TEMPORARY WĀQF AND PERPETUAL BENEFIT: A MATHEMATICAL PROOF

Temporary wāqf (Islāmic pious foundation) possesses great unrealized potential of preserving maslahah (public interest), but to date, has not been given the attention it deserves. Using mathematical representations, a first in the wāqf literature, this paper seeks to prove that temporary wāqf can still provide a perpetual benefit similar to that of permanent wāqf. Logical mathematical derivations suggest that so long as large enough number of similar mauqüfs (corpus of wāqf) are endowed at different periods in time for similar purposes, the benefit derived from these mauqüfs can reach infinity, ceteris paribus. This makes it possible for temporary wāqf to provide perpetual benefit, and it may convince regulators, practitioners, and Islāmic scholars to consider its wider implementation. This paper also suggests how financial technology implementation could make the aforementioned temporary wāqf findings a reality. Furthermore, the mathematical representations used in this study may motivate researchers to come out with quantitative models that include temporary wāqf and study its impact on real financial and economic settings. The overall aim of this paper is to re-emphasize the importance of focusing on the perpetual nature of benefits (substance) rather than on the perpetual nature of mauqüf (form). This important shift in perspective can be used to tap into the vast amount of idle assets that could be used to advance social finance and social economy, ensure protection of maslahah, besides ensuring more effective and productive use of existing wāqf assets.