H.E. Prof. Koutoub Moustapha Sano, Secretary General of the Academy participated on Thursday 7 Dhul al-Qi’dah 1442 corresponding to 17 June 2021, in the third session of the Islamic Awqaf Conference organized by the Makkah Chamber of Commerce and Industry under the slogan “Make a Waqf…that lasts forever! “.

In the opening session, His Excellency spoke about the importance of Waqf and its place in Islam, stressing that it is one of the eternal and greatest aspects of Islam, and pointed out that poverty is a severe social disease, and an economic problem; this is why Shariah has established multiple specialized institutions to deal with this disease. Among the most important of these renowned institutions are Zakat, Awqaf, Wills, Compensation, and Vows, known in the present era as Islamic social finance. His Excellency also stated that the advancement of these institutions requires more studies and scientific research to develop their performance and modernize the bodies that supervise them to make them effective and competent.

His Excellency noted that the themes of this year’s session of the Islamic Conference on Awqaf are to be welcomed and appreciated, as they will provide practical treatments and mature scientific recommendations to improve the governance mechanisms of Awqaf, achieve the organization and development of these institutions, as well as to improve the awareness of society about their religious, social, economic, and developmental importance. He said that it is also hoped that this session will come up with a good set of scientific solutions and practical and organizational measures to face the challenges, calamities and developments facing Awqaf soberly.

His Excellency concluded his speech by calling for the promotion of awareness, attention, and care for monetary Waqf of all types and forms, as it is a qualitative leap in diversifying the fields of Awqaf to include Waqf in money as well as Waqf of rights, profits, and also to include Waqf in cash, temporary, and permanent.

Regarding the Waqf of money, His Excellency explained that it has multiple forms, and one of its most important contemporary forms is the financial investment Waqf, which is intended to endow certain sums of money to a financial investment institution for a certain period in order for this institution to invest this money speculatively or jointly. This will make profits paid to Awqaf banks determined by the Waqf to finance the construction of a mosque or a hospital, or else.

Another contemporary type of Waqf of money is what is called today the Waqf of cash loan, in which money is placed in special Waqf Funds in order to lend it to those who need productive capital, so that they take what they need from the money in these funds on the condition that they return it as per the agreement, so that the funds lend the same money again for other people in need, without the Waqf or the doers having a conditional return of this loan. Some banking institutions practice this type of loan called credit banks, but most take on a conditional and predetermined interest. This is forbidden as it is unanimously forbidden usury, and it is interest on debt like any loan that brings a conditional profit, which is called bank interest or usurious interest.

For about an hour, His Excellency answered the participants’ questions regarding the applications of the monetary Waqf and its importance in the current era.