Awqaf, by definition, create sustainable entities, governed as they are by the fundamental principles of perpetuity, inalienability, and irrevocability. The institution of waqf offers a powerful mechanism to generate sustainable resources. The endowed assets could be dedicated to provide a range of public benefits. However, the potential of waqf in providing for a sustainable source of funding for socio-economic development of Muslim societies remains largely untapped. Contemporary developments in the Islamic finance sector have opened up many possibilities in terms of new structures for financing development of waqf assets.
There is therefore, an urgent institutional need for imparting knowledge and skills in the art and science of waqf development and develop a cadre of trained professionals and managers well-versed in the Shariah aspects of waqf as well as in the scientific techniques of management of charity-based and not-for-profit institutions. Realizing this need, the IIIBF has embarked on this ambitious program to develop a cadre of Certified Waqf Professionals (CeWP) to address the challenge of human resource development for the Islamic charity-based and not-for-profit organizations.
The course covers the following major areas in five modules:
- Waqf and Comprehensive Human Development: This module provides an introductory overview of the role of waqf in comprehensive human development in the framework of the objectives (Maqasid) of Shariah, briefly exploring the history of this institution in Muslim societies. It provides a comprehensive exposition of the typology as well as related Shariah rules of waqf.
- Creating Waqf : This module focuses on the significance of creating new awqaf. It seeks to provide the participants with knowledge of how to create a waqf according to the rules of the Shariah or a waqf-based organization given the legal and regulatory framework in various countries; some of which have dedicated laws of waqf. The coverage includes creation of near-waqf institutions e.g. trusts and foundations in countries that lack a dedicated legal and regulatory environment for waqf.
- Development of Existing Waqf: This module focuses on the significance of enhancing potential benefits for intended beneficiaries through developing existing waqf assets. It aims to provide an understanding of the financing modes available in classical books of fiqh, as well as the the modern financial structures for developing waqf assets involving the financial institutions and markets. It also seeks to provide an understanding of advanced and more complex financial mechanisms for development of awqaf assets involving composite structures, such as, build-operate-transfer (BOT) and securitization. It also discusses how dedicated laws on waqf in several countries deal with this issue.
- Management of Waqf: This module provides a comparative analysis of Shariah rules, as well as national laws, regulations, policies and standards relating to management of waqf. It underlines some basic principles for sound waqf management, e.g. investments and risk management, transparency, accountability and good governance based on good practices at macro-level.
- Innovations and Good Practices in Waqf Sector: This module comprises several case studies that highlight some recent innovations, e.g. fintech applications as well good practices in waqf sector. The case studies highlight how to overcome the challenges of mobilizing resources for financing of waqf development through creative and innovative structures, new products (e.g. sukuk), of enhancing accountability, transparency and good governance in waqf-based organizations; and how to efficiently and effectively use the institution of waqf for provision of various public goods and services including microfinance and addressing needs of the humanitarian and development sector.
INSTRUCTION METHOD: Online/ Blended
Date of Commencement: TBA