Awqaf SA Annual Financial Statements are audited annually.
Year Ended 28 February 2019: Annual Financial Statements are ready and awaiting audit.
Our accounting is done on a daily basis and hopefully will be on a realtime basis as upgrades are done to our systems in due course. Inshallah.
Last audited Annual Financial Statements: Year Ended 28 February 2018.
2018 Auditors Report: Click here to read the KPMG Audit Report for the year ended 28 February 2018
2018 Financial Analysis and Graphs: Click here to view Financial Analysis and Graphs from 2001 – 2019 (NB: Unaudited figures & graphs for 28 February 2019 are also included)
Awqaf SA is an ASSET BASED Islamic charitable endowment WAQF FUND. Its Annual Financial Statements must be read and interpreted in the light of how the waqf system works. Key points:
- Waqf Funds: Waqf funds are capital in nature and may not be consumed.
- 100% Policy: Awqaf SA has a 100% policy in terms of Waqf funds collected. No commissions. No deductions. 100% of waqf funds donated by donors are credited to their waqf donation accounts.
- Long Term: Waqf funds are long term in nature and may not be spent on consumption expenditure.
- Asset Investment: Waqf Funds may only be invested in capital and infrastructure assets.
- Infrastructure: Waqf Funds may be invested in income generating assets or other social / religious infrastructure projects.
- Waqf Revenues: Waqf revenues represent the income generated from investment assets ie rentals, profits, dividends
- Downstream Expenditure: Only waqf revenues may be used for downstream “care” / consumption and developmental projects , eg education, elders, healthcare, subsidies, stipends, etc
- Continuous growth: Awqaf SA needs to grow its waqf capital and asset base on a continuous basis to have the ongoing sustainable capacity to meet community needs.
- Community Sovereign Fund: Awqaf SA aims to be the Community Sovereign Fund of the Ummah. As the Fund belongs to Allah, the Community Sovereign Fund becomes the protector and security, and “takaful” of the community to ensure that in both prosperous and lean times, the Ummah has self-sufficiency – inshallah. For this, support is needed from the whole community.
- Remuneration: Save for full time staff, NO remuneration is paid to Mutawallees/ Trustees/CEO/ Deputy CEO/ Secretariat/ Management Board/ Committee members.
- Volunteer: Alhamdulillah, Awqaf SA is largely a volunteer driven organisation.