Billions of petrodollars reside in instruments known as Waqfs, a kind of Islamic endowment fund.
These Waqfs have been used for some legitimate purposes over the years, but they’ve also been used to support Jihadist and Islamist groups, notably the Muslim Brotherhood in Kuwait, for example.
The Shariah-Compliant Finance industry has their sights set on the wealthy Waqfs, which were a topic of considerable import at the recent World Islamic Economic Forum in Dubai…
The role of Islamic endowments need to be further streamlined and redefined to unlock their true potential, observed experts during a panel discussion on ‘Mobilising Capital from Waqf, Pension Funds and Unit Trusts’ at the the 10th World Islamic Economic Forum (WIEF), organised by the WIEF Foundation and the Dubai Chamber of Commerce & Industry.
Abdullah M. Al Fouzan, Founder and Chairman of The Investor for Securities Company in Saudi Arabia, said “endowments are a sleeping giant, and they are suffering from a state of negligence with annual returns at less than three per cent.” He called for tapping the true potential of endowments through a structured and concerted effort.