Nazir (waqf trustee)
The trustee who manages a waqf according to the founder's conditions; also called the mutawalli.
The nazir, also called the mutawalli, is the person or body appointed to manage a waqf. The nazir preserves and invests the waqf assets, collects income and distributes benefits according to the founder's conditions, and may be entitled to a fee for this work. In many jurisdictions a public waqf authority supervises waqf administration or acts as nazir itself.
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
WaqfAn endowment: an asset is dedicated so that its principal is preserved and its benefits go to a stated purpose.Cash waqfA waqf whose endowed asset is money, invested so that its returns fund the waqf's purpose while the capital is preserved.Fiduciary riskThe risk that an institution fails to meet the standards that apply to its duties as trustee or manager of others' funds.