Launch of Certified Waqf Professional (CeWP) Course by IIIBF

It is a source of great pleasure for me to announce a new certification program on waqf development and management. Awqaf, by definition, create sustainable entities, governed as they are by the fundamental principles of perpetuity, inalienability, and irrevocability. The institution of waqf offers a powerful mechanism to generate sustainable resources. The endowed assets could…

IBF Net is Back

Dear All IBF Net is back. Its online academy – the International Institute of Islamic Business and Finance (IIIBF.Com) – is all set to launch an array of professional certification courses in a virtual as well as blended format in the fields of zakat management, waqf management, Islamic microfinance, Islamic banking, takaful, Islamic investments (sukuk…

Smart Contracts & Islamic Finance

The rationale behind the concept of smart contracts makes enormous sense to an Islamic economist. The original goal behind the idea (Szabo, 1994) was to apply the principles of traditional contracting and related business practices to the design of electronic commerce protocols between multitudes of unknown parties on the Internet. The author(s) of this concept…

Awqaf Governance – Thinking Inside the Box

Hisham Dafterdar, CPA, PhD Chairman, Awkaf Australia Ltd   Good governance is a major issue facing awqaf organisations. Despite the sector’s awesome size, awqaf remains one of the most misunderstood areas of the Islamic financial system. Because of awqaf’s private and usually esoteric nature, and lack of transparency how awqaf are governed and regulated, awqaf…

Why You Should Contribute to Projects Like Satakanya

It appears to be a “perfect” project. The proposed intervention in Satakanya village has all the ingredients of success. One, it is a small village of just 80 odd families (resource need for the intervention – human and financial – is modest). Two, all of them are extremely poor (no Shariah issue regarding their eligibility…

A Sadaqa-Funded Islamic CDD

This Ramadhan we seek transformation of a tiny impoverished village in India through a sadaqa-funded Islamic Community-Driven-Development initiative. This is an initiative in one of the poorest parts of the planet. Village Satakanya is located in the state of Odisha in India. Click Here for a Socioeconomic Profile of Satakanya Village Target: Transformation of the entire population…

Awqaf Brand – Business with Compassion

Hisham Dafterdar, CPA, PhD Chairman, Awkaf Australia Ltd A brand is more than just a name, a trademark, a logo, a symbol, or any other visual identity that distinguishes a product or service from others.  It is the value the brand stands for, the benefits it offers, and the overall impression we gain when dealing with…

Zakat Research: Some Empirical Findings

There is a growing body of theoretical and empirical research in the field of Islamic social finance in general and zakat in particular. In these blogs I seek to highlight some useful findings from such research. Below, three research papers in the field of zakat have been reviewed and their major findings highlighted. Norazlina Abd….

Risk Management for Awqaf: Some Thoughts

The awqaf ecosystem displays considerable variation across countries and regions. While awqaf is originally meant to be in the voluntary sector, the current situation shows diverse roles for stakeholders in the public, private and voluntary sectors. Notwithstanding this diversity, the fact remains that the sector must be regulated, though the regulatory principles should be flexible…

Do Muslim Poor Self-Exclude Them from the Financial System for Reasons of Faith?

In a 2007 study “Islamic Microfinance Development: Challenges and Initiatives” undertaken by the Islamic Research and Training Institute, we observed that most of the member countries of the OIC with significant Muslim population had high and rising poverty levels. Just five of them – Indonesia, Bangladesh, Pakistan, Nigeria and Egypt accounted for over half a billion (528 million) of…

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…

Understanding the Duties and Responsibilities of the Nazir

Dr Hisham Dafterdar Chairman Awkaf Australia Ltd One of the important issues concerning awqaf is the appointment of an administrator (nazir or mutawalli) to manage the waqf. Shariah provides a principles-based criteria to the appointment of the nazir and to his duties and responsibilities. The guiding principles for the task of the nazir are based…