Waqf for Water Video Promotes New Prospects for Innovative Funding
08 March 2007 | News story
A new video film on Waqf for Water has been produced by IUCN WESCANA in cooperation with InWent. This 8-minute video film promotes new prospects for innovative funding of water projects that can be of benefit to the water critical crisis in the region.
According to the video, the Middle East and North Africa region is the most arid in the world and water resources are consequently very sparse. Of the total area of 14 million km², more than 87 % is desert. Although the region is home to 5 % of the world’s population, it has less than 1 % of the world’s renewable fresh water resources, therefore sustainable and unrestricted funds would be needed to finance such large-scale, regional water projects.
The concept of Waqf Fund is similar to trust funds where the capital for the Waqf is invested and the returns on investments are utilized for activities related to water conservation. The Waqf concept is a voluntary, permanent and irrevocable dedication for one’s wealth to religious or charitable purposes. Sustainability is ensured by preserving the corpus of the dedication in tact and using the yield for the beneficiaries.
It is worth mentioning that a special session was held lately in Cairo on Waqf for Water in parallel with the 3rd Arab Regional Water Conference where experts from the region came to present papers discussing different aspects related to Water Waqf Fund and sustainable development, concept of water economics, Islamic Waqf and water administration and management of natural resources as one of the most important objectives of Waqf at present.
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