a Jurisprudential and Economic Study of Ownership in  Waqf'

There exists a difference of opinion between the jurists with regards to ownership ofthe asset which has become subject of ‘waqf’ [mauquf]. Is the benefactor or ownerof the asset [waqif], the owner? Or are the beneficiaries [mauquf alayhim], theowners? Or is Allah [SWT], the owner? Or is there a difference in rulings betweenprivate waqf and public waqf, such that in the former the beneficiaries are theowners while in latter Allah [SWT] is? Or the asset put to waqf does not need anowner at all and is an artificial legal person, which has principle and corollaryelements and has a law named mauqofa and a trustee (mutawalli), supervisor(nazer), judge, law and ultimately the ‘waliy-e-faqih’ [Jurist who is in Authority] isresponsible for protection and promotion of benefits of this legal person in thesociety? Discussion regarding this topic rectifies the view of all parties involved inmatters of waqf. Such a modification will result in reformation of the institution ofwaqf. The hypothesis of this research is that: “Considering the legal personality ofthe asset put for waqf, along with the model presented in Imam Ali’s (AS) practice,which adds a condition of change in mauqufa whenever the benefits in the waqfdeed [waqf namay] decrease, will provide a route for reformation of the institutionof waqf.” The research method is descriptive-analytic. The results show that suchan institution will increase the capacity of spirituality, a just growth and efficiencyinside an Islamic society.