New UK waqf fund to start investing in real estate with eye on other asset classes
LONDON - The recently established UK-based National Waqf Fund (NWF) will start investing in real estate with an eye on other asset classes such as start-ups, according to CEO and co-founder Umer Suleman.
Whilst waqf funds exist in the UK, most are associated with specific organisations like Islamic Relief. There are few social waqf funds focused on capacity building in society. Recently however, this trend has started to change. For example, the new One Endowment Trust (OET) will combine commercial and social investments where a portion of the returns will be reinvested in or to fund social projects.
However unlike OET, NWF (which is not a government initiative) will be focused on the charity and social aspects of waqf. The three main aims of NWF are to establish a central fund, manage awqaf on behalf of other organisations as well as create a virtual centre of excellence for Islamic endowments.
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