Beneficiary is one who is beneficially entitled to, or interested in property; that is, entitled to it for his own benefit, and not merely as trustee or executor holding it for others. The word is nearly equivalent to the term cestui que trust.
The person for whose benefit the confidence is reposed and accepted is called the beneficiary. ….. [s. 3 of the Trust Act, 1882]
Beneficiary means any person entitled to receive any pecuniary or other material benefits from a waqf and includes any institution, such as mosque, shrine, dargah, khanquah, school, madrasha, idgah, or graveyard to receive any such benefits. ….. [Section 2(2) of the Waqfs Ordinance,1962 (E. P. Ord. I of 1962)]