Tawakkul and waqf mushtarak — where the review stands

What is being reviewed

Whether the structure of the Trust, and the arrangements through which it holds and develops property alongside community institutions, satisfy the conditions of a waqf mushtarak: an asset preserved in substance, benefit released to defined beneficiaries, and a permissible purpose — with the benefit divided between the families who participate and the charitable institutions the projects anchor.

Why the question arises at all

Two features of the structure invite it. The Trust carries no debt, so no asset within it can be foreclosed — the preservation of the asset, which is the defining condition of a waqf, is not contingent on a lender's forbearance. And every project is anchored to an existing community institution, so the charitable dimension is not a donation attached afterwards but part of how each development is conceived.

What has not been determined

Nothing has been concluded. Tawakkul is not currently a waqf and does not describe itself as one. A subscription today is a subscription for units in a real estate investment trust, governed by the Offering Memorandum and the Subscription Agreement, and nothing on this page changes what you would be buying.

What would change if the review concluded in favour

Less than people assume, and that is the point. The commercial terms, the fees, the redemption terms, the risks and the regulatory position would be unchanged. What would change is the availability of an endowment option alongside the ordinary investment — the ability for a subscriber who wishes to, and only if they wish to, to dedicate units permanently rather than hold them.

Why we are publishing this before the answer

Because the alternative is to say nothing and then announce a conclusion, and a community that has been promised a great deal by a great many financial products is entitled to watch the reasoning rather than receive the verdict. If the review concludes against, that will be published here in the same place.