Latest from GIFC

Tuesday, 18 March 2008

Waqf funds contribute to social security - Kuwaiti official

CAIRO, March 17 (KUNA) -- Kuwaiti Minister of Awqaf and Islamic Affairs and Minister of Communication Abdullah Al-Muhailbi said Monday the "waqf" (religious endowment) funds played a remarkable role in social security in the Muslim countries.

In an address read on his behalf by undersecretary of the ministry Dr. Adel Al-Falah to the Conference of "Social Security in Islam" being held here, Al-Muhailbi said it was a great pride to Muslims that their civilization enshrined the principles of communion and rapprochement among them."These principles are enshrined in the Holy Quran and the tradition of Prophet Mohammad (Peace Be Upon Him). "Muslims with good nature adhered to the teachings of their faith and made magnificent contributions to human civilization."The waqf, as an integral part of Islamic civilization, played a praiseworthy role backing the economic strength and scientific advancement of the Muslim nation and maintaining its social equilibrium."Historians agree that waqf funds served the social security and economic stability in Muslim nation along history."Waqf funds helped establish public facilities such as hospitals, schools, orphanages, hostels for elderly people, water wells and mosques."The profits of waqf-funded facilities were used to help poor and disabled people and orphans," Al-Muhailbi pointed out."The waqf funds also promoted commerce and created job opportunities as they helped launch shopping centers and buy ships and vehicles."They narrowed the gap between the rich and the poor in the Muslim society and provided the needy people with the basic necessities," he went on to say.

Elaborating on the activities of Kuwait Awqaf Public Foundation, the minister said it launched the Awqaf Fund for Family Care to ensure the welfare of all family members.The fund launched the Happiness House Project which helps newly married people avoid family problems.Kuwait Awqaf Public Foundation also launched a rehabilitation project for families who face social problems due to the surprise absence of one of, or both, parents.In 1994 the foundation launched the Waqf Fund for People with Special Needs in order to relieve the burdens of disabled persons and help them depend on themselves.In 2001 it launched the Reconciliation Center to solve family disputes and cement social bonds among the citizens, the minister added.
Alfalah Consulting - KL: 
Islamic finance consultant: 
Islamic Investment Malaysia:

No comments:

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational Alfalah Consulting, KL-Malaysia:


Register Online . Register Today

Islamic Financial Planning & Wealth Management by Ahmad Sanusi Husain