Know About the New Law in UAE - "the Federal Waqf Law"
The concept of Waqf has long been a matter of confusion to an extent where people didn’t want to process significant amounts of the asset through Waqf because of its somewhat unstructured law. However, things are taking a turn for the best as His Highness Sheikh Khalifa bin Zayed Al Nahyan issued the latest UAE Federal Waqf Law No. 5 of 2018 or as it is popularly known, The Federal Waqf Law. Explaining Waqf and why people were not sure about it To explain in detail, Waqf is the process of transferring the ownership of a property or an asset to a juristic body. From the moment of transfer, the Waqf will handle the benefits or profits gained from the assets. Now the confusion comes in deciding whether Waqf can be done for a temporary period or whether the benefits are transferable to the donor’s family. Muslim scholars were of different opinions on this matter, and the sharia law doesn’t provide enough insight into Waqf laws because there wasn’t enough valid consensus on the subjec