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Cifca conducts a one day seminar on Waqf

By Mohammed Issa Dar es Salaam, Tanzania The Centre for Islamic Finance, Compliance and Advice (CIFCA), an Islamic Finance watchdog in Tanzania, recently conducted a one day seminar under a theme “Waqf Management, Its prospects and challenges in Tanzania”. The seminar which attracted a number of Muslim organizations that own and manage Awqaaf properties ranging from Mosques, Schools, tracts of land and other movable and immovable properties, was the first of its kind in Tanzania. It was blessed with attendance, among other participants, of high ranking Muslim leaders including but not limited to Sheikh Zubeir Noor who is the Chairman of Waqf Commission from Kenya, Muslim Ulamaa, Directors of local banks offering Islamic banking, lawyers and other dignitaries. Others in attendance included Accountants, financial and investment advisors, Businessmen/women, Waqf Owners, Islamic Schools Owners and potential Waqf owners. The seminar which took place Saturday 4th August 2018, covered the following presentations with presenters in brackets; – Crowd funding Platforms for Awqaf Development: Towards Ummah empowerment.  (Yassir Salim -Secretary General, CIFCA). Awqaf Management: Its Prospects and Challenges in Tanzania. (Sheikh Shams Elmi – Secretary General, Dhy Nurein Foundation. Cash Waqf and It’s significance in building the Ummah towards prosperity (Sheikh Mohamed Issa – Deputy Secretary General BASUTA). Others included Cash Waqf Deposit: an Innovative Product for Islamic Banks. (Khalfan Abdallah, Head Shariah Dept. Gulf African Bank). The last presentation in the seminar was The role of Islamic philanthropy and portrait of Waqf in Tanzania (Suleiman Lenga, Founder Trustee, Mtwara Islamic Dev. Center). Experience from ...

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AWQAF SOUTH AFRICA GIFTS A WAQF ENDOWMENT TO PRESIDENT RECEP TAYYIP ERDOGAN AT MEETING OF MUSLIM LEADERS – JOHANNESBURG 26 JULY 2018

AWQAF SA PRESS STATEMENT: Awqaf South Africa extends a warm welcome to President Recep Tayyib Erdogan and First Lady Emine Erdogan on ftheir first presidential visit to South Africa and the 11th BRICS summit. Turkey remains the most prominent and stable democracy in its region with a recent 90% voter turnout in the 24 June 2018 parliamentary and presidential elections. With an active citizenry, Turkey and its great people continue to enjoy stability and good governance. Furthermore, we have witnessed under the leadership of President Erdogan the reformation of Turkish society, and we are proud of the positive transition brought about under his government. We note with pride that Turkey has been listed as the most charitable nation in 2017, with nearly $8.1 billion disbursed in humanitarian aid. This equates to almost 30% of all international humanitarian aid, dwarfing the United States of America’s contribution of $6.68 billion, Germany’s $2.98 billion and the U.K.’s $2.52 billion. In addition, Turkey as a major regional and global power currently perpetuates a positive legacy of outstanding economic growth, as well as heading an educational, humanitarian, spiritual and political revival, which benefits other Muslim communities and world communities by upholding the values of justice and peace. Turkey has come to represent an Islamic model that rationalizes traditional and modern values in a seamless expression that is devoid of extremism and intolerance, something that has become the norm in many successful societies across the globe. In sharing this vision, and in recognition of his unwavering ...

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Malaysia is reviving widely untapped Waqf segment of finance

In a world’s first, Malaysia two weeks ago saw the initial public offering (IPO) of waqf shares through a company that manages endowed land in the country’s southernmost state of Johor. The step is widely seen as an innovative strategy in Islamic finance for effective development of waqf properties in order to maximise benefits for the community. Waqf, under Islamic law, is a charitable endowment which involves donating a building, plot of land or other tangible assets for religious or charitable purposes with no intention of reclaiming the assets. The donated assets are normally held by a charitable trust in a system that Western law defines as usufruct. In this case, Waqaf An-Nur Corp, an company set up by Johor Corp, a government-linked entity seeking to improve economic and societal development in the state, is offering shares worth around $20mn backed by endowed land to retail and institutional investors and intends to use the proceeds to upgrade regional transport infrastructure in the state’s capital of Johor Bahru. Waqaf An-Nur Corp has been established to manage the assets of Johor Corp endowed for waqf. For the parent group, it plays the role of a Maukuf Alaihi, an institution entitled to receive waqf property through shares and other forms of company securities collectively allocated into waqf. Besides infrastructure, the firm manages clinics, hospitals and community centres and provides start-up financing and interest-free capital to small-scale entrepreneurs to start or grow their businesses, organises community workers and provides contributions to the society via ...

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AAOIFI plans standards for AWQAF

Financials | Wed Apr 19, 2017 | 10:28pm EDT Industry body AAOIFI plans standards for Islamic endowments By Bernardo Vizcaino | April 20, 2017 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will develop a package of standards covering Islamic endowments, known as awqaf, the Bahrain-based body said late on Wednesday. AAOIFI, one of the main standard-setting bodies in Islamic finance, said its board had approved a plan to issue guidance covering sharia-compliance, accounting and governance of awqaf, with a working group established for the project. AAOIFI standards typically address the financial products offered by entities including Islamic banks and insurers, as well as their internal book-keeping. Extending its reach to awqaf could help unlock many billions of dollars of assets: According to a Dubai government estimate, awqaf hold around $1 trillion in assets globally. AAOIFI did not give a time frame for the completion of its awqaf standards, but said its board had discussed and approved specifications regarding the accounting standards. The plans are part of wider industry efforts to modernise awqaf, which receive donations from Muslims to operate specific social projects, such as mosques, schools and welfare schemes. The management of assets by awqaf has often failed to keep up with their expansion, many being poorly managed and earning low to zero returns, sometimes requiring further donations to keep them running. Most awqaf do not disclose full financial figures, although their underperformance is believed to be considerable since they have traditionally been run by administrators rather ...

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Waqf Crowd Funding Platform launched at WIEF 2016, Jakarta

Tun Abdullah Badawi, the former Prime Minister of Malaysia, has launched the Waqf (Islamic Endowment) crowdfunding platform or WaqfWorld.  Described as the “worlds first” the new platform was announced at the 12th World Islamic Economic Foundation Forum (WIEF) held in Jakarta this past week The platform was developed in partnership with EthisVentures.com. Waqf is defined as ‘an endowment made by a Muslim to a religious, educational, social or charitable cause’. Waqf is an important foundation of the Muslim religion and is a permanent and institutionalized act of donation.  Once a Waqf is created the property may no longer be donated, bequeathed or sold in the future. It is a recommended benevolent act in Islam, as it is based on contributing to philanthropic causes recommended by textual sources, namely the Quran and the Sunnah(examples of Prophet Muhammad). Historically, waqf has served many purposes including the construction and maintenance of Islamic religious, educational, scientific and social institutions. WaqfWorld.org is said to combine Waqf with the dynamism of crowdfunding. The idea of establishing waqf-based crowdfunding was first proposed bythe Research Center for Islamic Economics and Finance (EKONIS), Universiti KebangsaanMalaysia (UKM) in a roundtable discussion (RTD) organized by the Islamic Development Bank’s Research and Training Institute (IRTI) in January 2016 in Jeddah. Founding patron, Tun Abdullah Ahmad Badawi saw the potential of Waqf Crowdfunding to develop the Ummah (the whole community of Muslims bound together by ties of religion). Waqf has played an important role for Tun Abdullah, who implemented “breakthrough Waqf initiatives” during his tenure ...

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