Awqaf SA Annual Financial Statements are audited annually.
The 2017 Annual Financial Statement audit preparation has commenced.
Last audited Annual Financial Statements: 12 Months Ended 28 February 2016.
2016 Audit Report: Click here to read the KPMG Audit Report for the year ended 28 February 2016
2016 Financial Analysis and Graphs: Click here to view Financial Analysis and Graphs from 2001 – 2016
2017 Audit Report: Will be posted as soon as it is available.
2017 Financial Analysis and Graphs: Click here to view Financial Analysis and Graphs from 2001 – 2017
Awqaf SA is an ASSET BASED Islamic charitable endowment fund. Its Annual Financial Statements must be read and interpreted in the light of how the waqf system works. Key points:
- Waqf Funds: Waqf funds are capital in nature and may not be consumed.
- 100% Policy: Awqaf SA has a 100% policy in terms of Waqf funds collected. No commissions. No deductions. 100% of waqf funds donated by donorsare credited to their waqf donation accounts.
- Long Term: Waqf funds are long term in nature and may not be spent on consumption expenditure.
- Asset Investment: Waqf Funds may only be invested in capital and infrastructure assets.
- Infrastructure: Waqf Funds may be invested in income generating assets or other social / religious infrastructure projects.
- Waqf Revenues: Waqf revenues represent the income generated from investment assets ie rentals, profits, dividends
- Downstream Expenditure: Only waqf revenues may be used for downstream “care” / consumption and developmental projects , eg education, elders, healthcare, subsidies, stipends, etc
- Continuous growth: Awqaf SA needs to grow its waqf capital and asset baser on a continuous basis to have the ongoing sustainable capacity to meet community needs.
- Community Sovereign Fund: Awqaf SA aims to be the Community Sovereign Fund of the Ummah. As the Fund belongs to Allah, the Community Sovereign Fund becomes the protector and security, and “takaful” of the community to ensure that in both prosperous and lean times, the Ummah has self-sufficiency – inshallah. For this, support is needed from the whole community.
- Remuneration: Save for full time staff, NO remuneration is paid to Mutawallees/ Trustees/CEO/ Deputy CEO/ Secretariat/ Management Board/ Committee members. Alhamdulillah, Awqaf SA is largely a volunteer driven organisation.