If someone made a cash waqf for a specific project, but before the project could start, the value of the money dropped, then what should the nazir/institutions do?
According to Osama Abdul-Majid al-Ani, the nazir must take action to compensate for the loss of the cash value, in order to complete the project. The reasoning behind it is that one must always strive for the best interest of the waqf.
However, if the project is costing less than its initial price due to deflation, then this will not have an impact on the cash given as waqf. There will be no need to return the excess to the waqif.
And Allah knows best!
(Mufti) Billal Omarjee