e owner made certain waqf. Some of those put a condition that the fruits and revenues of their waqf be first given to their own children and descendants and only the surplus, if any, should be given to the poor. This kind of waqf is called posterity or family waqf. Therefore, unlike foundations in america which are restricted to religious or philanthropic purposes, waqf in Islamic society may also be for one's own family and descendants.In this small essay, the waqf (Islamic charitable endowment) system is selected as a typical institution for promoting economic integration in Islamic society. Some characteristics of Islamic society as a market society are pointed out through analyzing the management of waqf properties, based on the Islamic law and monetary systems, and the overall role of the waqf system in Islamic society....
