The word vakuf has its origins in the Arabic veqafe, and it means preserving, keeping, or dedicating. Vakuf is an institution of Islamic law, developed from the 11th to 19th centuries, which in many ways is related to the institution of a charitable foundation in European law. Vakuf means a permanent good that the individual freely provides for the general benefit and use of the community with certain religious, social, educational, economic and charitable goals. The vakuf should be structured so that its benefits are long-lasting and is permanently economically viable.
Author(s) of this page
- Omercic, Edin