Latest news with #waqf
Zawya
29-05-2025
- Business
- Zawya
Oman: Ishraq Fund launched to drive sharia-compliant investments in Oman
Muscat – The Ishraq Endowment Fund on Wednesday officially commenced operations, marking the beginning of a new phase aimed at revitalising the investment role of waqf (endowment) in Oman. This innovative, Sharia-compliant endowment investment fund represents a significant advancement in enhancing waqf investments in the sultanate. It contributes to embedding sustainable development principles and maximising the social impact of investments – both key pillars of Oman Vision 2040. In a statement to Oman News Agency, Dr Ahmed Ali al Ka'abi, Chairman of the Ishraq Endowment Fund's Board of Directors, said that the operational launch represents a major milestone in the fund's journey. He emphasised that the next phase will involve activating investments in line with a strategic vision carefully crafted by the board. He added that the fund is moving from the establishment phase to active operations by initiating investments in Sharia-compliant public markets. The goal is to generate sustainable financial returns that support charitable initiatives and social projects. 'The fund offers diverse opportunities for investors – both individuals and institutions – through a range of subscription categories, including perpetual endowers, temporary endowers, and investing subscribers.' Khalid Awadh al Balushi, CEO of Oman National Investments Development Company (Tanmia) and Investment Manager of the Ishraq Endowment Fund, noted that this initiative continues Tanmia's pioneering role in establishing and managing high-quality investment funds. He described the fund as a practical embodiment of socially impactful investment and a strategic step forward in enhancing the waqf sector's contribution to the national economy. Balushi added that the Ishraq Endowment Fund provides sustainable, Sharia-compliant investment opportunities that deliver tangible, positive societal outcomes, aligning with national priorities on sustainability and community partnership. Tanmia will draw upon its extensive expertise in fund management to ensure that the fund meets its objectives and achieves the desired returns. The Ishraq Endowment Fund introduces an innovative model that combines financial returns with social impact. Through its investment returns, contributors can support social and developmental projects in sectors such as health, education, and social care, while also generating stable financial yields. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
28-05-2025
- Business
- Times of Oman
Ishraq Endowment Fund commences operations
Muscat: The Ishraq Endowment Fund has officially begun its operational activities, marking the launch of a new phase aimed at activating the investment role of 'waqf' or 'endowment' in the Sultanate of Oman. This innovative Sharia-compliant endowment investment fund represents a qualitative leap in enhancing waqf investments and contributes to entrenching sustainable development concepts while maximizing the social impact of investments – key pillars of Oman Vision 2040. Dr. Ahmed Ali Al Ka'abi, Chairman of the Ishraq Endowment Fund's Board of Directors, stated that the operational launch marks a significant milestone in the Fund's journey. He emphasised that the next phase will activate investments according to a strategic vision carefully developed by the Fund's Board. He added that the Fund is transitioning from establishment to active operation by commencing investments in Sharia-compliant public markets, aiming to generate sustainable financial returns that support charitable initiatives and social projects. The Fund also offers diverse opportunities for investors – both individuals and institutions – through varied subscription categories, including perpetual endowers, temporary endowers, and investing subscribers (for individuals and institutions alike). Khalid Awadh Al Balushi, CEO of Oman National Investments Development Company (Tanmia) – Investment Manager – noted that the Fund continues Tanmia's pioneering role in establishing and managing qualitative investment funds. He described the Fund as a practical embodiment of 'socially impactful investment' and a strategic step to enhance the waqf sector's contribution to supporting the national economy. Al Balushi added that the Fund provides sustainable, Sharia-compliant investment opportunities that deliver tangible positive societal impact, aligning with national directions toward sustainability and community partnership. Tanmia will leverage its extensive expertise in investment fund management to ensure the Fund achieves its targeted returns and objectives. The Ishraq Endowment Fund introduces an innovative model combining financial returns with social impact. Through the Fund's investment returns, contributors can support social and developmental projects in health, education, social care, and other fields while generating stable financial yields.
Zawya
22-05-2025
- Business
- Zawya
2025 Islamic Development Bank (IsDB) Prize Celebrates Transformative Solutions in Health and Water Security
The winners of the 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics (Development Solutions Achievement category) received the awards during a ceremony on the side lines of the IsDB Group Annual Meetings on 20 May 2025 in Algiers, Algeria. Medikids secured the first place for its innovative waqf initiative aimed at tackling the challenges of waqf management in Indonesia, with a portion of its net waqf profits allocated to the improvement of waqf assets and a range of social welfare programs. The Blue Filter initiative won the third place for its pioneering initiative to develop a prototype designed to purify water by eliminating harmful contaminants that integrates natural filtration methods with sophisticated automation and control systems, yielding a solution that is both sustainable and exceptionally efficient. IsDB Vice President (Finance) and CFO, Dr. Zamir Iqbal, presented the first-place prize award to Mr. Afdhal Aliasar, the team leader of Medikids project, during the 19 th IsDB Global Forum on Islamic Finance, held as part of the Annual Meetings in Algiers. The third winner, Mr. Salah El Sadi, Founder&CEO, Blue Filter, was unable to attend the ceremony. The awards also included cash prizes of US$ 100,000 for the first-place winner, and US$ 30,000 for the third-place winner. The winners were selected by an independent committee of experts from outside and inside of the IsDB Group, whose work is coordinated by the IsDB Institute. The selection committee has decided to withhold the second-place award. Acting Director General of the IsDB Institute, Dr. Sami Al-Suwailem, congratulated the winners and wished them success in their endeavors. In his comments on this occasion, Afdhal Aliasar, the team leader of Medikids project, said: 'Medikids is a practical embodiment of solving the issues of developing waqf in a productive and sustainable manner, and it can be successfully implemented. The productive waqf asset, Medikids Dental Clinics, is capable of meeting the growing need for skilled medical professionals through high-quality education, as well as addressing the demand for quality healthcare services for children and the broader community.' Salah El Sadi, Founder and CEO, Blue Filter, said, 'We are deeply honored to receive this recognition from the Islamic Development Bank. The Blue Filter project was developed with a mission to provide affordable, sustainable, and eco-friendly water purification solutions for both drinking and agricultural use. Our technology operates without energy or chemical waste, making it a truly green innovation. By addressing water contamination and scarcity, we aim to improve public health, support food security, and enhance agricultural productivity—especially in underserved communities.' Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Social media handles: X (Twitter): Facebook: LinkedIn: About the Islamic Development Bank Institute: The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
Zawya
13-05-2025
- Business
- Zawya
Innovative Projects Win 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics
The Islamic Development Bank (IsDB) has announced the winners of the 2025 IsDB Prize for Impactful Achievement in Islamic Economics, honoring two pioneering projects for their creative and impactful contributions to economic development inspired by the principles of Islamic economics. Medikids secured first place for its innovative waqf initiative, addressing waqf management challenges in Indonesia. The initiative leverages dental clinics for children and families to generate sustainable funding. Established in 2018, Medikids achieved financial stability within three years and launched a scholarship program for healthcare professionals in its second year. A portion of its net profit waqf is dedicated to enhancing waqf assets and various social welfare initiatives. The selection committee has decided to withhold the second-place award. The third-place prize was awarded to the Blue Filter initiative, which created a prototype to purify water by removing harmful pollutants like nitrates, chloride, and heavy metals. This technology combines natural filtration techniques with advanced automation and control systems, resulting in a solution that is both sustainable and highly effective. It also features real-time monitoring and loss management systems to ensure optimal performance and minimize water waste. The prizes will be presented at the IsDB Group Annual Meetings, scheduled for 19-22 May 2025, in Algiers, Algeria. IsDB Group Chairman HE Dr. Muhammad Al Jasser congratulated the winners, praised their contributions to Islamic economics, and wished them continued success. 'The IsDB Prize serves as a key driver of strategic significance, promoting the transformation of knowledge and principles of Islamic economics into actionable initiatives and innovative projects aimed at fostering comprehensive economic development,' stated Dr. Al Jasser. The winners were chosen by the IsDB Prize Selection Committee, which comprises eminent experts and scholars, coordinated by the IsDB Institute. Excerpts from the IsDB Prize Selection Committee Citations: Medikids Clinic It serves the important role of civil society waqf in supporting the mission of a combined health sector and education sector, serving the underprivileged component of society. The waqf-based model is considered sustainable due to its appropriate earning incentive framework, which is in harmony with the principles of Islamic economics. Blue Filter It provides a potential solution for IsDB member countries while aligning with the strategic goals of the IsDB, especially concerning food and water security. The model emphasizing blue and bio elements has rendered it more appealing than alternative solutions that are generally contaminated with chemicals. Established in 1988 as the 'IsDB Prize in Islamic Economics, Banking, and Finance,' the prize expanded in 2020 to recognize achievements in two categories, offered alternately: (i) Development Achievement and (ii) Knowledge Contribution. The 1446H (2025) Prize cycle focuses on Development Achievement, highlighting successful projects addressing development challenges in IsDB member countries and Muslim communities worldwide. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
Free Malaysia Today
07-05-2025
- Business
- Free Malaysia Today
Diversifying funding sources through myWaqafPTPTN
PTPTN chairman Norliza Abdul Rahim distributing scholarships under the myWaqafPTPTN initiative to eligible students at a recent event in Kuala Lumpur. PETALING JAYA : Waqf is one of the Islamic financial instruments that play a role in socio- economic development, including education, to help improve the living standards of those in need. Contributions can be made in the form of cash, land, buildings, equipment or dedicated funds to enhance living standards. In Malaysia, the concept is growing, and the inter-agency National Higher Education Fund Corporation (PTPTN) has taken steps through the establishment of myWaqafPTPTN as one of the initiatives to diversify sources of funding for higher education other than through existing loans. The National Higher Education Fund Corporation (PTPTN) and Yayasan Waqaf Malaysia (YWM) launched myWaqafPTPTN on 11 March 2024. The three main objectives of myWaqafPTPTN are: 1. To diversify funding sources for higher education financing beyond PTPTN's existing student loan scheme; 2. To utilise waqf as a wealth redistribution instrument to support national education development through alternative scholarship-based financial aid, known as Wakaf Tunai PTPTN ; and 3. To reduce societal dependence on education loans and lessen the burden of loan repayment or debt accumulation. The initiative allows contributions from individuals, corporate entities, and legally recognised organisations, both domestic and international, to assist students by providing higher education scholarships and reducing the burden of loan repayment or student debt. myWaqafPTPTN is open to PTPTN loan-eligible students from the B40, M40, and asnaf categories, including registered aid recipients under state Islamic councils. The initiative is not limited to Muslim students. A key advantage is that all myWaqafPTPTN donations qualify for a 10% tax deduction under Subsection 44(11C) of the Income Tax Act 1967. As of February, over RM1.18 million had been collected, benefiting 82 students through scholarships worth over RM984,000. Prime Minister Anwar Ibrahim also announced an extra RM30 million allocation for the programme at the National Waqf Month 2025 launch last month. Scholarship recipients have expressed gratitude for the financial relief provided by myWaqafPTPTN. Fatin Nur Humaira Abd Rahman. Fatin Nur Humaira Abd Rahman, a diploma in logistics management student at the National Defence University (UPNM), said the scholarship has significantly eased the financial burden of her and her family. 'It reduces the burden of repaying my student loan. This assistance is especially helpful for underprivileged B40 students,' she said. M Harshavardhan. Another recipient from UPNM, M Harshavardhan, agreed, saying the scholarship had helped reduce his family's financial strain. 'Nowadays, many students have to work part-time to cover the high cost of education. This PTPTN assistance helps ease that burden,' he said. Muhamad Rida Hafeez Mohamad Johari Abdul Rahman. For Muhamad Rida Hafeez Mohamad Johari Abdul Rahman, a diploma in engineering student, the programme has had a significant impact as it allows students to complete their studies without the worry of debt after graduation. 'I am truly grateful for this scholarship. Thank you to PTPTN for helping students continue their studies without needing to worry about money,' said the Universiti Malaysia Pahang Al- Sultan Abdullah student. How to contribute to myWaqafPTPTN Individuals or organisations can donate through three methods: 1. Via YWM's official website by selecting 'myWaqafPTPTN' under 'Wakaf Khas / Projek' 2. Direct transfer to Yayasan Waqaf Malaysia's bank account at RHB Islamic Bank (2- 12457-6006259-1) 3. Scanning the QR code below. Contribute to myWaqafPTPTN to ensure higher education funding for future generations. PTPTN hopes that myWaqafPTPTN will become the preferred waqf initiative, helping more students while ensuring the long-term sustainability of higher education, aligning with its slogan, 'Higher Education for All'.
