Is it permissible to purchase a copy of the Qur’an with the intention of it being an endowment (waqf) on behalf of one’s deceased parents, while the purchaser reads from it at home and dedicates the reward of the recitation (khatmah) to them?

It is permissible to purchase a copy of the Qur’an and dedicate it as a waqf (endowment) for your parents to magnify their reward. This is done by specifying the beneficiary, such as a mosque, the poor, or students of knowledge. It is also permissible to dedicate the Qur’an as a waqf for yourself first, and then for another beneficiary such as heirs or a mosque. A group of jurists, such as Ibn Taymiyyah and Al-Mardawi, chose this opinion due to the benefit it offers in encouraging good deeds. If you dedicate the Qur’an as a waqf for yourself, then every time you read from it, your parents will benefit from the reward.