Shaykh al-Islam Ibn Taymiyyah said: “When there is a need, the waqf must be exchanged for another asset of equal value; when no such need exists, it may nonetheless be exchanged for something better if that clearly serves the public interest.”
Shaykh ʿAbd al-Raḥmān al-Saʿdī added: “If the endowed property deteriorates or its benefits diminish, and another asset would prove superior and more useful to the beneficiaries, two reports are transmitted from Imam Aḥmad on the matter: the official position of the school is to forbid the exchange, while the alternative view permits it—and that is the position preferred by Shaykh al-Islam.”
I say: This is the procedure followed in the Kingdom of Saudi Arabia, but only after the sharʿī judge has examined the case and issued his ruling, which is then subject to review by the Court of Cassation.