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…

The Sustainable Development Goals from a Shariah Perspective

The Sustainable Development Goals framework reflects the consensus among the global community of policy makers on major challenges confronting humanity. It sets the direction in which all resources will be channelized over the next decade-and-half with clear targets to be achieved by the year 2030. Adopted by all United Nations Member States in 2015, the…

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…

How Awqaf can Incentivize Private Investment

A waqf is a social institution. It is central to the Islamic ecosystem. As an act of piety, a waqf provides connect between religion and economic development. Awqaf initiatives dovetail into major sectors of the economy – commercial and developmental – including real estate, education, healthcare, social welfare, food and water security and climate management.…

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…

Awqaf Nazir – Glad to be of Service

Muslims are generous with their money, and that is because they have faith. Donating is at the forefront of Muslims consciousness albeit not spending much time to understand the social issues or to assess the pressing needs before they commit money and property. They only hope that their donation will make a difference; forever. Creating…

Promises of Blockchain for Awqaf

An international forum on Waqf and Blockchain with the theme "harnessing the potential of blockchain technology for global waqf development" is being held in Kuala Lumpur tomorrow. Jointly organized by the International Centre for Waqf Research of the International Islamic University Malaysia and FINTERRA, a start-up in the field of FinTech, this event promises to…