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 perpetuity and the protection of the cash waqf can also apply to the capital of the bank.The structure of this bank and its functions has to be in conformity with waqf principles too.
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Mohammad Tahir Sabit Mohammad (2011) studied this question.
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