What is the status of ownership in a binding endowment (Waqf Lazim)?

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Imam Abu Hanifa held that ownership does not transfer in a binding endowment; rather, it becomes a right belonging solely to God Almighty. This is because it constitutes removing ownership of the asset and its usufruct as an act of piety, by granting possession of the usufruct, thus ownership transfers to God, analogous to manumission.