The legal action of Waqf has unique conditions in terms of nature and the elements and artifacts, and free will it is lower than other contracts; so change it is simply not possible and for it, that good tradition is not common recently. Design sukuk and Islamic securities, especially bonds of Waqf are taken into consideration as one of the solutions to expand and develop their endowment of Waqf. Given the emerging nature of the bonds, explores the concept of, conditions, nature and effects necessary to appear, in order to make greater use of the capacity of these bonds and reduce the legal problems around them. The present research is based on this need discussed the nature and consequences of these bonds and Tried to search the library resources and Analytical method, in addition to the introduction and explanation, for expansion and further provide them. The results obtained from the study include: Firstly, bonds of Waqf to the participation of investors is to do a welfare project with the difference that this participation has no beneficial aspects and individuals of the first regardless of their entitlement to benefit. So it seems we can consecrate no profit participation as the nature of the bonds of Waqf in Iran's law. Secondly, in terms of practical, designing the the bonds of Waqf based on “Istisna” can be an appropriate model.