Zakat & Waqf Based Financial Products
Structure, Innovation, Regulation and Practice
Date: 19th October 2016
Venue: DoubleTree Hotel, Kuala Lumpur
COURSE BACKGROUND
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.
KEY LEARNING OUTCOMES
- Providing an overview of the Shariah aspect of the institution of Waqf
- Understanding the administration, governance and role of Waqf
- Assessing the emergence of cash Waqf and corporate Waqf as a new financial product
- Evaluating types, administration and governance of cash and corporate Waqf
- Understanding the concept of Zakat and exploring innovation in the area of Zakat
- Identifying opportunities for corporate Waqf and Zakat through corporate social responsibility (CSR)
For enquiries please contact:
Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44
Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810
For sponsorship & speaking opportunities:
Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802
For marketing and media enquiries
Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22
If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More
AGENDA
- 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
Assoc. Prof. Dr. Magda Ismail Abdel Mohsin — Lecturer & Researcher, International Centre for Education in Islamic Finance (INCEIF)
- 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
Assoc. Prof. Dr. Magda Ismail Abdel Mohsin — Lecturer & Researcher, International Centre for Education in Islamic Finance (INCEIF)
- 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
Dr Aida Othman — Partner, Zaid Ibrahim & Co
- Introducing the concept of Islamic crowdfunding
- Exploring the concept of growth Waqf
- Demonstrating WaqfWorld.org
- Examining case studies of growth Waqf
Umar Munshi — Managing Partner, EthisCrowd.com, Founder, EthisVentures.com & Chairman, Islamic Fintech Alliance
- Identifying the main objectives of Zakat and classifying types and sources of wealth open to Zakat
- Understanding key Shariah issues for Zakat
- Discussing administration and operational issues for Zakat
- Examining future roles and opportunities offered by Zakat for Islamic finance and Islamic financial institutions
Assoc. Prof. Dr. Magda Ismail Abdel Mohsin — Lecturer & Researcher, International Centre for Education in Islamic Finance (INCEIF)
EXPERT COURSE DIRECTORS
Associate Professor Dr Magda Ismail Abdel Mohsin
International Centre for Education in Islamic Finance (INCEIF)
Associate Professor Dr Magda Ismail Abdel Mohsin is currently a lecturer and a researcher at the International Center for Education in Islamic Finance (INCEIF). Prior to joining INCEIF in 2007, she held many senior academic positions, including as the head of the Economic Department and as the deputy chief executive academic. She has taught a wide range of subjects in Islamic economics and Islamic finance and has published many articles in the field. Dr Magda has presented a number of papers in international conferences worldwide and is the award-winning author of two books on Waqf. Besides teaching, Dr Magda has conducted many training courses on Waqf in Malaysia, South Africa, Singapore and Indonesia. She is the winner of the following two awards: Best/outstanding paper award for the paper: ‘Financing through cash Waqf: A new innovation for the 21st century’ (Emerald Group); and Best book written on Waqf in 2014: ‘Corporate Waqf: From Principle to Practice’.
Dr Aida Othman
Partner Zaid Ibrahim & Co
Dr Aida Othman is a Partner at Zaid Ibrahim & Co (a member of ZICOlaw). Aida specializes in Islamic banking and finance, Islamic capital market instruments, and Takaful products and operations. She also advises on Shariah compliance and governance, including on the legal and regulatory framework for Islamic finance. In particular, she has advised on: structure and documentation for both Islamic corporate and retail financing; legal and regulatory framework for Islamic financial services; structuring and Shariah compliance issues for Sukuk issuance, private equity funds and unit trust funds; Shariah review and Shariah audit of Islamic financial institutions; Takaful products and operations; and Islamic wealth management and planning. Aida completed her pupilage in chambers at Messrs. Zain & Co., and was called to the Malaysian Bar in 1994. She joined Zaid Ibrahim & Co in 2007 as Senior Associate and was made partner in 2009.
Umar Munshi
Managing Partner, EthisCrowd.com, Founder, EthisVentures.com & Chairman, Islamic Fintech Alliance
Umar Munshi, 33, is the Managing Partner of EthisCrowd.com, the 1st Islamic Real Estate Crowdfunding platform. EthisCrowd is now a community of 15,000 Ethical & Islamic Investors and Donors, which has crowd-invested in projects to build more than 5,000 houses for the needy in Indonesia since early 2015. Umar recently founded EthisVentures.com which partners with Islamic Crowdfunding platforms including award-winning SME P2P platform KapitalBoost.com, and SkolaFund.com, a donation platform founded by students to crowdfund tuition fees for deserving students. Ethis Ventures also operates WaqfWorld.org (beta), the first global Waqf Platform supported by Founding Patron Tun Abdullah Badawi, Malaysia’s 5th Prime Minister. Umar is the Chairman of the newly-formed Islamic Fintech Alliance.
Munshi is also a partner in Ihram.asia, the leading Umrah-travel marketplace in Indonesia. Munshi is on the Board of the Singapore Malay Chamber of Commerce (smcci.org.sg) and is the Singapore Representative of TDA (tangandiatas.com), an Indonesian Community of 20,000.
Who Will Benefit?
-
This course will benefit any representative of financial institutions, banks, corporates and government departments that wish to understand more about the institution of Waqf and the creation of corporate Waqf and Zakat as part of their CSR for the benefit of society. Specifically:
- Islamic bankers and product structurers
- Boards and shareholders of corporations
- Finance and CSR representatives of corporates
- Financial product development and risk managers
- Lawyers, accountants and consultants
- Regulators
- Investment and asset managers
For enquiries please contact:
Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44
Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810
For sponsorship & speaking opportunities:
Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802
For marketing and media enquiries
Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22
If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More