Focus Asia

Aqwaf New Zealand : World’s First Socially Responsible Awqaf Sukuk

Awqaf organisations continue to face challenges in developing their asset base to generate sustainable revenue streams that will help achieve the goals of these institutions. This is a bigger challenge for the growing Muslim populations in non-Muslim countries. In addition to the nature of the industry and a lack of human resources capacity and capability in the sector combined with complications of legislative environments and the localised focus they operate under the biggest issue continues to be the lack of a source of funding to develop underlying asset bases and infrastructure. The inability to attract investment into vital projects that are needed in the community means the development of our communities are falling behind in many part s of the world.

The traditional financial institutions including Islamic banks have kept away from this important sector for obvious commercial and business reasons. No tools, products and services are widely available for the sector. In some parts of the developed world there are dedicated financial institutions and funding platforms serving this sector but not at a global scale. The private individuals and organisations with charitable intentions do not have a credible platform to operate within in order to participate and contribute to the development of the Awqaf sector.

In order to find suitable solutions it is important to start making progress via tangible projects at a grass root level that people can relate to and understand well. Awqaf New Zealand has been working on these “ideas” over the last two to three years and has made significant progress in forming partnerships with other Awqaf institutions all over the world. The target audience has been the Muslims in the West where there is no proper framework or structure for developing Awqaf for the benefit of our future generations.  Awqaf New Zealand has focused on utilising existing opportunities available to our community and then looked at innovative ways of re organising the way we do things using both the modern and traditional ways of organising social enterprise that will ultimately benefit humanity. Our Adhahi/Qurbani project idea was recognised globally when we won the inaugural 2013 Islamic Economy Award in Dubai under the Awqaf category.

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