Identifying Waqf Assets with Development Potential Using AI

Introducing Project Deliverance, I try to demonstrate here how public and private data sources that are commonly available can be used to create artificial intelligence for classification of awqaf assets in terms of their potential for development and address the twin challenges of preservation and development. The term “deliverance” implies the act of rescue or…

Contemporary Awqaf and SDGs – II

Waqf projects relating to economic empowerment of women (SDG5) have largely focused on decent work (SDG8). We may therefore, discuss them together. Projects have specifically focused on skill enhancement & assistance (SDG8.5 and SDG5), such as tailoring and dress making (YMA, Kenya and JCorp. Malaysia), mushroom cultivation (IWF in Indonesia), citronella and other cash crops…

Contemporary Awqaf and SDGs – I

In a recent blog I presented a framework for identifying action points for the awqaf sector to help achieve the sustainable development goals (SDGs). This was a component of our overall research agenda to examine the (mis)alignment between SDGs and Maqasid-Al-Shariah (MaS) and the role of Islamic social finance sector in general and awqaf sector…

When an SoS Turns into a Profiteering Opportunity

A real-life story that argues for waqf to play its desired role in curbing price anomalies and profiteering opportunities in the provision of essential services by introducing a fair benchmark in the market These are unusual times indeed. One keeps hearing about the rising graph of people affected by the pandemic and the consequent huge…

Awqaf Risk Management: A Case Study

By Dr Hisham Dafterdar The aim of this case study is to present a dramatically different outcome of a much lauded mode of development financing based on a diminishing musharakah (partnership) model. Diminishing musharakah is shariah mode of financing that awqaf often considers for developing its idle assets. Diminishing musharakah calls for a strategic cooperation…

Maqasid Al-Shariah, SDGs and the Ottoman Waqf

The Ottoman awqaf addressed societal concerns far beyond the SDGs. People were born in waqf property, educated in waqf schools, worked in waqf enterprises, received medical treatment in waqf hospitals and were buried in waqf lands. During my research into the alignment of SDGs with the Maqasid al-Shariah (MaS) and how the awqaf sector can…

Setting a Maqasid-Driven Development Agenda for Islamic Finance – IV

More importantly, we examine how Islamic social finance in general and awqaf in particular can play a role in operationalizing the areas of alignment between MaS and SDGs. We also develop a comprehensive database of existing waqf-based initiatives across the globe with a view to documenting good practices by awqaf in meeting MaS as well…

Setting a Maqasid-Driven Development Agenda for Islamic Finance – III

The specific MaS corollaries that capture a clear spiritual and religious dimension could not be mapped to the SDGs that are faith-neutral, rooted in materialistic as well as moral considerations, and are mostly borne out of repeated market failures to address societal concerns. The Islamic vision of development has its origins in the Quran and…

Setting a Maqasid-Driven Development Agenda for Islamic Finance – II

If we want to juxtapose Maqasid-driven actions along with SDG-driven actions in the same two-dimensional space, a realistic approach would be to use spiritual gains and moral or ethical gains interchangeably. In this second part of the series on Setting a Maqasid-Driven Development Agenda for Islamic Finance, we continue our discussion on material gains versus…

Setting a Maqasid-Driven Development Agenda for Islamic Finance – I

With an expanded scope we propose to examine the alignment or misalignment between MaS and SDGs further down the hierarchy of goals. Highlighting areas of alignment are no less important than areas of misalignment. Our last publication on Sustainable Development Goals (SDGs) from a Shariah Perspective was motivated by the observed reluctance of Islamic financial…