According to the Hanafis, Shafi’is, and Hanbalis, it is not permissible to make a waqf of only the usufruct of an asset. For example, waqf of the right to use a rented property. They argue that such a waqf endangers the perpetuity aspect of the waqf asset.
However, according to the Malikis, Waqf Al Manaafi’ is permissible, this opinion has been also adopted by AAOIFI. The argument of proponents of such a waqf is that there are no valid shariah proof that indicate the impermissibility of Waqf Al Manaafi’.
And Allah knows best!
(Mufti) Billal Omarjee