Enhancing the Idea of Corporate Waqf with Initial Waqf-Share Offer

The idea of corporate waqf has recently been enhanced further with an Initial Waqf-Share Offer. With an innovation of great value, the Waqaf An-Nur Corporation (WAN Corp)- the entity set up by Johor Corporation, a public sector conglomerate to manage the assets and shares it endows – has hit the market with an offer of…

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…

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…

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…

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…

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…