GIES 2016-Issues of transparency and asset management changing face of Islamic philanthropy
Photo: DUBAI, UAE - MAR 22, 2016: Ceremony launching Dubai’s Global Vision for Awqaf and Endowments spearheaded by the Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC)
Twenty-first century principles of transparency and asset management are being discussed by a donor group traditionally rooted in privacy
As a faith group, Muslims are considered among the most generous donors worldwide. Islamic social finance, which comprises both mandatory and voluntary Islamic philanthropic institutions of zakat, sadaqat and waqf, is responsible for generating hundreds of billions of dollars across the Islamic world.
While data is difficult to come by, a 2014 paper by the Islamic Development Bank (IDB) on the United Nation’s Sustainable Development knowledge platform says, “It is difficult to estimate [the] current size of awqaf assets. Current estimates range from $100 billion to $1 trillion.”
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Shalini Seth, Media ME