honour their own obligations under it, on the ground that the donor has not fulfilled the pledge he made and that this commitment was a determining element in the contract.

Second:
The Council also examined four further models, contained in the recommendations of the seminar it had convened, that are proposed for the development and investment of a waqf while safeguarding its perpetual nature. They are:

(a) Establishing a company in which the waqf authority contributes the value of its physical assets and the financiers contribute the capital needed to develop the waqf.

(b) Transferring the waqf assets—treated as fixed capital—to an operator who will develop them at his own expense in return for a share of the income.

(c) Developing the waqf through an istisnaʿ (construction) contract with Islamic banks, in consideration for a portion of the income.

(d) Leasing the waqf for an in-kind rent consisting solely of the construction erected on it, or of that construction together with a token monetary rent.

The Council concurred with the seminar’s view that these schemes require further study and deliberation. It therefore instructed the General Secretariat to commission research on them, to search for other Sharīʿah-compliant investment models, and to convene a seminar on these proposals so that its findings may be presented to the Academy at its next session. Allah knows best.

• Resolution of the Islamic Fiqh Academy on the topic: May the capital provider’s profit be fixed in a muḍārabah partnership?

Praise be to Allah alone, and blessings and peace be upon him after whom there is no prophet, our master and Prophet Muhammad, and upon his family and Companions.

To proceed:
Indeed, the Council of the Islamic Fiqh Academy of the Muslim World League, in