(1) The Majlis shall establish a fund to be known as Wakaf Fund.
(2) The Wakaf Fund shall consist of the wakaf principal money and wakaf benefit money.
(3) For the purpose of this section-
(a) the wakaf principal money is a mawquf whether in the form of cash or property which includes-
(i) any proceeds acquired through istibdal;
(ii) allocation or contribution received from any parties for any wakaf purposes;
(iii) contribution and proceeds of wakaf shares, wakaf bonds and any other valuable security instruments under any wakaf schemes; and
(iv) all contributions or other moneys received legally by the Majlis under this Enactment.
(b) wakaf benefit money is any proceeds derived from the mawquf.
(4) The accounts of wakaf principal money and wakaf benefit money shall be created separately.
(5) All property and proceeds of wakaf in the Wakaf Fund shall be vested in the Majlis which shall administer the said property and proceeds according to the provisions of this Enactment or regulations made thereunder.