As part of its innovative waqf strategy, Awqaf and Minors Affairs Foundation (AMAF) participated in a Waqf workshop that inaugurated the first stage of establishing the “Center of Excellence for the Waqf in Madinah” project, which was held under the patronage of His Royal Highness Prince Faisal bin Salman bin Abdulaziz, Governor of the Madinah province in the Kingdom of Saudi Arabia, and organized by the Islamic Development Bank (IsDB).
Experts and scholars, as well as leaders of endowment institutions from the region and the world, discussed best practices to promote the culture of innovation in the waqf sector and enhance its economic and social impact.
His Excellency Ali Al Mutawa, Secretary General of AMAF, led the Foundation’s delegation to the workshop. As part of its participation, the Foundation recommended the idea of creating new digital platforms that offer expertise and highlight successful case studies of waqf entrepreneurs and donors to serve as a reference for individuals and institutions that wish to launch innovative projects in the domain. The Foundation also suggested ways to promote safe investment and the need to develop innovative financing tools to support waqf projects.
His Excellency Ali Al Mutawa commended the organizers for hosting a streamlined and content-rich workshop. He also applauded His Royal Highness Prince Saud bin Khalid Al-Faisal, Deputy Governor of Madinah Province in Saudi Arabia, for his support to such results-driven initiatives. The Foundation concluded its participation with His Excellency Ali Al Mutawa presenting a memorial shield to Dr Bandar Hajjar, President of Islamic Development Bank Group, in recognition of the Group’s efforts to revive the culture of endowments and expand the beneficiary base globally.
Commenting on the participation of the Awqaf and Minors Affairs Foundation, His Excellency Ali Al Mutawa said: “Our focus in the workshop was to promote the role of scientific research and analysis in developing innovative areas of endowments that instill the culture of endowment among individuals as well as organizations in the public and private sectors. We believe such a step will help serve larger segments of society and wider humanitarian causes.”
The Waqf workshop, which took place in Madinah, Saudi Arabia, aimed to bring together waqf institutions and stakeholders in different regions of the Islamic world and encourage them to coordinate efforts, share expertise and benefit from mutual experiences in developing waqf projects, programs and initiatives. The event also focused on the expansion of waqf applications as a fundamental pillar of the Islamic economy.
The Awqaf and Minors Affairs Foundation adopted a three-year Endowments Investment Policy (2018-2021) in its commitment to enhancing capital and periodic revenues. As part of this priority, the Foundation seeks to actively participate in regional and international events that raise awareness on the various aspects of waqf. Among other upcoming outings, the Mohammed Bin Rashid Global Centre for Endowment Consultancy, which was recently integrated as a key component of the Awqaf and Minors Affairs Foundation, will present a comprehensive white paper on waqf at the Waqf International Conference set to take place in Saudi Arabia next year