AWQAF. POWERFUL SOCIO-ECONOMIC VEHICLES.

AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
AWQAF.
POWERFUL SOCIO-ECONOMIC
VEHICLES.
Awqaf are powerful socio-economic vehicles that, if efficiently managed utilising Islamic
finance facilities, have the ability to eradicate poverty, establish socio-economic justice
and achieve equitable distribution in a society. These Islamic endowment structures are
utilised to fund real economic activities or financial investments and the returns from
these are then used to achieve the societal welfare and social benefits.
16 October 2014
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Waqf and Islamic Finance: Synergistic opportunities
offer prospects to unlock new growth frontiers
There has been a revival of
interest in utilising awqaf1 or
Islamic endowment structures
by organisations across various
jurisdictions. Awqaf institutions
have historically been instrumental
in providing various public services
such as education, health and
municipal services among others,
leading to major economic and
social contributions in the various
territories of their establishment.
Alongside, there has also been an
increase in the involvement of the
Islamic financial sector in awqaf
organisations and assets. Awqaf
organisations have notably utilised
Islamic financing facilities to raise
funding through, for example,
issuing sukuk. In addition, Islamic
financial institutions themselves
have supported waqf activities
by mobilising funds in support of
awqaf institutions. The growing
synergies between the two integral
components of Islamic finance and
economics enables an economically
and socially rewarding partnership,
which in turn has potentials to
contribute significantly to the
overall development of the Islamic
finance industry. This insights report
explores upon the current utilisation
of waqf structures in various
jurisdictions and analyses new
possibilities for the Islamic finance
industry to support the growth and
development of this organisational
structure in global markets.
Awqaf: “Regaining Stakeholders’ Interest”
The use of waqf structures has historical
precedence and dates back to over a thousand
years when major socio-economic vehicles
(including awqaf) were critical in driving various
developmental projects in their respective areas
of establishment. In Islamic history, awqaf have
been instrumental in providing various public
services to the masses including educational
institutions, health care services, construction
of places of worship and other related welfare
services. One prime example of a waqf funded
development which still stands today is the
University of Al Azhar in Cairo which was
founded in the year 972 (10th century). AlAzhar was financed by waqf revenue for nearly
nine centuries until the Egyptian government
took control of the awqaf in 1812.
Awqaf can be utilised for any productive
purposes in the society as long as they comply
with the principles of Shariah. A waqf maybe
structured on real underlying assets which
have productive use (for e.g. office complexes,
residential buildings) or may even be structured
as a cash-waqf where financial assets are
utilised to generate returns (e.g. investments in
A waqf (plural awqaf) is the product of a voluntary endowment of assets to a trust, whose usufruct is
earmarked for charitable purposes specified by the founder. The latter appoints a trustee over the waqf who
is responsible for the implementation of stipulations inside the waqf deed. The trustee is compensated for the
services rendered either from the earnings generated by the waqf or through a fixed remuneration package.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Islamic securities, sukuk) and achieve the waqf’s
purposes. As such awqaf institutions critically
achieve four major economic and social
objectives:
1.� Generating growth: As awqaf are engaged
in productive commercial activities such
as real estate development and services,
investments in financial assets or providing
educational services, each waqf entity is
engaged in generating economic activity
which leads to the overall growth and
improvements in the living standards of the
society. The various stakeholders involved
in the operations and transactions of the
waqf institution also gain economic benefits
through incomes earned in the process.
2.Income stream in perpetuity: Awqaf
establishments are perpetual in nature which
effectively assure a stream of income to the
beneficiaries in perpetuity. This factor has
substantial economic and social advantages
as awqaf institutions invariably enable
implementation of major long-term societal
development and upliftment programmes.
For instance, if a waqf is established with
the purpose of eliminating proverty in the
area or reducing illiteracy, the waqf being
perpetual will continue to do so even for
future generations in the area.
3.Social redistributive attributes: Awqaf
critically have the potential to play a notable
role in achieving income redistribution in
an economy while creating employment
opportunities. Particularly in the case
of philanthropic waqf, endowments are
usually formed by wealthy individuals and
institutions who name their beneficiaries to
be the needy segments of the society. As
such, the adaptation of waqf in the Islamic
financial system can help in the mitigation
of hunger, poverty, misery, and other social
weaknesses of the society.
4.Provision of public services: Awqaf are
mainly established with diverse identified
purposes that benefit the society as a
whole. As such, in addition to the above
benefits, awqaf effectively result in providing
individuals in the society with various
public services including, for example,
provision of health care, education, clean
water, recreational facilities and other
welfare services. The end result is an overall
improvement in the economic and social
development of the society.
Based on the above, awqaf are powerful
socio-economic vehicles that, if efficiently
managed, have the ability to eradicate poverty,
establish socio-economic justice and achieve
equitable distribution in a society. Notably,
pledged assets in awqaf are utilised to fund real
economic activities or financial investments
and the returns from these are then used to
achieve the societal welfare and social benefits.
This factor fundamentally differentiates awqaf
from the other mediums of Islamic social
welfare such as Zakah and Sadaqah where
welfare causes are achieved through transfer of
earnings / income directly for consumption of
the needy. As such, Awqaf are ideally suited to
achieve progress over the very long-term since
the permanent accumulation of waqf assets
can lead to the formation of huge capital and
assets bases that provide an ever increasing
perpetual flow of revenues/usufructs to serve
the identified social and welfare objectives.
Promoting distributive justice and welfare is
one of the fundamental focuses of Islamic
economics.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Basic Concept of Waqf
Awqaf or Islamic endowments are unique charitable trusts that have permanence and continuity
in their operations, enabling the beneficiaries to gain benefits for many years, generations, or
even centuries. The founder of the waqf voluntarily endows the assets to the trust with the
usufruct or profits from the assets earmarked for specified purposes. A trustee is appointed
for the responsible implementation of stipulations inside the waqf deed and in exchange is
compensated for the services rendered either from the earnings generated by the waqf or
through a fixed remuneration package. The waqf then operates in perpetuity with permanence
in the stipulations specified by the founder.
Donator
Waqf
Institution
Generate
Revenue
Beneficiaries
Source: KFH Research
There are three main types of waqf organisations:
•Religious Waqf: This exists when property or land is endowed for the purpose of building a
mosque or generating revenue that will be forwarded for the maintenance and operation of
the mosque.
•Philanthropic Waqf: This is a kind of waqf which aims to support society by contributing to
the acquisition of the basic necessities of life, as well as to develop and encourage activities
that would benefit the general welfare of the society. These may include:
o Providing health care services
o Building and maintaining educational facilities
o Projects to sustain and protect the environment and its inhabitants
o Construction of critical infrastructure such as roads, bridges and dams
•Family Waqf: This is where the endower’s family is stipulated as the beneficiaries of the
endowment.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
In recent years, there has been a revival of
interest in establishing awqaf, spearheaded
alongside the growing calls by many for
implementing a holistic Islamic economic
system across Muslim countries. Efforts and
progresss have already been made in this
regard as waqf authorities in several countries
have embarked on reforms aimed at harnessing
the economic and social potential through use
of awqaf.The progress has not been limited in
the Muslim countries as the likes of Singapore
and India have also seen notable developments
in the awqaf sector. The efforts have duly been
supported by multilateral bodies such as the
Islamic Development Bank which operates a
waqf fund of its own.
Snapshots into the Waqf Sector across
Selected Countries in the Middle East and Asia
Source: Various Newswire, KFH Research
India:
There are more than 490,000
registered awqaf properties in India.
The size of land under awqaf is
estimated at about 600,000 acres
with a book value of INR60 bln (and
a market value of close to INR1.2 tln
or USD20 bln).
Bangladesh:
Estimates are that waqf properties
in the country number 150,593 mostly in the capital Dhaka - but
only 15,300 have been formally
registered.
United Arab Emirates:
Awqaf and Minors Affairs
Foundation (AMAF) registered
AED114.6 mln in rental income from
awqaf assets at the end of 2012. In
addition, AMAF gained total revenue
of AED78.4 mln from endowments.
Malaysia:
About 32,000 acres of land have
been endowed to awqaf in the
country. Johor and Kedah have the
highest numbers of waqf pieces,
1,843 and 1,749 respectively out of
the total 6,406.
Singapore:
There are 157 properties and 406,
910 square feet of land endowed as
awqaf. Together there awqaf assets
have been valued at SGD471 mln
(USD375 mln)
Indonesia:
The total size of land endowed to
registered awqaf in Indonesia is 1,400
square kilometres; it is presently valued at
IDR590 tln (USD60 bln). The country’s
cash awqaf have collected approximately
IDR3.6 bln (USD370,000).
*Valuation figures are based on the latest available statistics.
Source: Various Newswire, KFH Research
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Alongside the surging interest in establish
awqaf institutions, the global Islamic finance
industry has also been presented with a new
opportunity to tap into and serve the various
financial needs of these waqf institutions.
Awqaf have multiple financial requirements
that are critical for their smooth functioning.
Among the key financial needs include: (1)
Development Finance; (2) Liquidity / Cash
Funds; (3) Capital; (4) Asset Management /
Trustee Services.
2
Liquidity /
Cash Funds:
1
Development
Finance:
New funds needed
to expand the volume of
existing waqf transactions
and activities. Also
mobilisation of funds
for Cash Waqfs
Required to develop
the underlying waqf
assets (for example: land,
buildings, commercial
properties, etc)
Financial
Needs of
Awqaf
3
4
Capital:
Asset
Management/
Trustee Services:
To raise new
longer-term capital
required to kick
off new waqf
development
projects
To manage the waqf’s
cash and asset resources
in an efficient manner
to generate returns
Source: KFH Research
Awqaf: “A New Growth Sector for Islamic
Finance”
The Awqaf sector offers tremendous
opportunities for the global Islamic finance
industry to expand its market share given the
synergies between the two sectors. Not only
Islamic finance offers ethical and sustainable
financial products, the two sectors share the same
underlying philosophies drawing from the guiding
principles of Shariah. In addition, both systems
place an emphasis on societal welfare. As such,
over the past decade, the involvement of the
Islamic financial sector in meeting the financial
needs of waqf institutions has notably increased.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Synergistic Opportunities
between Awqaf and Islamic Finance
Financial Needs of Awqaf
Financial Needs of Awqaf
Development Finance
Banking
Liquidity / Cash Funds
Equity and Sukuk
Long-term Capital
Asset / Fund Management
Asset Management / Brokerage Services
Takaful
Islamic finance can help fund the developmental financial needs
of awqaf institutions through ethical and Shariah-compliant bank
financing options, sukuk and waqf funds.
Islamic banks and funds can tap into their ethical and Shariah
conscious clientele and raise liquid funds for awqaf institutions.
Islamic capital market can be ideal platform for awqaf to raise
long-term capital through, for example, issuing equities, IPOs,
Islamic REITs, etc.
Islamic asset / fund managers are preferred to manage awqaf
assets as they have expertise in providing Shariah-compliant
solutions that suit the operational needs of awqaf.
Source: KFH Research
Funding the Development Financing needs
of Waqf
Awqaf institutions commonly hold assets in the
form of real estate such as lands, buildings and
other type of properties which require on-going
development and maintenance expenditure.
In this regard, waqf entities usually need to
utilise financing facilities in order to fund this
expenditure. Here, the Islamic finance industry is
a natural sector to meet these financing needs
given the synergies between the two and the
need for Shariah-compliant financing in waqf
institutions. The potential is tremendous as
there are large areas of undeveloped land that
have been pledged as awqaf. For example, the
Department of Awqaf, Zakat and Haji (JAWHAR)
recorded more than 11,511 hectares of registered
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Source: Jabatan Wakaf, Zakat dan Haji – Statistics 2010; IKIM (2014)
waqf lands in Malaysia alone and only 0.72% of
this land was developed in 20102. This illustrates
a massive pipeline of potential projects in need
of financing, which Islamic financial institutions
can tap into. The trend has already been
established and awqaf over the years have
utilised various Islamic financing mechanisms to
meet their financing needs. Among one of the
earliest and notable Islamic financing example
in this category is the musharakah sukuk issued
by Islamic Religious Council of Singapore whose
proceeds were used for the development of two
waqf properties, namely the Bencoolen Mosque
Project (a service apartment block, a four-storey
commercial complex and a mosque) and the 11
Beach Road Project (a six-storey office building).
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Meeting the Liquidity and Cash Needs of Waqf
This form of financing is critical mainly for cash
awqaf which rely on mobilising funds to expand
on investment activities and generate returns
in order to serve its prescribed purposes. The
opportunities for Islamic financial institutions in
these types of awqaf are mainly in the form of
collecting and maintaining waqf contributions
as deposits. For instance, in Indonesia, the
legislation governing cash awqaf stipulates that
fund mobilisation must be implemented through
identified Islamic financial institutions. As a
result, resurgence in cash awqaf structures is
likely to lead to an increased demand for Islamic
banking and other related Shariah-compliant
services from waqf institutions.
Islamic Banks Cash Waqf Deposit Account
In Malaysia, a local Islamic bank introduced waqf based deposit accounts in 2010 as part of
its Islamic estate planning solutions. The product has been made available to both retail and
institutional customers whose contributions are professionally managed with returns directed
toward the development of waqf assets and the community outreach programs initiated by
Yayasan Waqaf Malaysia (YWM). The collection of funds is carried out through online and
offline banking means, and all transaction fees are borne by the Islamic bank in question.
Deposit Waqf Model
Source: KFH Research
Depositors
Bank
Capital
Charity
Projects
Cash Waqf
Account
Investment
Earnings
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Prospects to Raise Capital for New Waqf
Developments
Waqf entities have also set precedence by
tapping into the Islamic equity market to raise
public funds as longer-term sources of capital to
meet their various developmental expenditures.
This form of financing is represented by cash
waqf certificates which are bought by individuals
or corporate entities and are subsequently
endowed to a waqf trustee for management.
The returns generated through the Shariah
compliant investment activities using the raised
cash is directed towards the stated beneficiaries
of the waqf. Such collection of direct waqf
contributions has been made use of, among
others, by the state Islamic councils in Malaysia.
Shares to Fund New Waqf Developments
In 2006, Yayasan Dakwah Islamiah Malaysia (YADIM), or the Islamic Dawah Foundation Malaysia
issued 14 million units of waqf shares or certificates which were bought by interested individuals
for MYR1 each. The proceeds were raised to fund the construction of a new training centre,
whose cost had been estimated at about MYR14mln. Subsequently, the purchased shares were
endowed in their entirety to the waqf, with YADIM acting as a trustee in charge of utilising the
collected funds for the designated investment purpose. In such an arrangement, henceforth, the
shareholders are not entitled to any financial return from their participating in the fund (known
as the YADIM Training Centre Waqf Fund).
Waqf Shares Model
Source: KFH Research
Contributors
Beneficiaries
Buy shares
Religious Institution/
NGO (as Trustee)
Individuals
Corporations
Receive
Cash Waqf
Certificate
Collected
Funds
Beneficiaries
Beneficiaries
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Providing Fund Management / Trustee Services
to Awqaf
By virtue of their operations as entities that
operate in perpetuity and for the benefit of
particular beneficiaries, it is essential for awqaf
to be managed by trustees and professional
asset managers. Considering the Islamic nature
of awqaf funds, it is critical to avail the services
of a Shariah-compliant investment manager
/ brokerage whose services would normally
include portfolio construction, investment
selection, trade execution, investment planning
advice, and access to initial public offerings
(IPOs). In particular, Islamic asset managers /
fund managers who are skilled in investing and
managing underlying assets to generate efficient
returns, have tremendous opportunities to offer
their services to various awqaf institutions that
hold investable assets such as cash, incomegenerating properties, etc.
Waqf Mutual Fund Model
Source: KFH Research
Contributor/
Investor
Asset Management
Company
Investment
Earnings
Charity
Projects
Waqf
Fund
Mutual
Fund
Awqaf can also benefit by raising funds through
the Islamic fund management industry. For
instance, an ideal structure for awqaf involved in
real estate and properties would be the Islamic
real estate and investment trusts (i-REITs).
The adoption of a REIT structure – that boasts
the benefits of high yields, advantageous tax
treatment, liquidity and diversification – would
be a natural choice for property awqaf. The
option of developing waqf assets through a REIT
is presently being considered by MUIS which
acts as a trustee for close to 200 properties in
Singapore worth over USD250mln.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Islamic Development Bank (IDB): Awqaf Properties Investment Fund (APIF)
Established in February 2001, the Awqaf Properties Investment Fund (APIF) is a USD denominated
trust fund managed by the IDB. APIF finances the development of waqf properties in IDB member
and other countries (subject to set ceilings) to promote the use of waqf structures for social, economic
and financial purposes. APIF’s capital base is made up of “A” certificates whose value presently totals
USD76.4mln. Additional capital may be raised through syndication, co- financing or issuing of “B”
certificates to participants. In addition, the IDB has assigned a USD100mln line of financing for APIF’s
financing projects. To date, 58 commercial and residential projects have been granted financing
amounting to USD1.0bln, in over 30 territories around the world. The Shariah-compliant financing
modes include, among others, istisna, murabahah, ijarah and diminishing musharakah. The IDB as a
fund managers receives 10% of the generated profits; up to 20% of net income may be transferred to
the general reserve; the remaining 70-90% is paid out as dividends to shareholders. The shareholders
of APIF currently consist of awqaf ministries and Islamic financial institutions.
APIF Shareholders
Participant
Country
Paid-up capital
1. Islamic Development Bank
Saudi Arabia
USD29.5mln
2. Organisation of Islamic Countries
Saudi Arabia
USD15.5mln
3. Ministry of Islamic Affairs, Awqaf and Dawah
Saudi Arabia
USD7.5mln
4. Kuwait Awqaf Public Foundation
Kuwait
USD5.0mln
5. Kuwait Finance House
Kuwait
USD5.0mln
6. Faisal Islamic Bank
Egypt
USD3.0mln
7. Iran Endowment Fund
Iran
USD2.9mln
8. Al Baraka Islamic Bank
Bahrain
USD1.0mln
9. Bahrain Islamic Bank
Bahrain
USD1.0mln
10. Shamil Bank of Bahrain
Bahrain
USD1.0mln
11. Islamic Tadamun Bank
Sudan
USD1.0mln
12. Jordan Islamic Bank
Jordan
USD1.0mln
13. Arab Islamic Bank
Palestine
USD1.0mln
14. Ministry of Awqaf and Islamic Affairs
Jordan
USD1.0mln
15. Amanah Raya Berhad
Malaysia
USD1.0mln
Source: IDB
Selected APIF Projects
Project
Location
Contribution
Makola Towers
Sri Lanka
USD10.0mln (out
of USD19.5mln)
Provision of food, shelter, clothing, education and
healthcare to orphans
Al-Magzoub Complex
Sudan
USD7.5mln (out of
USD9.1mln)
Creation of educational facilities for Islamic studies
Islamic University of
Chittagong
Bangladesh
USD4.0mln (out of
USD5.5mln)
Financial support for research activities and needy/
gifted students
British Muslim Heritage
Centre
UK
USD11.0mln (out of
USD28.9mln)
Conducting of seminars, lectures and educational
programs
Islamic Trust for Education
and Culture - Elyas ar-Rumi
Germany
USD6.4mln (out of
USD13.4mln)
Conducting of educational and awareness
programs
Islamic Religious Community
of Macedonia
Macedonia
USD7.0mln (out of
USD13.3mln)
Financial support of Islamic schools, mosques and
their beneficiaries
Source: IDB
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
Waqf in the Takaful Industry
Waqf has also been utilised in the Islamic
insurance or takaful industry, although as a less
frequently used structure. Under a waqf-based
takaful model, individuals are allowed to channel
their contributions into a waqf that is managed
and invested on the basis of mudarabah by the
takaful operator for the benefit of participating
contributors who are beneficiaries of the waqf.
Returns generated through investment of
waqf assets are partially accumulated in the
policyholders fund, from which disbursements
are made upon the maturity of the takaful plan
or if the insured event transpires. Alternatively,
the policyholders may decide to divert their
portion of monetary benefits to charitable
projects.
Waqf-based Takaful Model
Source: KFH Research
Operating
Expenses
Contributors
Profit on
investment
Individuals
Corporations
Beneficiaries
Participant
Special
Account
Participant
Account
Prospects and Challenges Moving Forward
Despite being prevalent as structures for
centuries, awqaf have remained largely underutilised in the modern global Islamic economy.
Two notable reasons that can be attributed to
this underdevelopment are:
Beneficiaries
Beneficiaries
Misconceptions that waqf is only
for religious purposes and may
not be utilised for other
productive activities.
Misconceptions that waqf can be
established in real estate only
and not be utilised for other
types of real and financial assets.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
On the contrary, awqaf are powerful socioeconomic structures that have potentials
to address many social deficiencies such as
poverty, illiteracy, financial exclusion and
inequality. Awqaf can utilise both real and
financial assets and can be established to
serve any productive purposes that comply
with Shariah and provide economic and social
benefits to the society. Several jurisdictions are
witnessing an increased interest in setting up
of awqaf institutions given the multi-pronged
usefulness of these institutions to the growth
and development of the economy.
Nonetheless, there are some critical challenges
which the awqaf sector needs to overcome in
order to gain traction as a material segment of
the modern Islamic economy. These challenges
include:
1.Underdeveloped and unproductive assets:
It is estimated that nearly 80% of waqf
lands and properties are lying idle without
generating any returns. One of the main
reasons for this is due to locality, whereby a
lot of waqf lands are located in rural areas.
However, another critical reason for such
underdevelopment is due to inavailability of
sufficient capital to enable the developmental
expenditure.
2..Governance: Governance is always an
issue in structures where the founders are a
different party compared to the managers of
an entity. The issue is more prevalent in social
organisations where the beneficiaries are a
different party altogether. Awqaf institutions
can substantially benefit by being entrusted
to reliable trustees who can safeguard the
interests of the beneficiaries. Meanwhile,
the operational aspects can be delegated
to professional management companies
who can efficiently manage the day to day
operational and strategic aspects of the
institution.
3..Legislation: There is a lack of harmonised
prudential standards and universal guidelines
that may govern awqaf institutions. Critical
regulatory aspects for awqaf include tax
treatments, classification as separate legal
entities and concern as perpetual entities.
Following the recent successes of achieving
industry standards in several Islamic finacial
instruments, the industry stakeholders
now need to address the requirements of
alternative Shariah-compliant structures such
as awqaf.
The above challenges notably highlight the role
which the Islamic financial sector can play to
address some of these challenges and enable
waqf institutions to expand. The Islamic finance
ethical and sustainable offerings, which include
economically viable financing mediums such as
sukuk, funds and bank lending, can serve the
gap that exists in the awqaf sector. The trend
has already been established as many awqaf
institutions across jurisdictions in the Middle
East and Asia have utilised Islamic financing
mechanisms to meet their financial needs. It is
expected that improvements in legislations can
further spear the growth and development of
awqaf institutions and alongside this, Islamic
financial institutions will have the opportunity
to meet the various financial needs of these
expanding institutions. Overall, awqaf and
Islamic finance are integral components of
the modern global Islamic economy and
collectively, the synergies between them enable
promising opportunities which can further
unlock new growth frontiers in the global
Islamic finance industry.
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AWQAF.
POWERFUL SOCIO-ECONOMIC VEHICLES.
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