Awqaf featured i
n a special panel discussion on Waqf during the second day of the Global Islamic Economy Summit 2013 which was held in Dubai 25-26 November 2013. The panelists were Tayeb al Rais (CEO, Awqaf Minors Affairs Foundation – AMAF/ Dubai Awqaf) , Sami Salahat (Consultant & Founder, International Institute of Islamic Waqf -IIIW) and Zeinoul Abedien Cajee (Founding CEO, National Awqaf Foundation of South Africa – Awqaf SA).
The panel discusion was moderated by br Anouar Adham, Associate Director, Asset Management and Banking / Strategic Development, Qatar Financial Centre Authority, Qatar. (Left to rioght in picture.)
The following themes were discussed during the panel discussion.
It is widely known that Awqaf control millions of valuable land parcels and other assets across the Islamic world. Yet they generate very poor revenues from these, despite the potential they have to facilitate economic prosperity for the beneficiaries.
How can we convince their trustees and also governments to support their development?
A number of consultants have made a big deal about the potential for waqf to enter the more formal and advanced Islamic financial services industry and have their funds managed by professional asset managers. Yet, there has been very little progress towards this. What is the best way to engage Awqaf managers and transition them to professional services?
Should governments be involved in developing regulations?
In your experience, what is the best approach to maximise utilisation (both yield and utility to beneficiaries) of real estate based waqf assets?
Should trustees of cash waqf also diversify accordingly to modern portfolio theory?
What are the key challenges faced by Awqaf today? What kinds of tools and services are required by Awqaf to make them more successful in their business?
Each of the panelists were given an opportunity to present their views on the issues raised.
