Quotes: US 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
 Sep 30 2014 - No Haj without permit: Checkpoints net 98000Arab News
(MENAFN - Arab News) Security forces have barred 98000 people from entering Makkah because they did not have Haj permits the Interior Ministry said in a statement on Monday. The authorities did not ...

 Sep 30 2014 - Turkey tanks face IS at Syria borderArab News
(MENAFN - Arab News) MURSITPINAR Turkey: Turkey on Monday deployed tanks and armored vehicles to reinforce its border with Syria amid escalating Islamic State violence as Parliament is set to ...

 Sep 30 2014 - Price control to end pilgrim abuseArab News
(MENAFN - Arab News) The Ministry of Haj plans to fix the prices of Haj services offered by companies in an attempt to prevent the exploitation of pilgrims by unscrupulous operators.Hussein Al-Sharif ...

 Sep 30 2014 - KSA to host 1.4m Hajis from abroadArab News
(MENAFN - Arab News) More than 1.4 million foreign pilgrims are expected to perform Haj this year said Haj Minister Bandar Hajjar. 'About 1.36 million pilgrims already arrived from different ...

 Sep 30 2014 - Misconceptions about IslamArab News
(MENAFN - Arab News) This is with reference to the report 'Be modern but don't shun Islamic values: King' (Sept. 29). Everybody should read Custodian of the Two Holy Mosques King Abdullah's speech ...

 Sep 30 2014 - Toppling Assad regimeArab News
(MENAFN - Arab News) Beyond a shadow of doubt the atrocities committed by the regime of Bashar Assad paved the way for the militants belonging to the so-called Islamic State to take roots in Syria. ...

 Sep 30 2014 - South Korea's Overseas Construction Orders Grow 5.2%Qatar News Agency
(MENAFN - QNA) Overseas construction projects won by South Korean builders so far this year have risen 5.2% from a year earlier with the annual total expected to top US$70 billion, the government ...

 Sep 30 2014 - Real Estate Transactions Worth over QR831 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between September 21 and 25 for the real estate sales contracts registered at the Ministry of justice are worth QR831,613,172, the real estate registration ...

 Sep 30 2014 - HITC Honours Media for Success of Kulluna CampaignQatar News Agency
(MENAFN - QNA) The Hamad International Training Centre (HITC) honoured over 50 representatives from media, healthcare and corporate executives for their contribution towards the success of its ...

 Sep 30 2014 - Power of social mediaArab News
(MENAFN - Arab News) This is with reference to the article 'Shift in US public discourse on ME' (Sept. 29) by Jamal Doumani. It is very true that with the advent of social media things have started ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help