Singapore Hosts 1st Int'l Waqf Conf.

The first international conference on Islamic waqf (endowments) kicks off with the participation of a galaxy of scholars and experts to debate the role of awqaf in Islamic economics and outline innovative models and marketable products that foster its de

Singapore Hosts 1st Int'l Waqf Conf.

"The conference gathers waqf administrators and regulators, Shari`ah scholars, bankers, legal practitioners, financial consultants, leading academics and corporate leaders to share and discuss contemporary issues and development in waqf and Islamic finance," Dr. Al-Bakri Ahmad, the chairman of the conference, told IslamOnline.net.

The theme of the two-day conference is "Integration of Awqaf in the Islamic Financial Sector."

It is co-organized by the Islamic Religious Council of Singapore (MUIS), which Ahmad chairs, the Islamic Research and Training Institute (IRTI ) of the Jeddah-based Islamic Development Bank (IDB), and the Kuwaiti Awqaf Public Foundation.

The conference will be inaugurated by MUIS President Haj Mohd Alami Musa while Goh Chok Tong, Senior Minister of Singapore, will deliver a keynote speech on the prospects of integrating awqaf in the global Islamic financial sector.

A cohort of 25 distinguished international and regional speakers will address the participants including Prof. Murat ?IZAK?A, Faculty of Business Administration, Bahcesehir University, Turkey and Prof. Dr. Ali Muhyaldin Alqurahdaghi, Faculty of Shari`ah, University of Qatar.

Industry leaders such as Dr. Mohd Daud Bakar, President/CEO of the International Institute of Islamic Finance (IIIF), Dr. Yahia Abdul Rahman Chairman of the American Finance House - LARIBA, USA, Dr. Tariqullah Khan, CEO of IRTI Jeddah and Salman Younis, CEO of the Kuwait Finance House Bank Malaysia will also offer insights into the industry.

Challenges

The conference is expected to address present and future challenges facing the development of awqaf as well as the role of awaqf in developing the socio-economy of countries.

It seeks to conceptualize the role of awqaf in Islamic economics and outline innovative models and marketable products that foster the development of awqaf and integrate it into the Islamic financial industry.

The distinguished line of speakers will share with the conference participants their experience in the development of awqaf properties.

The conference will propose measures to preserve the integrity, reliability, perpetuity and viability of awqaf investment.

It will especially benefit those firms, companies and institutions operating across jurisdictions.

MUIS, a semi governmental Muslim body established in 1968, hopes to become an international player in the management of awqaf.

"We see a lot of assets that we can develop and we can partner with the international parties out there," Shamsiah Abdul Karim, the conference co-chairman, recently told Channel NewsAsia.

"For example in Qatar alone, there's about S$3 billion of assets of wakaf which has not been developed. So these are potentials and we hope we can bring Singapore and MUIS into the international arena."

MUIS handles and develops 200 wakaf properties in Singapore, with a total asset value of S$250 million.

These properties, held in trust, yield an annual rental income of 6 to 7 million dollars, making Singapore the region's most advanced country in the development of awqafs.

MUIS is the largest body that caters for the needs of Muslims who make up 14.9% of Singapore's 4 million people.

Güncelleme Tarihi: 20 Eylül 2018, 18:16
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