The concept of waqf. The role and importance of waqf institution in society

Waqf is property and money allocated by individuals for the permanent implementation of social services. The foundation that manages them is a legal entity. The foundation, in turn, is also called by such names as habs, hubs, sadaqa, charity. Throughout history, waqf foundations have built mosques, hospitals, madrassas, and provided the necessary financial support to the needy. Waqfs that eased the burden of the state economically with their social services also lent large sums to the state when necessary. States recognized the importance of waqf foundations in economic and social life, supported them and created all conditions for their free operation. The issue of waqf is still relevant today. Properly established, the waqf institution will be able to provide significant support to the state in such areas as social assistance, financial assistance, educational and medical services, and serve as an important factor in economic stability.