Foundations, Goals and Position of Waqf (Endowment) in Economic School of Islam

Waqf (endowment) institution has not been immune from damages of religious institutions like the decrease of spiritual and just motives. Therefore the position of waqf in economic school of Islam that is responsible for motivational and goal issues, ownership, economic freedom and social justice should be reviewed and its origin in the structure of relationships between private and government sectors should be determined. The hypothesis of this paper is the exploration of waqf position and explaining this point that first, waqf in its nature is a charity and has an ethical face and therefore, the third part of the economy is responsible for waqf institution and second, it is justice and has a law face and the interests of waqif (the person whoendows), Mawqufa (the object of endowment), and mawqufʼonalayhim (whom that the endowment is devoted to them) should be regarded. So the Islamic government has the right of supervision in the frameworks of economic freedoms and social justice and also exercises the governance of the government in maintaining and enhancing interests of waqif, mawqufa and mawqufʼonalayhim. Hence, the ministry of waqf should be established in Islamic countries in order to be responsible for governing duty of government in maintaining and enhancing these interests. The methodology of research in data gathering step is of library one, in Quranic, Sunnah and juridical references is thematic analysis and in economic issues is analytical.