What is an endowment (Waqf), what is the difference between it and a Western gift (hiba gharbiyya), can non-Muslims benefit from it as scholarships, can an endowment contribute to the economic development of Islamic countries, and what are the potential problems when establishing an endowment?

Waqf is the endowment of an asset and the expenditure of its proceeds on charitable deeds, whereas a gift (hiba) is the transfer of ownership of money. It is permissible to spend the proceeds of a waqf on non-Muslims with the intention of inviting them to Islam if their conversion is hoped for, though it is preferable to spend it on charitable projects. Waqf can be used to stimulate the Islamic economy by developing its proceeds. The most prominent problems with waqf arise from heirs and relatives regarding the distribution of its profits.