The Islamic Trust Fund that is still being used today.
Did you know, that Uthman ibn Affan’s waqf is still being used today? This Waqf helps fund the construction of hotels to house pilgrims, and feed the poor.
A waqf is an Islamic trust fund for the Islamic community, it freezes the capital or property, not by disposing of it by selling, giving or inheriting.
The money is spent in the manner of the person that established the waqf.
It can be used for charitable purposes, building mosques and help improve the Islamic economic growth.
Charity Does not Decrease Wealth
Abu Huraira reported Allah’s Messenger ﷺ as saying:“Charity does not decrease wealth, no one forgives another except that Allah increases his honor, and no one humbles himself for the sake of Allah except that Allah raises his status.”
Uthman’s waqf was established earlier in Islamic history.
During the early migration of Muslims to Madinah, there was well owned by a Jewish man who charged people to drink from his well.
Uthman made an offer to the man in return for the well to be used by the Muslim community free of charge.
The Jewish man declined, so Uthman asked if he would rent the well for one day for the Muslims and the next day to him and so on.
The Jewish man agreed and noticed that the Muslim community were only using the well on the day Uthman owned the well.
The owner felt at a loss and quickly rushed to ‘Uthman, “you have spoilt my well, now buy it off me”.
Uthman agreed and it was sold for 20 thousand dirhams, which he then assigned as an endowment in Allah’s name (waqf lillah) for all Muslims to drink from.
After Uthman left the well for the Muslims, date-palms started to grow around it.
When Madinah became part of the Saudi government, they began to expand the trees and grew around 1550 date palm trees.
The Ministry of Agriculture sell the dates in markets and divide the revenue in two, half was distributed amongst orphans and the poor.
The other half goes to a special bank account in Uthman ibn Affan’s name which the Ministry of Endowment oversees.