(16- 18 October 2017) 5th Global Waqf Conference 2017- Post Conference Report

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WHY GLOBAL WAQF GATEWAY?

WAQF is defined as ‘an endowment made by a Muslim to a religious, educational, social or charitable cause.’ It is a permanent and institutionalised act of donation upheld by its mission to increase and maximize the volume and value of Waqf assets globally. Waqf as a major socio-economic institution in the civilization history of the Muslim world, has indeed demonstrated its impact and efficacy as the social, spiritual and economic platform to meet the higher objectives and intents of Islamic law that has defined the well- being of the people.

Given the rise of new super structures of addressing innovation and creativity into the governance of organizations or institutions, a Global Waqf Development Gateway is proposed to extend the frontiers of new Waqf developments and initiatives. These are assisted by new thoughts and ideas, embarking in the pursuit of transformation and management of a sustainable socio-economic path for Muslim nations and community across the globe.

 

The new frontiers of waqf in the contemporary space and time are the following:

Waqf synergy is defined as the integration of complementary intervention between Waqf solutions to address the challenges of the Muslim economic, social and scientific-technological challenges. It underlines the synergy of both, the Islamic banking and finance sector as well as the Islamic capital market in providing solutions and alternative financing modes in developing Waqf properties all around the world.

Waqf interface is defined as the consolidation of current spiritual economic institutions and good injunction to achieve the higher objectives of faith and virtuous conduct in the daily life of a Muslim for both, this world and the Hereafter. An example is zakat interfacing with the institution of Waqf to address immediate, essential basic needs of the poor in new cities (proposal of the poor share of zakat provision in being utilized to serve perennial economic needs of accommodation in the city).

Waqf co-creation is the collaboration and cooperation between all relevant stakeholders at institutional sectoral, governance and global lower level to address the design, structure, process and outcome of Waqf initiatives across the world and target community to build a clouding platform. It can be realized via technological modes.

Waqf innovation is defined as the identification of new strategies, programs, processes and systems of enhancing Waqf as the new mainstream alternative at the global, regional, national and community level in changing the destiny of its constituent. It is driven by the sense of strategic visioning, continuous learning, intellect and business acumen of individuals and society at large to achieve macro value driven system. Good examples are the issuance of Sukuk Musyarakah to develop the Bencoolen waqf property in Singapore and the issuance of Sukuk Al-Intifa’a for the development of Zamzam Tower, Makkah.

  1. Waqf synergy

  2. Waqf interface

  3. Waqf Co-creation

  4. Waqf innovation

Vision

It is envisaged that a Global Waqf Gateway would achieve a value driven economic pursuit to foster a New Economy alternative and enhance Muslim unity and partnership with fellow citizens and stakeholders.

The overall objective of developing a Global Waqf Development Gateway is to drive the transformation of the economic and social integration together with the global economy towards a new era of prosperity, happiness and governance of justice, fairness in wealth generation asset management and distribution in the society.

 
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REPORT ON THE 5TH GLOBAL WAQF CONFERENCE 2017.pdf2.86 MB