The Moroccan Waqf and the Common-Law Trust: A Comparative Study

Abstract

Etymologically, the term trust originates from Latin; it means “care”. Charitable trusts and waqfs are methods of facilitating the intergenerational management of family wealth. Both are thought of as estate-planning vehicles, ensuring that assets of the testate go to certain individuals or organizations. However, whereas the trust has expanded its scope to cover the economic field, the waqf in Morocco is still considered a religious exercise. While there are shared features between the Moroccan waqf and the trust, they are conceptually and practically different in many aspects, most importantly in their perception of ownership and their contrasting stances regarding endowment duration. Despite the importance of the trust. The comparative legal methodology has been adopted to study the spirit of the different legal systems. The comparison has revealed the existence of undeniable similarities in terms of the management of endowments, yet the differences are numerous, especially with regard to ownership structure, juristic personality, and perpetuity rules, among others.

Waqf Land Development for Private Tahfiz Schools in the State of Perlis, Malaysia: Procedures and Advantages

“…The importance of ownership and possession in Sukuk structures has been established. Similarly, Guelida et al (2022) found the significance of ownership in any Islamic finance product as the authors focused on waqf. However, the participants discovered another aspect that has hampered Sukuk owners' ability to hold or possess the underlying assets of the Sukuk in several jurisdictions.…”

Shariah Issues of Ownership and Possession of Asset-Based Sukuk Structure: A Shariah Scholars’ Perspective

“…Additionally, there is no argument among Muslim scholars that possession of ribawi food items (e.g., wheat, dates, notably, salt, and barley) is a condition for their sale. Concerning non-ribawi food, on the other hand, the Maliki scholars have two opinions: (1) it is prohibited without prior possession, and (2) it can be sold without prior possession (Guelida et al, 2022). From the Shafi'e scholars' perspective, possession is the primary condition for property types.…”

The Strategic Role Of Article 6 Of Law No 41 Of 2004 In The Management Of Term Waqf: A Progressive Review Of Islamic Economic Renewal

“…The legalization of waqf in Islam is based on the Qur'an and hadith. There are several verses of the Qur'an that form the basis of waqf law (Guelida et al, 2022a;Jahar, 2019;Sebyar et al, 2023;Single, n.d.), including the following:…”

“…Apart from that, waqf is also a legal act that has been around for a long time and has been implemented in society, the regulation of which is incomplete and is still scattered in various laws and regulations. So, in an effort to realize the concept of productive waqf, this waqf law (Bintarto et al, 2022;Guelida et al, 2022b;Hakimah et al, 2022b;Lita, 2018) was born.…”