When ‘Umar ibn al-Khattab acquired a piece of land, and asked the Prophet, peace be upon him, how best to use it, the Prophet advised him to establish it as waqf: “make the land inalienable (unable to be sold or given away), and give its profit away as charity.”
The harvest and profits of this land were then donated to the poor, travellers through the land and others who were in need. Over the centuries, this tradition was continued – land and buildings have frequently been given as waqf, and used to build schools, hospitals and mosques, amongst other functions to benefit the community.
Today, modern Islamic charitable organisations like Islamic Relief accept monetary donations as waqf, investing the money wisely (for example, purchasing property to be rented out) and using the profits to fund their development programmes, helping the poorest communities around the world. In 2012, Islamic Relief Waqf generated profits which were used to build wells in Sudan, provide healthcare to Sri Lankan children and distribute emergency aid to Syrian refugees, amongst other projects.
Orphans Endowment Waqf Fund
The Orphans Endowment Waqf Fund (OEWF) is unique program that brings sunshine and hope into the lives of the many orphans and vulnerable children in our community. There are more than 3 million orphans and vulnerable children in South Africa.
It is unique in that it provides for the needs of the most vulnerable in our community in a sustainable way and one which is eternally rewarding for the participants in the Fund.
The Orphans Endowment Fund is structured so that the capital is preserved and only the income that is generated on the capital is utilised to support the Orphans and Vulnerable Children (OVC) Program.
From every R500 invested in a Participating Share, an administration fee of R50 is deducted and the balance of R 450 is invested.
The largest proportion (approximately 80%) of the profits that are earned on the invested funds are used to address the basic needs and development of the orphans and vulnerable children.
A proportion (approximately 10%) is added to the original capital sum in order to increase and preserve its value.
A proportion (approximately 10%) is utilized for the administration of the Orphans Endowment Fund.
This Fund is administrated by our strategic partners Iqraa Trust and Al Baraka Bank.
For more information email [email protected].
To donate to our Orphans Waqf Fund with Iqraa Trust and Albaraka Bank.