A reflection on Waqf (endowment) of banknotes for acquisition contracts

The legitimacy of Waqf (endowment) of bank note has benefits due to the economic transformation that society needs. The legislator in Article 58 of the Civil Code, which has a jurisprudential background, considers the subject of endowment as non-consumable property. Money is consumable property; therefore, the validity and invalidity of its endowment for the purpose of normal use and transfer of ownership is a matter of controversy. Some reasons have been established for the validity of that endowment some of which have been accepted by a range of jurists. The latter group is of the opinion that if that contract is not valid as a Waqf, it is legitimate as an independent contract. The other opinion is also correct according to some other authorities. The nature of paper money, the legitimacy of endowment of banknotes and the nature of that contract are questions that we are seeking to answer. Considering this legal act as a Waqf is, due to the weakness of the evidence, ijtihad against the text, but the said Waqf as a nameless contract, with regard to the acceptance of the principle of freedom of contract in jurisprudence and statutory law, the unity of the criteria of Article 758 of the Civil Code with Article 10 of that law, the principles of correctness, permission, necessity and lack can be correct.