Money Endowment Applications:
 Questions and Shar'ia issues

Al-Ayashi Al-Sadiq Faddad
 Islamic Development Bank- Jeaddah- KSA

Wednesday 23 April, 2014, (23-06-1435H)

Abstract

Money endowment is among many applications that have emerged in the early periods of Islamic civilization. Hadith books and fiqh references had saved many of these applications and guided us to multiple empirical cases. Despite these early applications, I could not find extended references in the works of jurists to money endowment, its forms, and branches as is the case in other endowment forms. Also, I did not find jurists detailed analysis to endowment assumptions, problems that might emerged when money endowment applied, in investing its capital, and distributing of its returns as per conditioned by the Waqif. The paper crystallized many of these challenges and presented the author view on money endowment Shar'ia ruling. It showed that scholars had two different opinions, one sees not the approve it and the other do, the author has supported the approval for several reasons and as such mutually reinforcing the international Islamic Fiqh Council, the European Council for fatwa and many research and scientific scholars in different boards. The author also addressed the purpose of money endowment, offered historical and contemporary applications. This research is distinguished by exploring the Ottoman Empire money endowment case studies.