Waqf Funds in Islamic banking

Waqf Fund, a new tool for founding conservation by the use and harnessing culture and local knowledge was presented to the 3rd International Islamic Banking and Finance Conference, organized in Kuala Lumpur, Malaysia by Dr. Odeh Al-Jayyousi, Director of the IUCN Regional Office for West/Central Asia and North Africa.

Emerging ideas from an arid climate Photo: IUCN WAME

Philanthropic Waqf aims at supporting the poor by developing activities such as libraries, scientific research, education, health services, micro finance, and basic infrastructure, in addition to conservation projects. Under the heading ‘the challenges ahead’, the conference looked into a number of issues, including Shariah law, corporate governance, risk management, accounting, standardization and harmonization of Islamic banking processes.

Dr. Al-Jayyousi, drawing the links between conservation and poverty alleviation, presented the concept of Waqf Fund and IUCN’s current plans to establish such an ‘endowment fund’ for the WAME (West Asia and Middle East) region.

The event, organized by Monash University Malaysia, convened industry practitioners and researchers and followed previous editions held in Prato Italy (2003) and Kuala Lumpur (2004). The fourth edition is scheduled to take place in Turkey.

For more information, contact Nick Bertrand at nicolas.bertrand@iucn...

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