Waqif in Hydar

In Hydar State Waqf refers to any organization engaged in production, the provision of services, charitable activities, finance, or trade. In practice it is synonymous with the legal person of a corporation in more mainstream Anterran law, however there are several differences. First a Waqf must donate at least 25% of its profits back to the community, second while a Waqf can freely sell shares: the Waqf must limit it to 60% of the companies value, the Waqf cannot give more then 40% of its profits away to shareholders, so called absentee shareholders have limited voting options, and Waqf's with employees greater then 100 persons must reserve some shares for their employees, albiet there exists a special class of Waqf where this rule does not apply. Thirdly the holder/holders of a Waqf are assumed to be given ownership rights by the Sultan of Hydar and/or the local mosque who can revoke their holdings if they so choose. Hydari law specifies numerous classes of Waqf and they serve to give Hydar a unique economy based on Islamic principles. To register a Waqf one must create a deed which specifies the purpose of the Waqf, the owner(s), and proof of liquidity. The Waqf is then approved by the National Development Authority. Waqfs with employees greater then 100 persons are required to host at least one party cell of the Sons of the Sultan.