There is nothing wrong, as far as Islam is concerned, in investing specific amounts of money that is waqf, or endowment, with the intention of making profits in a halal business in order to help care for orphans or for other charitable causes.
Dr. Monzer Kahf, a prominent economist and counselor, states the following: It maybe better to put it with institutions such as Islamic banks or shareholding companies, and one should define the objective and the checks and balances on the managers of this waqf very clearly and in detail.
Investing Endowment Money to Help Orphans
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