05/12/2018 08:10 AST

Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani has stressed the need for conducting proper feasibility studies and research works before launching Waqf investments. Waqf investments should be done in accordance with the real needs of the society, he said.

Addressing the opening session of the Global Conference on Awqaf, organised by the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) here yesterday, the QCB Governor noted the need to adopt modern methods to invest in the endowments and apply advanced systems and modern technology. He also called for diversifying Waqf investments to cover different sectors, QNA reported.

Ahead of launching the Waqf investments, there is a need to study the economic and social conditions of the designated society and to make sure the projects are free from risks and getting better returns. Transparency is key to Awqaf investments, the QCB Governor said.

The Waqf, an investment that seeks to benefit those targeted by its revenues, does not achieve its full benefit except when its revenues were increased by developing methods of investment in accordance with the provisions of Shariah.

He noted that the methods of the Waqf varied since its inception. They have been developed to include investment in Murabaha financing, founding Waqf companies, investment in trust funds and others, he added.

Addressing the event, Chief Executive Officer of Qatar Financial Center Authority (QFC) Authority, Yousuf Mohamed Al Jaida, affirmed that QFC recognises the importance of endowments and Islamic finance in general and is committed to supporting the development of these two sectors through the QFC platform. He said Qatar is fast emerging as a leading country in the field of Islamic finance and the management of Waqf institutions, which correspond to the pillars of economic and social development in the Qatar National Vision 2030.

He pointed out that the Awqaf institutions have a historic part in the ancient Islamic heritage, in addition to the possibilities and capabilities made them envisage a future of greater success and prosperity, indicating that the need now is urgent for the existence of active and effective Waqf institutions.

He added that the economic Waqf institutions play two essential roles which are stimulating economic activity and promoting social development, they also provide a unique way of both savings and investments, pointing out that Waqf is a tool that can be used to achieve great benefit for society as a whole, based on cutting off part of the consumer resources and turning them into productive and developing assets that would essentially increase the accumulation of capital in the economy.

Al Jaidah praised the role of prominent Waqf institutions in financial inclusion, as well as the promotion of equal income among groups of society, both of which are serious challenges to the contemporary international economic scene.

The CIS conference is being held under the key themes of Evolution, Socio-economic Impact, Management Strategies, Legal and Governance Issues, Cash Waqf and Country-wise Case Studies.

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