Waqf is a financial charitable institution established by withholding one's property to eternally spend its revenue on fulfilling the various needs in a given society depending on the choice and condition made by the founder. Through its financial support it manages to provide varieties of goods and services needed in the different societies such as sheltering and feeding the poor and needy, providing education and promoting health care for the mass, financing the needy, opening jobs for the majority, activating business, constructing highways and linking countries and providing basic infrastructure. Waqf is not a new concept, however its recent emergence in its movable form of cash and corporate Waqf, and the opportunities this presents, have caught the attention of financial institutions and corporates alike.
Agenda
09:15 - 10:30
Session One: Introduction to Waqf: Administration, Governance and Structuring Issues
Definition of Waqf and Waqf-based products
Classification of Waqf properties
Rules necessary for the validity of Waqf
Stipulations for the creation of Waqf
Broad administration and governance issues of Waqf
Socio economic role of Waqf
Panelist:
Assoc. Prof. Dr. Magda Ismail Abdel Mohsin — Lecturer & Researcher, International Centre for Education in Islamic Finance (INCEIF)
10:30 - 11:00
Coffee & Networking
11:00 - 12:00
Session Two: Examining Movable Waqf, Cash Waqf and Corporate Waqf - New Innovations
Legitimacy, creation and investment of cash Waqf
Direct & indirect cash Waqf models
Waqf mutual fund and Takaful model
Definition, legitimacy and governance of corporate Waqf
Structure of corporate Waqf
Founders of corporate Waqf and recent creation of corporate Waqf structures
Brief examples of each structure
Panelist:
Assoc. Prof. Dr. Magda Ismail Abdel Mohsin — Lecturer & Researcher, International Centre for Education in Islamic Finance (INCEIF)
12:00 - 12:45
Session Three: Key Shariah Coordination and Compliance Issues for Zakat and Waqf-Based Products
Identifying key Shariah issues of Waqf and endowment based finance initiatives
Discussing the structure of Waqf-based financial products and where Shariah issues can arise in the development of such instruments
nsuring Shariah compliance in Waqf-based financial products
Panelist:
Aida Othman — Partner, Zaid Ibrahim & Co
12:45 - 14:00
Luncheon
14:00 - 15:00
Session Four: Assessing the Potential of Crowdfunding for Growth Waqf