Literally Wakaf means to stop, contain or to preserve. In shariah, a Wakaf (plural: awqaf) is a sadaqah jariyyah (recurring / ongoing charity), a voluntary charitable endowment, from one's personal belongings or wealth in the form of cash / property for shariah compliant causes.
Its purposes must be:
Once it is dedicated as a Wakaf, the ownership of the asset is transferred to Allah S.W.T. allowing a perpetual use for charity.
You could be a potential Wakif through planned giving; by writing a will (wasiat) to bequeath your asset i.e.from the sale of your HDB flat after your demise.
However, if you have inheritor(s) or heir(s) to your assets, only up to 1/3 of your asset(s) are allowed to be bequeathed as a contribution. This is in accordance to the Islamic ruling of Faraidh.
I have nominated Muis as one of my CPF beneficiaries, but I
want the monies to be channeled to my preferred mosque/madrasah/fund upon my
passing. How do I inform Muis of my decision?
You may indicate your preferred nominee(s) (ie. Mosque,
Madrasah, Wakaf Ilmu, Mosque-Building Fund, Dana Madrasah, Baitulmal) in this
form. Once CPF Board disburses the monies to
Muis, we will channel it to the rightful establishments/funds based on the