How should the Selangor Islamic Religious Council manage and dispose of the lost property (luqatah) it holds?

Summary

Every item of luqatah received must be publicly announced for one year. After that period it may be auctioned, with the proceeds paid into the Baitulmal, while items of no benefit are kept in a safe place. The owner may still claim after the announcement period ends, and the Council must return the item or its current value if it has been auctioned or liquidated. The property may be handed to the Baitulmal as trustee, and handing it over is obligatory when no individual or agency is willing to act as trustee; it then becomes the full property of the trustee or collector, to be used for purposes not contrary to syarak and beneficial to Muslims. The collector or trustee may also charge a reasonable service fee if the owner comes to collect the property.

Written in our own words from the original fatwa — check the source before acting on it.