Takaful: Concept and Model by Atiquzzafar Khan

A Waqf Fund would basically be aseparate legal entity to which theShareholders would initially make adonation to establish the Waqf Fund. The donation can be of any reasonableamount (Shariah Board may specify suchan amount). The objectives of the Waqf fund would beto provide relief to participants againstdefined losses as per the rules of theWaqf fund.