Towards an Islamic Social (Waqf) Bank

This paper looks at the permissibility of establishment of a waqf (a non-profit social bank) in Islamic law. Considering the needs of the poor majority in all Muslim nations, unattended to by current banking system, it explores and extends the views of Muslim jurists regarding the validity of cash waqf to the permissibility of waqf bank. Cash waqf donations and proceeds can be used to form the capital of the bank. The principles of waqf and its...