Shari’a compliant philanthropy, or planned giving, is on the rise with the Waqf sector (Islamic endowment) estimated at around $105bn globally, according to various research conducted recently by Ernst & Young on the sector.
Ashar Nazim, Director and Head of Islamic Financial Services at Ernst & Young, says, “The Shari’a compliant endowment sector provides a unique impetus for the growth of Islamic finance including the nascent asset management industry. While Waqf has always been an integral part of Islamic countries’ economic system, it is only now that a more formal structure is evolving for professional investment management of this pool of money, with an emphasis on making a sustainable impact. More investment firms are eyeing this opportunity, adding a new dimension to the Islamic asset management industry.”………………………………………Full Press Release: Source