WAQF INVESTMENT: A STUDY BETWEEN JURISPRUDENCE AND CONTEMPORARY APPLICATIONS

Abstract: The study discussed the investment of endowment funds in Islamic jurisprudence. The problem emerged in the need for a jurisprudential foundation that balances the preservation of endowment assets and the achievement of the highest levels of growth and sustainability of its returns, while adhering to precise Sharia controls. This imposes conditions on this investment, its contemporary applications, and its limits and legitimate forms according to Islamic jurisprudence. Therefore, the study aimed to: identify the types of endowment capital that may be invested in jurisprudence, and analyze the jurisprudential characteristics of each type in terms of the possibility of growth without compromising the endowment principal; analyze the Sharia controls for investing endowment funds as stated in Islamic jurisprudence sources; and identify forms of endowment investment in Islamic jurisprudence, with a focus on contemporary applications. The study adopted inductive, analytical, and comparative approaches. The results showed that Islamic banks have a role in expanding the forms of endowment investment in our contemporary time. Methods and forms of investing endowment funds have diversified, in the form of endowment investment funds, investment certificates, and endowment shares. Jurists' interpretations of investment methods in Islamic banks vary. Some endowment investment funds are based on mudaraba, others on investment agency, others on partnership, and so on with sukuk. The study recommended that, due to the diversity of investments in modern applications, the founder should work to ensure the continued sustainability of the endowment.