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…

Kafalah (Guarantee) for Shariah-compliant SMEs in the UK

Kafalah (guarantee) is assurance, its original meaning relates to joining and commitment. Technically Muslim jurists differed about the definition of guarantee. The majority of Hanafis defined it as joining the debts or material assets. The second definition of theirs: joining the liability of the warrant or to the liability of the principal for a debt.…

Developing a Waqf System in the UK

By Mufti Billal Omarjee, Certified Waqf Professional (CeWP), IIIBF. As we are out of Europe, and with the rise of populism and the far-right support across the UK and Europe, and with the recent attacks by so called Muslim jihadists in the West, it has become imperative for the British Muslims to start thinking of…

Awqaf’s Un-calculated Risks

Awqaf organisations, notwithstanding their religious and social objectives, in order to fulfill and promote their social mission, often find it necessary to expand their revenue base by actively engaging in commercial activities and investment. This means that in addition to the sector-specific risk determinants, awqaf are exposed to much of the same risks that affect…

Awqaf: The Ethical Sector

The relationship between awqaf and ethics is very strong and the sector shows great concern for ethical values such as honesty, integrity trust, commitment, and compassion. These values are very important and are beyond dispute. Ethical conduct is at the core of awqaf credo, and in Islam is considered an act of piety, a prime…

Story of Maimouna from Central Africa

Maimouna is emotional in one of the refugee camps Garisingo in east Cameroon when she recalls the horrific journey she took from Central African Republic (CAR) to Cameroon in 2014 following an ethnic conflict between two communities. She struggles to describe exactly what she saw and experienced in those last few days and weeks in…

Awqaf Volunteers: The Intriguing Intangibles

Hisham Dafterdar, CPA, PhD Chairman, Awkaf Australia Ltd Awqaf is a voluntary sector built on charitable donation of assets and on mostly voluntary contribution of services. In awqaf, people volunteer for different reasons. There are people who volunteer because they see it as a way of getting Allah’s blessings, and others because they are passionate…

Awqaf in the Fintech Age

By Dr. Hisham Dafterdar This is an era where technological change is happening faster than ever. The speed at which high-tech development is taking place has given rise to very unnerving disruptive changes. The digital world is just too complex and convoluted. We are driven by things we can’t touch and things we can’t control.…

In Awqaf We Trust: Management of Family Wealth

Some of the earliest awqaf in Islam were founded for the benefit of the poor members of the family.  On advice of the Prophet (pbuh), most of the Prophet’s companions (sahaba), notably, Umar Ibn Khattab and Abu Talha Al Ansari, established awqaf for the benefit of their poor relatives by following the Prophet's advice to…

World Zakat Forum 2018 Emphasizes on Accountability

The World Zakat Forum International Conference Melaka Resolution 2018 A Call to Strengthen Global Zakat Cooperation As a global zakat movement platform, World Zakat Forum (WZF) has a role to improve accountability of zakat management and cooperation in the effort to increase the welfare of Ummah, including combating poverty. Therefore, with the grace of Allah, the…