Waqf Fund of the International Islamic Fiqh Academy

The availability of the necessary funding –in terms of quantity, quality and time– remains a fundamental factor because the implementation of Academy’s activities and programs and the achievement of its objectives depend on the availability of a permanent resource to cover the budget necessary for the timely implementation of the activities and programs.

Although the International Islamic Fiqh Academy has enjoyed, since its inception four decades ago, the support of the OIC Member states through their mandatory contributions to its annual budget, the Secretariat General of the Academy seizes this opportunity to appeal to the honorable Member States to increase their fixed mandatory contributions to finance this Strategic Plan. The Academy also seizes this opportunity to appeal to governments, organizations, foundations and individual donors all over the world to make donations and grants in cash and in kind to the Waqf Fund of the International Islamic Fiqh Academy which was established by the Ministerial Council of OIC Foreign Ministers at its Forty-Fourth Session in Abidjan, Republic of Cote d’Ivoire, in 2017, by virtue of Decree No.44/6F, to make it the permanent resource whose income and proceeds are devoted regularly to the activities and programs of the Academy.

The Academy Waqf Fund was established by the Member States of the Organization of Islamic Cooperation to receive all types of donations and grants in cash and in kind from States, organizations, foundations and individual donors. The Waqf Fund is supervised by a Board of Trustees chaired by His Excellency Hissein Brahim Taha, Secretary General of the Organization of Islamic Cooperation. It is also composed of the following members:

  • His Excellency Sheikh Dr. Saleh bin Abdullah bin Humaid, Advisor to the Saudi Royal Court, Member of the Council of Senior Scholars, Imam Khatib at the Grand Mosque of Makkah, and President of the Academy.
  • His Excellency Prof. Koutoub Moustapha Sano, Secretary General of the Academy.
  • His Excellency Dr. Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank in the Kingdom of Saudi Arabia.
  • His Excellency Sheikh Dr. Abdullah bin Muhammad Al-Mutlaq, Advisor to the Saudi Royal Court, Member of the Council of Senior Scholars in the Kingdom of Saudi Arabia.
  • His Excellency Sheikh Dr. Saad bin Nasser Al-Shathri, Advisor to the Saudi Royal Court, Member of the Council of Senior Scholars in the Kingdom of Saudi Arabia.
  • His Excellency Sheikh Dr. Ahmed bin Abdulaziz Al-Haddad, Grand Mufti of Dubai, United Arab Emirates.
  • His Eminence Prof. Abdullah Mabrouk Al-Najjar, Member of the Islamic Research Academy of Al-Azhar University, Arab Republic of Egypt.
  • His Eminence Prof. Yusuf bin Abdullah Al-Shubaily, Professor at the Higher Judicial Institute of Imam Muhammad bin Saud University in the Kingdom of Saudi Arabia.
  • His Eminence Dr. Sami Suwailem, Acting Director of the Islamic Development Bank’s Islamic Research and Training Institute.

The Supervisory Board, which is responsible for overseeing the Academy’s Waqf Fund, is composed of the following members:

  • His Excellency Sheikh Dr. Saleh bin Abdullah bin Humaid, Advisor to the Saudi Royal Court, Member of the Council of Senior Scholars, Imam Khatib at the Grand Mosque of Makkah, and President of the Academy.
  • His Excellency Dr. Muhammad Sulaiman Al Jasser, Honorary President of the Islamic Development Bank in the Kingdom of Saudi Arabia.
  • His Excellency Prof. Koutoub Moustapha Sano, Secretary General of the Academy.
  • His Eminence Dr. Youssef Hassan Khalawi, Secretary General of the Islamic Chamber of Industry and Commerce in the Kingdom of Saudi Arabia.
  • His Eminence Dr. Abdulrahman bin Saleh Al-Atram, Chairman of the Shariah Board of Inma Bank in the Kingdom of Saudi Arabia.
  • His Eminence Dr. Omar Zuhair Hafez, former Secretary General of the General Council for Islamic Banks and Financial Institutions.

Finally, the Secretariat General of the Academy looks forward to the Secretariats General of Awqaf and Waqf institutions supporting the Academy Waqf Fund. Besides, the Secretariat General of the Academy looks forward to entering into strategic partnerships and cooperation agreements with States, governments, organizations, and foundations wishing to participate in the funding and planning of the Strategic Plan’s activities and programs within and outside the Muslim world.

May Allah reward all those who have contributed in any way to making this plan a factual reality and an achievable aspiration, with the permission of the Most High, the Almighty.

STATUTE OF THE WAQF FUND OF THE INTERNATIONAL ISLAMIC FIQH ACADEMY

Prologue

The 44th session of the Council of Ministers of Foreign Affairs of the Organization of Islamic Cooperation (OIC), (Session of Youth, Peace and Development in a World of Solidarity), held in Abidjan, Republic of Côte d’Ivoire, on 16 and 17 Chawwal 1438 H (10 – 11 July 2017);

Taking note of the in-depth review of the draft Statutes of the Waqf Fund of the International Islamic Fiqh Academy by the Intergovernmental Expert Group, which is the subject of the report prepared at its meeting on 13 and 14 April 2017;

In accordance with the recommendation of the Intergovernmental Experts Group on the final version of the statute, as contained in the relevant report;

Aware of the need for such Waqf Fund for the International Islamic Fiqh Academy ;

ADOPTS Resolution 6/44 AF on the Statute of the Waqf Fund of the International Islamic Fiqh Academy, in accordance with the following provisions:

STATUTES OF THE WAQF FUND OF THE INTERNATIONAL ISLAMIC FIQH ACADEMY

ARTICLE 1: DEFINITIONS

Under this statute, and subject to different meanings required by the context, the following terms shall be interpreted as follows:

Statute: The statute of the “Waqf” Fund of the International Islamic Fiqh Academy.

“Waqf” Fund: The “Waqf” Fund of the International Islamic Fiqh Academy.

Board of Trustees: The Board of Trustees of “Waqf” Fund of the International Islamic Fiqh Academy.

Chairman: The Chairman of the Board of Trustees of “Waqf” Fund of the International Islamic Fiqh Academy.

Supervisory Board: The Supervisory Board of the “Waqf” Fund of the International Islamic Fiqh Academy.

Secretary General: The Secretary General of the Organization of Islamic Cooperation.

President of the Academy: The president of the Scientific Council of the International Islamic Fiqh Academy.

Secretary General of the Academy: The Secretary General of the International Islamic Fiqh Academy.

The Waqf Fund’s resources: Cash and in-kind funds provided by donors from Member States, proceeds of which are to be disbursed for the implementation and support of the activities of the Academy, as well as conditional donations of funds, in cash and in-kind, for one of the Academy’s projects provided by donors from non-Member States that are consistent with the statute of the Academy and aimed at supporting its approved activities and programs.

Donations and Grants: The contributions in cash and in-kind from donors, proceeds of which may be used to perform or support the activities of the Academy.

ARTICLE 2: Establishment of a “Waqf” Fund for the International Islamic Fiqh Academy (IIFA)

Under this statute, a “Waqf” Fund is created called “Waqf” Fund of the International Islamic Fiqh Academy (IIFA)”, with full legal personality and legal capacity to enter into contracts, to prosecute; and to manage the waqf funds to finance the activities of the Academy and to invest them in accordance with the resolutions of the Academy and the Charter of the Organization of Islamic Cooperation.

ARTICLE 3: Purpose of the “Waqf” Fund

The purpose of the Waqf Fund is to receive grants and donations, in cash and in kind, from donors, and to use its proceeds, immediately or in the future, to finance the activities of the Academy, oversee the management of all the donated monies, and invest them in favor of the International Islamic Fiqh Academy to support its activities and projects, in compliance with the wishes of the donors.

ARTICLE 4: Administrative Structure of the “Waqf” Fund

The Waqf Fund’s organigram consists of the following:

4.1 Board of Trustees.

4.2 Supervisory Board.

4.3 Administrative Structure: according to the needs of the Fund.

ARTICLE 5: Board of Trustees of the “Waqf” Fund

5.1 The Board of Trustees of the Waqf Fund shall consist of six (6) members, in addition to the Chairman, the President of the Academy and the Secretary General of the Academy, on condition that they include the President of the Islamic Development Bank Group or his representative, and that the other members are selected for their competence and experience.

5.2 In his capacity as Chairman of the Board of Trustees, the OIC Secretary General shall have the casting vote when votes are equal.

5.3 The President of the Academy is Vice-Chairman of the Board of Trustees of the Waqf Fund and, and in the absence of the OIC Secretary General, he acts as Chairman of the Board, while the representative of the Secretary General acts as Vice-Chairman.

5.4 The Secretary General of the Academy is a member of the Board of Trustees and acts as its secretary.

5.5 The appointed members in the Board of Trustees serve for a term of four (4) years renewable for one similar term only. As for the other members, including the Chairman, they serve for as long as they are still in their original posts in the organizations they serve at.

5.6 The Board of Trustees of the Waqf Fund shall meet regularly once a year, at the invitation of the Chairman, who may also call for an extraordinary meeting for the full board or just two thirds of its members if needed.

5.7 Any member who fails to attend three consecutive Board meetings without any acceptable justification, loses their membership.

ARTICLE 6: Powers of the BOARD OF TRUSTEES

The powers of the Board of Trustees consist of the following:

6.1 set the general policy of the Fund.

6.2 Review the annual report submitted by the Supervisory Board.

6.3 Appoint the external auditor and approve the final accounts of the Fund.

6.4 Set the administrative and accounting regulations and procedures governing the management of the fund and any amendments to them.

6.5 Propose amendments to the Statute of the Fund, in accordance with the rules and regulations in force in the Organization of Islamic Cooperation, in particular the approval of the Council of Foreign Ministers.

6.6 The meetings of the Board of Trustees are considered valid if more than half of its members are present. Decisions are taken by absolute majority vote and, in case of equal votes, the Chairman shall have the casting vote.

ARTICLE 7: Supervisory Board

7.1 The Waqf Fund shall have a Supervisory Board consisting of:

    • The President of the Academy, acts as chairman of the Board.
    • The Secretary General of the Academy acts as secretary of the Board.
    • Five (5) specialists in the fields of investment and Islamic economics, one of them representing the Islamic Development Bank Group, another the Islamic Chamber of Commerce and Industry, and the rest are selected by the Board of Trustees.

7.2 The President of the Academy chairs the Supervisory Board and shall have the casting vote.

7.3 The Supervisory Board meets twice a year at the invitation of its Chairman or whenever necessary.

7.4 The meetings of the Supervisory Board are considered valid if more than half of its members are present. Decisions are taken by absolute majority of members, without taking into account the vote of absentees. In case of equal votes, the Chairman shall have the casting vote.

7.5 Any member who fails to attend three consecutive Board meetings without any acceptable justification, loses their membership.

ARTICLE 8: Powers and Procedures of the Supervisory Board

8.1 Implementation of the general policy of the Fund, as adopted by the Board of Trustees, in accordance with the provisions of Sharia Law and the rules and regulations in force in the Organization of Islamic Cooperation.

8.2 The Supervisory Board manages the affairs of the Fund efficiently and according to the adopted standards, and to this end, it must manage its resources in a manner that guaranties the preservation of its capital and ensures continuous revenues to be used for the purposes provided in this Statute.

8.3 The Supervisory Board shall collect and receive unconditional grants and donations in cash or in kind from individual donors as well as organizations, and the proceeds of which will be used, either immediately or in the future, to fund the activities of the Academy, in accordance with the resolutions of the Academy and the Charter of the Organization of Islamic Cooperation.

8.4 The Supervisory Board may propose to the Board of Trustees to entrust the Islamic Development Bank or any other Islamic Finance Institution specialized in assets and wealth management, to manage the fund on behalf of the Academy.

8.5 The Supervisory Board must maintain separate detailed accounts and records of the operations and resources of the Fund, in order to distinguish the assets and liabilities of the Fund and its income and expenditure, in compliance with existing procedures.

ARTICLE 9: Use of Fund Resources

9.1 The Secretary General of the Academy shall submit to the Supervisory Board, before the end of each fiscal year, the forecasted budget for the following year about the programs and activities of the Academy it wishes to finance from the Fund’s resources.

9.2 Any financing from the proceeds from the Fund must first be approved by the Fund’s Supervisory Board.

ARTICLE 10: Administrative Expenses of the Waqf Fund

10.1 The operational expenditures resulting directly from administrative activities of the Waqf Fund shall be deducted from its proceeds, provided that the expenditures do not exceed the minimum possible percentage of the annual proceeds of the Waqf Fund.

10.2 No financial compensation is granted to members of the Board of Trustees or the Supervisory Board, or their assistants from the Academy, in exchange for their services to the Waqf Fund.

10.3 The Supervisory Board may hire employees if necessary.

ARTICLE 11: Fiscal Year and Accounts Audit

11.1 The fiscal year of the Waqf Fund is based on the Gregorian calendar and runs from January 1 to December 31, in compliance with the existing practice in the OIC.

11.2 The audit of the Fund’s accounts is done by an international accredited external auditor appointed by the Board of Trustees. The Supervisory Board submits the final accounts of the Fund to the Board of Trustees for approval, then to the OIC Finance Control Organ (FCO) and then to the OIC Permanent Finance Committee for adoption.

ARTICLE 12: Reports

The Supervisory Board shall submit an annual report that highlights the operations, programs and activities funded from the proceeds of the Waqf Fund.

The Board of Trustees shall in turn submit an annual report on the work of the Fund to the Ministerial Council to inform it of its activities.

ARTICLE 13: Entry Into Force

This Statute enters into force on the date of its adoption by the Council of Foreign Ministers of the Organization of Islamic Cooperation.

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