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waqf, wakf The freezing of a property so that it cannot be sold, inherited or donated to another party. It is often used to protect public spaces, charitable buildings and mosques. It can be considered an end to the original owner’s ownership, thereby making it impossible to be bought or sold. In Islam specifically, waqf means creating this arrangement for Islamic purposes.

waqf ahli The revenues that are gained from a waqf, which are distributed first to the family of the person who set up the waqf and then to the poor.

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Waqf Khas     Private waqf

Waqf Mawajib    Social Event

Waqfiyya    Decleration or deed for a Waqf

Waqif      Founder of waqf (endower)

waqif, wakif The person in charge of creating a waqf arrangement.

wasaya, wasiy-ah, wasiyyah A will or bequest. Muslims can bequeath one-third of their estate to whomever they want on their death, but two-thirds must be passed down to the deceased’s family.

watan Homeland or nation.

wazir A political minister.

Western In the context of Islamic banking and finance, the word ‘Western’ is often used as an adjective before ‘banking’, ‘finance’ and so on, to describe something that is non-Islamic. It is therefore synonymous with ‘secular’ because there is no specific religious undertone. However, ‘Western’ usually taken as simply meaning something that is European- or American-influenced, English speaking or Christian. During the Cold War ‘The West’ was used to describe the non-Soviet or non-Communist world, or the capitalist economies. Israel is often described as having a Western outlook, yet it is surrounded by nations that would probably not be described, or describe themselves, as Western. It should therefore not be taken literally as meaning the Western hemisphere or the Christian or Anglophone world, indeed too much meaning should not be placed on the geographical meaning of the word at all, if indeed one exists. Western banks do not refer to themselves as Western banks; they simply regard themselves as banks.

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