Possibility of ‘Waqf in Money’ (as a new productive instrument in Islamic economics)

Waqf has always been a productive instrument in alleviating poverty and enhancing welfare. However, a novel (and challengeable) subject is the “possibility or impossibility of waqf in money.” Could we use money or monetary assets (instead of real assets) as waqf? Some Muslim scholars agree and others disagree. This paper attempts to analyze this new question. The authors use analytical and Islamic reasoning methods to investigate it. Meanwhile, we use the Arabic equivalent terms of some fiqh-i rules, verses of Quran and ahadith in footnotes. The first section is devoted to the methodological considerations and conceptual framework. The view points of proponents and opponents of waqf in money (WIM), along with its possibility will be analyzed in the second and third sections. The paper ends with some concluding remarks and some policy implications.