Fundamentals of Islamic Waqf

Abstract

The purpose of the scientific research is to consider the meaning and role of vakfs in the life of society, to underline the strong necessity to revive such an important material and spiritual sphere of Islam as waqf. In order to determine the functional purpose of the waqf, the scale of its activities, the author made a historical review of the emergence and development of waqfs. The author examined different points of view on this problem in order to determine aspects of the waqf system developing, the mechanisms for its functioning and their transformation in different periods of time. The idea of the waqf institute in Islamic culture is very fruitful, filled with deep spiritual content and brings serious results in the development of the non-state sector, which in turn entails an increase in gross profit and contributes to the development of the social and economic sphere of society as a whole. It is this very reason that makes the theoretical (and practical) study of this problem and the realization of the waqf institute in our country extremely urgent at the present time. The methodological basis of the study was the works of foreign and domestic authors on the problems of Islamic waqfs. Of great theoretical and practical importance were
scientific studies and concepts that generalized the principles and mechanisms for the transformation
of the waqf institute in foreign countries. The theoretical analysis and generalization of literary sources,
periodicals and electronic resources as well were used, the methods of scientific cognition (analysis and
synthesis, comparison, induction and deduction) were applied in the presentation of the material. To
fully implement the activity of the waqf, it is necessary to create a legal basis for the revival of the waqf
institute; to establish a close relationship with the management structures of the waqfs in Muslim countries,
to approve the norms and rules for the waqf functioning in a secular society.
Key words: waqfs, revival of the waqf institute, social and economic development.