Excerpt from his Essay “WAQF” by Prof. Dr. Mehmet Maksudoglu
As an Islamic institution, the waqf is a property, an amount of wealth etc. dedicated to the benefit of the created to please the Creator. The dedicated assets are put in possession, ownership of Allah eternally, i.e. the establisher of a waqf no longer has any right of ownership regarding the said wealth or property. The motive for establishing a waqf is solely to obtain the pleasure and consent of the Creator, hoping only for His reward.