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…

Artificial Intelligence (AI) through the Lens of Islamic Economics – VI

We underline some data privacy related guidelines and principles that do not violate the basic beliefs and culture of Islamic societies. They merit serious consideration by zakat and Islamic non-profit organizations, especially that have gone digital, where the beneficiary is usually in a weak bargaining position. The narrative “data is new oil”, is frequently used…

Artificial Intelligence (AI) through the Lens of Islamic Economics – V

We can take comfort with the forecast that AI will firmly stay within human control and conveniently, trash the forecast of some that machines will become incomprehensibly smarter than humans with artificial super intelligence (ASI). However, in the event ASI materializes, it will be beyond our control. We can only hope that, before the inevitable…

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.…

Awqaf: The Quiet Achiever

Hisham Dafterdar, CPA, PhD Chairman Awkaf Australia Ltd The recent surge of interest in awqaf is due to the increasing awareness of the role of the waqf in social and economic development. Awqaf is omnipresent in all facets of life ranging from education, healthcare to social services, art and recreation. Awqaf organizations are not part…

Developing a Governance Framework for Islamic Social Finance Institutions

February 12, 2015 An Islamic social finance institution is essentially a non-profit or charity organization that seeks to operationalize the concepts of waqf, zakah, sadaqah and qard hasan. It has unique assets and liabilities, income and expenditure. By definition, an Islamic non-profit rules out return-seeking share capital. It creates assets through (i) waqf of “permanent”…

Lessons from a Hospital Tragedy

Social edupreneurs like Dr Manoj Nayak deserve respect. I am shocked to see how quickly our society can brush aside all the contribution of this man towards education, healthcare, social development and what-have-you in the state of Odisha and be swayed by a hostile media. Don't we, the parents of thousands of children who can now…