Did you know that the third Caliph of Islam – Uthman bin Affan – still owns a Saudi Bank Account and a hotel in Madinah whose profit goes to all charitable causes. He even gets electricity and water bills against his name.
There was a well which he bought 1400 years ago for Muslims from a wealthy Jewish businessman who would charge people of Madinah for drinking water.
Uthman bin Affan bought the well and gifted it to Muslims and declared it as a Waqf or endowment. Later it grew date palm trees which started generating revenue. Half of the amount was deposited in his bank account and half was distributed among the poor and orphans.
It has so far generated so much revenue from the other half-part that Saudi Government built a luxurious hotel in the heart of Madina city.
It’s speculated that it generates a revenue of approximately 50 million Saudi Riyals every year.
Half of the revenue is distributed among poor and orphans by the Endowment Minister of Saudi Arabia while the other half is deposited in his bank account for future charitable purposes.