ASSALAMU ALAIKUM WA RAHMATHULLAHI WA BARAKATHUHU
Can the money of Zakat be made Waqf?
For example: Investing the money so that the deserving poor can always benefit from the profit and similarly this money of Zakat will also become a means of Sadaqa e Jariya. And if a Govt. Saving Certificate is purchased with it, then it will benefit the country as whole and the deserved as well.
الجواب حامدا و مصلیا
IN THE NAME OF ALLAH THE MOST BENEFICENT AND THE MOST MERCIFUL
Let it be known that it is essential that the Zakat money should be given in possession to a deserved poor and made him the rightful owner of it.
It is not permissible to utilize the money of Zakat as Waqf without giving it to the needy. This should necessarily be avoided. However, having received his Zakat, if he himself uses it for any good work, then there is no harm in it.
Allah knows best.