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Sustainable Development through Waqf

Sustainable Development through Waqf. Wasim Abdul Wahab. Why Use Islamic Finance for Development?. Islamic finance is based on principles of equality, justice and risk sharing It provides customized solutions for all needs linked to the real economy, thus promoting financial stability

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Sustainable Development through Waqf

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  1. Sustainable Development through Waqf Wasim Abdul Wahab

  2. Why Use Islamic Finance for Development? • Islamic finance is based on principles of equality, justice and risk sharing • It provides customized solutions for all needs linked to the real economy, thus promoting financial stability • Islamic finance can play a vital role in alleviating poverty and enhancing financial inclusion • Islamic finance can help in resource mobilization through alternate means, thus broadening the financial net. • Thus Islamic finance has potential to play a unique role in promoting sustainable economic and social development globally – Specially through Waqf.

  3. Islamic Financial Sector – At a Glance Breakdown of Islamic Financial Services Industry by Sector and by Region (USD billion, 2017)

  4. International and Multilateral Institutions Promoting the Use of Islamic Finance Including Waqf • Islamic Development Bank - IsDB • World Bank • Asian Development Bank - AsDB • International Monetary Fund - IMF • United Nations Capital Development Fund - UNCDF • United Nations Development Program – UNDP • UK AID (Previously DFID) • GIZ • AFD

  5. Waqf – The Islamic Social Finance Sleeping Giant • According to some estimates the Islamic endowment industry could be worth more than US$1 trillion; however, the true size is almost impossible to estimate as many waqf assets are private or family Waqf. • Historically, the institution of Waqf provided essential services at no or very small cost to the state. • There are Waqfs for agriculture, health, education, scientific research, victims of war, and even animal care.

  6. Benefits of Waqf Waqf

  7. Type of Waqf Assets

  8. Beneficiaries of Waqf • Public: Supports the poor and vulnerable. • Private/Family: Benefits the relatives of the endower or specific individuals. • Combined: Giver dedicates a part of the Waqf to his family and another part to the public, so that both receive the benefits.

  9. Role of Islamic Finance in Supporting the Sustainable Development Goals - SDGs Financing for Infrastructure Development Financing Innovation to Achieve Efficiency Financing for Social Development

  10. Islamic Finance and SDGs

  11. Comprehensive Islamic Finance Solutions in Supporting SDGs

  12. IsDB – Awqaf Sector Development • Creating enabling environment, capacity building and promulgation of Waqf law. • International Waqf Center in Madinah, Saudi Arabia • Awqaf Properties Investment Fund (APIF): • APIF was established in 2001 for providing financing for the development of idle Waqf lands, purchase of constructed properties and renovation of buildings. • Beneficiaries of APIF financing are Awqaf Ministries, waqf and charitable organizations in IsDB member and non-member countries. • More than 60 projects in 32 countries worth more than US$ 1.0 Billion.

  13. Together, we build a better world through Waqf! Thank you – Merci Beaucoup

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