Promoting Waqf System: New solutions towards better achievement of the SDGs | Summary and Q&A

TL;DR

The webinar emphasizes the potential of sharia-compliant finance in achieving sustainable development goals.

Key Insights

• 🔨 Islamic finance instruments such as waqf, zakat, and sukuk are essential tools for meeting the SDGs.
• 🎓 Awareness and education on the potential of sharia-compliant finance can significantly enhance community engagement and investment.
• 📣 The COVID-19 pandemic has widened the funding gap for achieving SDGs in OIC countries.
• 📽️ Blockchain technology offers innovative solutions for transparent management and funding of waqf projects, ensuring effective resource allocation.
• 🪛 There is increasing integration of social enterprises in Islamic finance, highlighting the importance of purpose-driven investments.
• 🔒 Collaboration between public, private, and non-profit sectors is vital for mobilizing the necessary resources to meet SDGs.
• ❓ Enhanced governance of waqf funds is crucial for maintaining their relevance in contemporary finance.

Transcript

yes first of all i would like to thank the audience for their presence and thank our distinguished speakers for accepting our invitation and for being with us today please allow me to thank to thank you new police for giving us this opportunity the opportunity through the webinar series to learn and to understand more about the potential of sharia ... Read More

Questions & Answers

Q: How does Islamic finance contribute to sustainable development goals?

Islamic finance offers unique instruments like waqf, zakat, and sukuk that can directly address social issues such as poverty alleviation, education, and health care. These instruments promote financial inclusion and fund projects aligned with sustainable practices, helping bridge gaps in annual funding for the SDGs.

Q: What are the main challenges faced by OIC countries in achieving SDGs?

Many OIC countries struggle with high poverty rates, inadequate healthcare, and insufficient access to quality education. The COVID-19 pandemic has exacerbated these issues, creating a potential setback in achieving SDGs, particularly in eradicating poverty and ensuring good health and well-being.

Q: How can blockchain technology enhance the effectiveness of waqf and Islamic finance?

Blockchain can increase transparency and efficiency by automating waqf management and crowdfunding for social projects. It allows for secure, traceable transactions, ensuring that funds are used for their intended purposes and facilitating broader participation in social investments.

Q: What are some successful examples of waqf investment in Islamic finance?

Successful examples include the Zamzam Tower in Mecca, financed through waqf-based sukuk, and various projects funded through crowdfunding platforms like myWaqf in Malaysia. These projects demonstrate how waqf can generate income while benefiting the community.

Summary & Key Takeaways

• The Finneyo Polys Institute focuses on enhancing research and awareness of Islamic finance's role in attaining sustainable development goals through webinars.

• Distinguished speakers discuss various facets of Islamic finance, including the importance of social enterprise, the effective use of waqf, and innovative financing mechanisms like sukuk.

• Significant challenges persist across Member Countries in meeting the SDGs, primarily due to insufficient funding and the socioeconomic impact of crises like COVID-19.