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Zakat and Waqf are both forms of 'giving' and empowering others in Islam, and in Islamic practices, Zakat and Waqf are two distinct forms of charity that differ in their nature, obligations, implementation, and continuity. Here are the similarities and differences between Zakat and Waqf:

Similarities:

1. Charitable Promotion: Both Zakat and Waqf aim to promote charity and social welfare by providing funds or resources to assist those in need. Zakat is one of the Five Pillars of Islam, while Waqf is a voluntary act of giving that benefits the community. They both reflect the Islamic values of generosity and support for the less fortunate.

2. Religious Significance: Zakat is a religious obligation for Muslims, and although Waqf is voluntary, both acts hold significant religious importance and are encouraged as virtuous deeds in Islam. They demonstrate the commitment of Muslims to social responsibility and the betterment of society.

Differences:

1. Nature of Giving:

o Zakat is a mandatory form of wealth distribution for Muslims who meet a certain threshold of wealth. It is typically calculated as 2.5% of one's savings and assets and is given annually to the poor and needy, as well as other eligible recipients.

o Waqf, on the other hand, is a voluntary endowment where property or funds are donated permanently for charitable purposes. The donation can be in the form of land, buildings, or financial assets that are dedicated to serving the community indefinitely.

2. Continuity:

o Zakat is a periodic act of giving that is performed regularly, usually once a year, to ensure the continuous support of the less fortunate.

o Waqf provides a perpetual source of charity, as the endowed assets continue to generate benefits for the community over time, often serving multiple generations.

3. Implementation:

o Zakat is typically given directly to individuals in need or to specific charitable projects, with the aim of alleviating poverty and supporting various social causes.

o Waqf often involves the establishment of a legal entity, such as a trust or foundation, to manage and oversee the endowed assets in accordance with the donor's wishes.

4. Beneficiaries:

o The beneficiaries of Zakat include the poor, needy, and other eligible recipients as defined by Islamic law, which may also encompass non-Muslims in some cases.

o The beneficiaries of Waqf are broader, as the endowment can support entire communities and institutions, providing long-term benefits that extend beyond the immediate needs of individuals.

5. ASSETS 

o Zakat involves the transfer of value. Ideally, money should be given as that is the most efficient and provides maximum options to the beneficiary. However, Zakat can be given in other forms to, such as food packs and other beneficial assets to the beneficiary. 

o Waqf must be something that remains perpetually. The idea of Waqf is that the asset remains, so that it continues to provide benefit to people perpetually. Hence, food cannot be given as Waqf, as it is consumed and diminishes. 

6. Legal Status:

o Zakat is recognized as a religious duty within the framework of Islamic law and is an integral part of a Muslim's faith practice.

o Waqf is often recognized legally in many Islamic countries and may require specific legal procedures for its establishment and management.

In summary, while Zakat and Waqf share the common goal of promoting charity and supporting the community, they differ in their approach, duration, and the way they are carried out. Both forms of charity are essential practices for Muslims to fulfill their religious obligations and contribute to the welfare of society.