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 […]
Shaikh Mohammad Bin Rashid Al Maktoum, the man who rules Dubai, has issued a decree regulating the endowment sector’s (Waqf), income and expenses in compliance with Shariah laws. Endowment funds include educational Waqf endowment, Islamic Affairs Waqf, endowment fund for orphans and needy people, health endowment fund, social care fund, charity fund, and family endowment […]
