Abstract
Joint endowment (Waqf) funds for the purpose of investment in Iran, with the money donated by the endowers (Waqif), can invest in the diverse portfolio of securities. Each beneficiary invested units of endowment of the fund can act as the representative of every portfolio of securities which can be bought and stewarded by the fund based on the proposed model. In Muslim countries, these funds in addition to the investment in the shares of the companies in order to establish factories or increase the companies' shares can devote the endowments in terms of Islamic securities. In this way, not only they can facilitate the financing of companies and private or public institutes and provide the increase in their income, but also can benefit from the fixed and variable outcomes of these securities and help to the economic growth and development. The income provided by this fund can be spent based on the endowers' intentions and desires and to the extent they donated.
This study aimed to design a national model for the joint investment endowment fund in order to develop the endowment incentives in Iran's economy based on library method of data collection. This study follows a discovery approach with the analytical-descriptive method. It can be considered as a fundamental research. The legitimacy of endowment of money in Shi'a jurisprudence is postulated in this research and the reasons for the legitimacy of endowment of money are sated briefly.
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