Historic practice of waqf needs an overhaul for modern world, says 2nd plenary session of GIES.
Plenary Session 2: Philanthropy in the Muslim world: harnessing the abundance of underutilised capital for social development
Historic practice of waqf needs an overhaul for modern world
Foundations need more focus, better measurement, to maximise impact
DUBAI, October 11 2016
The Muslim world must look to both traditional practices and modern innovations if it is to put under-used capital to work in improving society, according to a panel of experts in philanthropy at the Global Islamic Economy Summit in Dubai today.
The plenary session, Philanthropy in the Muslim world: harnessing the abundance of underutilized capital for social development, was held after the keynote address by H.E. Abdulaziz Al Ghurair, Chairman, Abdulla Al Ghurair Foundation for Education and Board and member of Dubai Islamic Economy Development Centre (DIEDC.
H.E. Tayeb Al Rais, Secretary General, of UAE’s Awqaf and Minors Affairs Foundation, told delegates that the concept of charitable giving is a foundation of Islam, but that certain practices were struggling for relevancy in the modern world. He highlighted waqf – the practice of giving assets, traditionally a building, land or even cash for religious or charitable reasons – as an example of charitable giving that was in decline.
was established to support communities in the beginning of Islam but is being overlooked in modern Islamic societies,” he said. “What we want to do is take waqf
and make it better. Societies in the Muslim world need to take another look at what waqf
can do today and how it can meet our present needs.”
Clare Woodcraft, CEO, Emirates Foundation, said that foundations could benefit from narrowing their focus. “It’s frustrating when you see funds that are not maximised to meet the potential,” she said. “There are core principles that can help you maximize impact. Focusing on output is key; we went from having a diverse portfolio to focusing on one core area of youth, that way we can have more impact.”
Maysa Jalbout, CEO of the Abdulla Al Ghurair Foundation for Education, agreed that focus was key, and added that charities and foundations need to be more innovative if they are to maximize impact. “The three areas we focus on is to ensure that our giving is high-impact. Education is often a root cause of the challenges we are facing in this region. The second is that we are commuted to be transparent and accountable, we are supporting the education of 15,000 Arab youth.
“Third is that we are committed to the concept of innovation – we must innovate and this is why we are looking at using the potential of technology to spread access to education in the region.
“Tracking and reporting, investing, monitoring and evaluating is an area where the Muslim philanthropy community can improve. We need to look at the concept of leveraging and pooling funds. There is potential to take funding from institutions like the Islamic Development Bank and combining that with those in the public and private sector, there is a tremendous opportunity in doing that.”
Clare Woodcraft agreed that charities need a more modern approach: “We are looking very much at our detailed output and we measure output of all of our programmes, with core KPIs and metrics. We report the social impact and cost of delivery. We ask ourselves: how do you deploy philanthropic capital to maximise social impact?
She said that Western foundations have much to learn from Islamic finance, however, with its focus on ethical investment. “Traditional Islamic finance has very much influenced ethical investments, and foundations in the West are learning from Shariah finance,” she said. “We are seeing a big conversation about how we can learn from each other, and acknowledging what is working and not working. Muslim scholars are now arguing that Islamic philanthropy does not have to be anonymous, so we are sharing a lot more now in this field.”
Concluding with audience questions, the panel was asked: “What are the key aspects to successful philanthropy today?”
H.E. Tayeb Al Rais answered: “We need to make sure that people who come forward to donate – that we ensure them of how we are spending their money. There needs to be transparency”.
Maysa Jalbout concluded: “The key to successful philanthropy is working together. We need to bring together our know-how in economies of scale and help those in need.”
- Ends -
© Press Release 2016