Hikr

Definition of "Hikr"

Lit: Ground rent. Tech: Relating to the law of ’awqaf, it refers to the long-term lease of waqf property, where the waqf gets a lump sum of money approximately equal to the capital value of the property with a right to receive monthly or annual nominal rent. The latter sum is usually a token to keep alive the ownership of the waqf. In return, the lessee has the right to utilize the property in any manner he likes. The heirs of the lessee inherit the property. The lessee can also sell the property with the buyer owing the nominal rent to the waqf. A similar system is prevalent in the Indo-Pak subcontinent and is known as pagari system.