Awqaf-Private Sector Partnership

Hisham Dafterdar, CPA, PhD Chairperson Awqaf Australia Ltd Awqaf is a faith-based economic sector accounting for a significant share of the Islamic financial system. The Islamic institutions of zakat and waqf are two socio-economic development models having the objective of achieving equitable redistribution of wealth and income. As an act of piety, awqaf provides a…

Launch of Sadaqa Initiative

Today the World Zakat Forum at Jakarta is coming to a close. On this occasion I have an important announcement to make. Today we are launching the Sadaqa Initiative at http://www.sadaqa.in. It involves setting up a Sadaqa Academy that will offer certification programs for zakat, waqf and other Islamic social finance professionals. The certified amil…

Awqaf Beneficiaries – Venerable or Vulnerable?

Hisham Dafterdar, CPA, PhD Chairman Awkaf Australia Ltd The waqf is a feature of Islamic civilization; and it’s not so much about the grand mosques that awe and inspire, or the magnificent shrines that amaze and impress. It’s more about the schools and universities, the hospitals, orphanages, and nursing homes that serve and care.  It…

A Model Orphanage in Kazakhstan

Ensuring a life of dignity for orphans is a very special act of piety, benevolence and kindness in Islam as in all religions. The holy Quran says: "Treat not the orphan with harshness" (Quran 93:9) Creating a sense of responsibility towards orphans, the Quran says: "They ask you, (O Muhammad), what they shall spend. Say:…

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”…

Revisiting Islamic Philanthropy for Sustainable Opportunities Finance

2nd Yayasan Tun Ismail Berdafter Public Lecture on Islamic Finance at Kuala Lumpur Plan of Lecture: Opportunities Finance in Islam Institutions of Islamic Philanthropy 2.1. Institution of Zakat 2.2. Institution of Waqf Meeting the Resources Gap 3.1. Estimating the Resource Gap 3.2. Estimating the Potential Resources from Zakat 3.3. Estimation of Potential Resources from Waqf…

Plantation Waqf to Promote Education: Sale and Waqf Back

In a few earlier blogs I have highlighted cases where the concept of waqf  has been used in an innovative manner, e.g. creation of a corporate waqf for provision of healthcare (Wakaf An-Noor); education, encouragement to art and culture (Vehbi KoC Vekfi); livestock for adahi (Awqaf New Zealand) for Muslims living in Western countries; relief…

Corporate Waqf: Focusing on the Real Economy

Creative and innovative minds have experimented with the idea before. The Vehbi Koç Foundation (Vehbi Koç Vakfı) was endowed way back in 1969. It is perhaps the first documented case of corporate waqf. It is also the largest waqf of the country created by the late Vehbi Koç with his personal equity stake in Koc…

It is Happening Again: The Rejuvenation of Awqaf in the Balkans

A google search on “awqaf in the Balkan countries” yields little that may be termed as informative content. A search in wikipedia says no pages on the subject exist. Yet Muslims across the globe have always known that the Balkans are dotted with numerous awqaf created by pious individuals throughout the history. Extending between Europe…

Engineering a Waqf for Microfinance: The Fa’el Khair Program

S/he was a donor with a difference. A single donation of SAR500 million or USD130 million was large enough to be conspicuous. What was unique about this donation however, was that the donor did not wish to be named; in the tradition of a giver “whose left hand does not know what the right hand…