Charity and finance in the world of Islam: waqfs, origins and evolution
Muslims, for centuries, have fulfilled their social responsibilities and served their societies with an institution called waqf. Thus, waqfs have constituted the most important NGOs and civil society institutions in the Islamic world. Wealthy Muslims establish waqfs based upon a statement of Prophet Muhammad known as "sawab ba'd al wafat". The Prophet is reported to have said tge following: "When a person dies all his deeds come to an end and his account book, daftar al amal, is closed, except for three: Knowledge, from which people can benefit, ongoing charity, a pious offspring". Waqf is the institution which allows Muslims to fulfil all these three tasks, often simultaneously, and enables them to earn good deeds even after they pass away.
Cizakca, Murat. (2010). Charity and finance in the world of Islam: waqfs, origins and evolution. In Amer Al-Roubaie & Shafiq Alvi (Eds.), Islamic banking and finance: critical concepts in economics, Volume 1 (pp. 364-372). Abingdon, Oxon: Routledge.