secure way for users to make cash contributions to the waqf, and would inform you of the amount contributed by everyone.
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