(1)No mutawalli, Executive Officer or other person in charge of the administration of a waqf shall lend any money belonging to the waqf or any waqf property or borrow any money for the purposes of the waqf except with the previous sanction of the Board:Provided that no such sanction is necessary if there is an express provision in the deed of waqf for such borrowing or lending, as the case may be.
