ABSTRACT
The most radical challenge to rethinking boardroom relationships both internal and external to the waqf was economic behaviour, because increasing corporatization of philanthropy was emerging. This chapter examines the economic and corporate institutions and Shari'a indulgences of the waqf in India. It analyses the deeply embedded health and education and scientific interests of philanthropy as operated within the Hamdard Foundation in India in 1906 and later expanded through family lineages into Pakistan and Bangladesh. The Waqf Amendment Bill of 2010 was proclaiming the importance of land development with financial models to develop waqf properties while avoiding corruption. The waqf and Islamic finance were therefore a diminished feature of Muslim business and trading minorities in India. The waqf possessed the principle of perpetuity, and in India this interpretation faced inordinate obstacles because of the legal pluralism within the judicial system and the diversity in religious allegiances of the Indian Muslims.
