Waqf is a classical Islamic legal institution which entails declaring an asset inalienable (incapable of transfer through sale, inheritance etc). The income earned through the designated asset or other contributions towards it is then applied towards defined purposes usually fulfilling a social or charitable objective. Waqf creates a perpetual source of income to be used in noble activities and therefore becomes a source of perpetual reward in this world and the hereafter for contributors.
The Al Falaah WAQF Fund is an independent Waqf established to fulfill the objectives and mission of the College. All contributions to the Al Falaah Waqf Fund are held in perpetuity and the income on these funds is used for fulfilling the educational objectives of the school.
Waqf is a very robust and dynamic institution specifically suited to funding projects on a sustainable basis for the public good. The growing Capital base ensures sustainability and provided that the objectives and rules of the specific Waqf are applied, there is significant flexibility on where income of Waqf assets may be used.
Unlike Zakah funds which can only be used for certain categories of people and causes, the Waqf income may be used for any purpose or objective defined in terms of the Waqf rules. These features make Waqf a dynamic institution and it has historically been used to fund a wide array of activities including education, research, social enhancement and development projects.