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…

Expanding the Virtuous Cycle of Benevolence through Cash-Waqf-Linked-Sukuk

With the success of such experiments, the realization that Islamic social funds can play a crucial role in meeting development finance needs of the economy will continue to grow. And simultaneously, we can look forward to a continuous expansion in the virtuous circle of benevolence. In a blog based on my presentation at the International…

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…

Micro Waqf Banks: A New Breed of IF Providers for Indonesian Poor

I deem Indonesia, my new home, as the University of Islamic Microfinance. And I have good reasons for the same. If you exclude the replications of conventional microfinance models, most of the indigenous Islamic microfinance experiments owe their origin to creative Indonesian minds. The famous Baitul-Maal-wat-Tamweels (BMTs) continue to engage the Islamic finance community for…

The Sustainable Development Goals from a Shariah Perspective – V

Since the religion of Islam sets the agenda for development in predominantly Muslim societies, it is interesting to examine to what extent the SDGs conform to the Islamic vision of development. In order to explain the Islamic vision of development, Islamic scholars have come up with a broad framework rooted in what are called, the…

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…