Training: Waqf and Waqf-Based Islamic Financial Products
WAQF (an Islamic endowment of property to be held in trust and used for a charitable, or religious purpose; or a Muslim religious or charitable foundation created by an endowed trust fund) has a long history in Islam. It has played — and, in many cases, continues to play — a pivotal role in the advancement of the socio-economic well-being of the Muslim community. Many phenomenal architectural relics and public infrastructures, all over the world, from the Atlantic to the Pacific, throughout the centuries, were funded by waqf. Al-Azhar University in Egypt, the University of Cordova in Spain and Al-Noori Hospital in Damascus, to name a few, are among the public projects financed by waqf funds. Some waqf institutions have survived for more than a millennium.
This course is designed to provide a comprehensive understanding of waqf, its practices and development in the modern time.
- To discuss the Shariah aspects of waqf
- To examine the various emerging waqf structures and models
- To analyse the integration of waqf with Islamic financial products
- To assess issues and challenges surrounding the practice and institution of waqf.
Session 1: Introduction to Sadaqah
Sadaqah is encouraged in Islam. This noble Islamic concept can be divided into two categories, obligatory sadaqah and voluntary sadaqah. This session will introduce to the participants the concept of sadaqah and its relation to the concept of utility. It eventually shows that theoretically, sadaqah can increase utility. Understanding this concept will not only illustrate to us the beauty of Islam but will also motivate us to offer sadaqah. This session, by the end, will also focus on waqf and innovation.
Session 2: Fiqh of Waqf
This session discusses the Shariah aspects of waqf. It examines the Shariah discourse among Muslim jurists pertaining to the legitimacy of different forms of waqf asset.
Session 3: Cash Waqf and Financial Institutions
This session elaborates on the various uses of cash waqf for socio-economic development and how cash waqf is implemented in Islamic financial institutions such as Islamic cooperatives, Islamic banks, takaful, and the capital market.
Session 4: Waqf and Islamic Capital Market
Waqf assumes a perpetual nature and it is in line with the long term nature of capital market structures. This session discusses the application of waqf in the Islamic capital market (waqf and sukuk, waqf and shares). This session will guide participants in designing their own waqf structure for Islamic Capital Market instruments.
Session 5: Waqf for Education and Health
There are many examples of successful implementations of waqf in education and health sectors. This session is devoted to discussing the structure of waqf (land and other forms of assets) in support of the two sectors. By understanding the structure of waqf, participants will be able to construct their own waqf structure for these important sectors.
Session 6: Waqf Innovations
This session discusses the various innovations in the modern development of waqf such as waqf blockchain. The session is expected to provide fresh new ideas on waqf innovations.
Session 7: Issues and Challenges of Waqf
This session discusses the issues and challenges entangling the practice and institution of waqf. By understanding the underlying issues and problems, participants will be able to apply mitigation mechanisms in addressing issues involving waqf management.
Early Bird: RM400 (by 01 NOV 2021)
Group of 3 pax: RM1,000
CIMB Islamic Bank
Name: International Institute of Advanced Islamic Studies (IAIS) Malaysia
Account No.: 8600339794
Swift Code: CIBBMYKL
To regsiter kindly proceed to one of the following payment methods below, IAIS Staff will confirm your registration by email once payment is received and a Zoom link will be shared with all successfully registered participants a day before the training.
Bank Name: Bank Muamalat Indonesia
Bank Holder: M. Mahbubi Ali