He wants to allocate part of his wealth as a waqf for all the Muslims
Question

                Is it possible for me to allocate part of my wealth as a waqf for the sake of Allaah on behalf of every Muslim and believer since the time Allaah created the universe until the Day of Resurrection?.
Praise be to Allah.
    There is nothing wrong with giving charity on behalf of all 
    the Muslims, in sha Allaah. 

    In the answer to question no. 
    20996, it says that charity may 
    benefit Muslims both living and dead, and we quoted a fatwa of Shaykh Ibn 
    Baaz (may Allaah have mercy on him) concerning that. 

    Shaykh Ibn Jibreen was asked in Sharh ‘Umdat al-Ahkaam 
    (lesson 38, p. 2): When some people give charity, they say: “It is a 
    blessing and a gift to reach the soul of the Prophet Muhammad and the souls 
    of all our dead.” What is the ruling on that?  

    The answer was: 

    There is no need to say this; the intention alone is 
    sufficient, and it is better if he makes it for himself, or gives it on 
    behalf of his own deceased loved ones, or on behalf of the deceased 
    Muslims. 

    As for his saying “to the soul of the Prophet  (peace and 
    blessings of Allaah be upon him)”, I do not think this is right, because the 
    Prophet  (peace and blessings of Allaah be upon him) will have a reward 
    equal to that of the good deeds of his ummah, even if they do not dedicate 
    similar deeds to him, and the salaf did not dedicate any good deeds to the 
    Prophet  (peace and blessings of Allaah be upon him), because the one 
    who guided the ummah and showed them the way will have a reward equal to 
    that of their good deeds, because he said: “The one who calls to right 
    guidance will have a reward equal to that of those who follow him.” 

    There is nothing wrong with giving charity on behalf of the 
    Muslims or praying for them, whether they are relatives or not. There is 
    nothing wrong with that, but saying these words is not proper. But if you 
    say – for example – “O Allaah, give its reward to me and to my deceased 
    loved ones, or to the Muslims”, there is nothing wrong with that. End 
    quote. 

    Secondly: 

    Although that is permissible, the basic principle is that 
    when it comes to virtuous deeds and drawing close to Allaah, the Muslim 
    should focus on himself and not prefer others to himself with regard to the 
    rewards. He is in the greatest need of Allaah’s forgiveness and mercy, and 
    he does not know, perhaps a single hasanah (reward for good deed) will tip 
    his balance on the Day of Resurrection and thus admit him to Paradise. 
    Allaah has commanded us to protect ourselves from the Fire first, and then 
    one’s family, as He says (interpretation of the meaning):

    “O you who believe! Ward off yourselves and your families 
    against a Fire (Hell) whose fuel is men and stones”

    [al-Tahreem 66:6]. 

    Shaykh al-Islam Ibn Taymyah was asked in Majmoo’ 
    al-Fataawa (24/321) about a person who reads the Holy Qur’aan or part of 
    it: is it better for him to dedicate the reward to his parents and the 
    deceased Muslims? Or to keep the reward just for himself? 

    He replied: 

    The best acts of worship are those which are in accordance 
    with the teachings of the Messenger of Allaah  (peace and blessings of 
    Allaah be upon him) and the practice of the Sahaabah, as it is narrated in a 
    saheeh report that the Prophet  (peace and blessings of Allaah be upon 
    him) used to say in his khutbahs: “The best of speech is the Word of Allaah, 
    and the best guidance is the guidance of Muhammad; the worst of matters are 
    those which are newly invented, and every innovation is misguidance.” 

    Ibn Mas’ood said: Whoever among you wants to follow a path, 
    let him follow the path of one who has died, for the one who is alive is not 
    safe from fitnah. Those are the companions of Muhammad. 

    Once this principle is understood, then the prevalent custom 
    among the Muslims in the best generations was to worship Allaah by all kinds 
    of prescribed acts of worship, both obligatory and supererogatory, prayer, 
    fasting, reading Qur’aan and so on. They would pray for the believing men 
    and women as enjoined by Allaah, and for the living and for the dead in the 
    funeral prayers, and when visiting the graves and so on… 

    However, it was not the habit of the salaf when offering 
    voluntary prayer, fasting, doing Hajj or reading Qur’aan to dedicate the 
    reward for that to the deceased Muslims, or to their loved ones. Rather 
    their habit was as described above. People should not turn away from the 
    path of the salaf, for it is the best and most perfect. And Allaah knows 
    best. End quote. 

    Based on this, you should strive hard to obey Allaah and 
    worship Him, and say a lot of du’aa’s for the Muslims in general. 

    We ask Allaah to help you to do that which He loves and which 
    pleases Him. 

    And Allaah knows best.