Waqf trust History of Islamic economics

the waqf in islamic law, developed in medieval islamic world 7th 9th centuries, bears notable resemblance english trust law. every waqf required have waqif (founder), mutawillis (trustee), qadi (judge) , beneficiaries. under both waqf , trust, property reserved, , usufruct appropriated, benefit of specific individuals, or general charitable purpose; corpus becomes inalienable; estates life in favor of successive beneficiaries can created , without regard law of inheritance or rights of heirs; , continuity secured successive appointment of trustees or mutawillis.

the significant distinction between islamic waqf , english trust express or implied reversion of waqf charitable purposes when specific object has ceased exist , though difference applied waqf ahli (islamic family trust) rather waqf khairi (devoted charitable purpose inception). difference english vesting of legal estate on trust property in trustee, though trustee still bound administer property benefit of beneficiaries. in sense, role of english trustee therefore not differ of mutawalli.

the trust law developed in england @ time of crusades, during 12th , 13th centuries, introduced crusaders may have been influenced waqf institutions came across in middle east.

after islamic waqf law , madrassah foundations firmly established 10th century, number of bimaristan hospitals multiplied throughout islamic lands. in 11th century, every islamic city had @ least several hospitals. waqf trust institutions funded hospitals various expenses, including wages of doctors, ophthalmologists, surgeons, chemists, pharmacists, domestics , other staff, purchase of foods , drugs; hospital equipment such beds, mattresses, bowls , perfumes; , repairs buildings. waqf trusts funded medical schools, , revenues covered various expenses such maintenance , payment of teachers , students.