23/06/2016
Head of searchers in the Islamic Research Institute for researches and training in the Islamic Bank for Development, Dr. Ayachi Sadiq Fdad, that the most prominent challenges facing Awqaf real estate funds are the risk and guarantees, as well as the decrease of value.
Fdad said during the second meeting of Awqaf, which was organized by Asharqia Chamber represented by Awqaf committee in its main headquarters Tuesday evening, June 21, 2016 entitled " money endowment products .. challenges and future prospects", that the solutions to overcome the challenges of Awqaf real estate funds is are to enhance the origin of the Waqf with other endowments that allocates its returns to compensate for the origin of the endowment, as well as taking and mortgages to get the needed guarantees of the borrowers, as well as the insurance of loan or debt in Islamic insurance companies, providing a secure third party, as well as collective solidarity, calling for creating a bad debts portion to confront what is no longer recovered from loans or debt, as well as creating a variety of portions to face the changing of cash value or the erosion of cash endowment origins. He pointed to the presence of religiously non acceptable solutions to avoid the risk of Awqaf funds and real estate, including capital guarantee with the proportion of fixed income and fixed income through a combination of loan and leasing, stating, that the types of multiple Waqf including mutual " public charity and familial" and the real estates" movable and immovable "and rights" properties and benefits "and the real estate, money papers and cash, indicating that the progress of money endowment has witnessed three stages, the stage of Al Salaf era " Imam Al Zahri Waqf 124-741 "and Al Tadween era " doctrines imams stage - students- blogs of Fiqh. "
He mentioned that money Waqf formulas are divided into: karth hasan to the needy with the return of the loan and investment and spending the return according to the condition of the Waqf owner (stocking), stating, that the phases of the money Waqf in the bank applications are represented in a real bank deposits of karth hasan "Amana" diversified investment deposits and cash investment funds, pointing that the benefits of money endowment is characterized with flexibility.
He noted that the Kingdom is full of a lot of Awqaf, both at the individual level, committees and companies, as there has been a record of a number of cash endowments of individuals have taken the responsibility of its care and have issued commercial records for the purpose of investment. He said the Islamic bank has created several funds of cash Waqf such as " bank Waqf " fund with a capital of more than a billion dollars and allocated to be spent on aid and scholarships, special assistance, activities of the Institute and the Islamic Solidarity Fund for Development with a target capital of $10 billion for projects to fight poverty " least developed countries "and partnerships to gather more resources and supporting small funding and education and literacy programs , health, and the establishment of an endowment projects for the poor.
He added that the Islamic Bank Fund established "the earnings of Waqf property", which is managed in accordance with the concept of legitimate stocking and has the administrative and financial independence for the Islamic bank group of Development, noting, that the fund started in 2001 with a capital of $ 50 million and currently stands at its capital 80 million and the fund has granted financing from a bank line of $ 100 million, pointing that the financing of the Fund arena of financing new projects or expansion or renovation endowment projects in the housing sectors, "Towers - housing compounds- apartments" and trading "offices, commercial markets, Stores ".
In conclusion, the Secretary of the Committee of Religious Endowments in Asharqia Chamber Sheikh Saad Al Muhanna has honored the guest with a memorial shield .
