The origins of the modern trust are the subject of debate
amongst academics; theories include the Islamic Waqf which was
either a family or charitable endowment of property, created by a
donor for use by designated beneficiaries and administered by
trustees who in turn were under the supervision of a local judge.
Under this theory, it is argued that the Waqf was imported by
Franciscan Friars returning from the crusades in the thirteenth
century, adopting the Waqf to the needs of their mendicant
order.
Although the Waqf is similar to the trust, there are many
benefits to the more developed trust including established law and
regulation of professional trustees. Furthermore, the trust offers
itself to a range of compliance with Islamic law (Sharia')
depending on the wishes on a settlor.
