Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Call for more focus on endowment properties  Join our daily free Newsletter

MENAFN - Arab News - 07/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saleh Kamel chairman Board of Trustees Iqraa Waqf for Employment & Business Expansion and chairman General Council for Islamic Banks & Financial Institutions and president Dallah Albaraka Holding Group has highlighted the worsening situation of endowment properties in Muslim countries as a result of interference of governments. 'Because of this situation many people have stopped establishing endowments" he said.

Kamel who is also chairman of the board of trustees of Iqra Endowment emphasized the role of development in fighting poverty. 'Some Islamic countries have allowed the private sector to develop endowment properties. There were also efforts to convert endowments into chambers of commerce but we did not see any substantial result" he told a seminar on the second day of the 35th Albaraka Symposium for Islamic Economics.

He urged the Islamic Development Bank (IDB) to strengthen its efforts in developing endowment properties in the Islamic world.

Diyab Karar Ahmed acting director of the Islamic financial services department and manager of Awqaf development division IDB Group presented a number of models for endowments from different parts of the world.

Adil Mohammed Al-Shareef executive director of the World Waqf Foundation (WWF) member of the IDB Group said the endowment sector lacked transparency and emphasized the need for establishing a company to manage endowments and provide its revenues to their owners.

Adnan Ahmed Yousif board member and president and CEO of Albaraka Group stated earlier that the issue of financing and its role in development is a key issue in the modern fiscal Islamic ideology.

'The problem in this active movement at its theoretical level is that it's limited to the Islamic banking issue" he explained.

"Now that the Islamic money is making industry achieve recognition and spreading in many countries we need economists intellectuals and researchers to build economic structures derived from the nation's identity" Yousif added.

"These structure need to have the needed competencies and efficiency to direct finances toward real economy in order to support production exchange and employment activities" he said adding that the success of these structures will push toward a success of all efforts aiming at creating structural changes as well as social and economic shifts that will allow for a steady escalation of the society's potential in the way toward improving the quality of life.

Adil S. Dahlawi MD & CEO of Itqan Capital said: "This year's symposium poses a very important question about the role of Awqaf (Islamic trust) in the economic development of OICs (Organization of Islamic Countries) and the role of asset managers in driving the reform of these vital institutional investors.

Quoting the latest figures he stated that the Islamic AUMs (assets under management) in OICs reached 85 billion in 2013 growing at an annual rate of 8 percent while 'we expect Saudi Arabia to represent a significant portion of these AUMs particularly in Awqaf."


 


Arab News




  MENA News Headlines
 Feb 26 2015 - Jordan- King departs for CairoJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)- His Majesty King Abdullah II on Thursday left for Cairo on a visit to Egypt during which he will hold talks with Egyptian President Abdul Fattah ...

 Feb 26 2015 - Jordan- 688 dead 14000 injured in traffic accidents in 2014Jordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Statistics issued by the Central Traffic Department (CTD) Thursday showed that the number of traffic accidents and deaths had declined in 2014 ...

 Feb 26 2015 - Jordan- Conference on women in Sharia concludes meetingsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb.26 (Petra) - The closing session of Women in Sharia" conference which concluded meetings Wednesday evening discussed challenges faced by workers in the defense ...

 Feb 26 2015 - Jordan condemns burning of church in Jerusalem by Jewish extremistsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Minister of State for Media Affairs Mohammad Al Momani Thursday condemned the burning of a church by Jewish extremists in occupied Jerusalem earlier ...

 Feb 26 2015 - Jordan NATO discuss ties counter- terrorism effortsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Secretary-General of the Ministry of Foreign Affairs and Expatriate Affairs Mohammad Bani Yaseen and NATO Assistant Secretary General for Emerging ...

 Feb 26 2015 - Lebanese economy to grow 2.2 percent in 2015MENAFN
(MENAFN) Lebanon anticipates its economy to grow 2.5 percent in 2015, according to finance minister, after reporting a Eurobond of USD2.2 billion, the largest issue in the country's history, ...

 Feb 26 2015 - UK's Carillion wins USD590m Dubai construction contractsMENAFN
(MENAFN) UK builder Carillion said that it selected Al Futtaim Carillion as its most preferred bidder for two construction contracts valued at USD590 million, Arabian Business reported.The ...

 Feb 26 2015 - Over 2140 more Egyptians return from LibyaDaily News Egypt
(MENAFN - Daily News Egypt) By Marina Makary Egyptians returning from Libya through the Salloum border in the past 24 hours have numbered 2140 state media reported. Cairo International Airport also ...

 Feb 26 2015 - Egypt- TV journalists detained for airing alleged government leaksDaily News Egypt
(MENAFN - Daily News Egypt) The Supreme State Security Prosecution decided Wednesday to renew the detention of two journalists affiliated with Mekameleen TV channel which aired leaked statements by ...

 Feb 26 2015 - Qatar- HH the Emir Meets U.S. Secretary of StateQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met at his residence in Washington with U.S. Secretary of State John Kerry. Discussions during the meeting dealt with the overall events ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help