Is Zakat obligatory on invested waqf funds?

There is no zakat on endowment (waqf) funds, whether invested or not, because they are not owned by anyone. If the endowment is invested, its proceeds are disbursed according to its specified purposes. Whoever receives a portion of this money, and a year passes while it reaches the nisab (threshold), then zakat becomes obligatory on them. The wealth of the state, or the public treasury (Bayt al-Mal), and endowed wealth, are not subject to zakat because they are not owned by a specific individual.