Sepang, 6 Oct 2023 – INCEIF University, through its subsidiary ISRA Consulting, recently held a Directors Training programme – with emphasis on waqf management – for Lembaga Tabung Haji (TH) staff. The programme is part of ISRA Consulting’s customised Shariah training programmes which highlight pertinent Shariah issues on Islamic financial products and services.
TH Chairman Tan Sri Azman Mokhtar, who is also the Chairman of INCEIF University Board of Directors, gave a welcome remark at the one-day training on `Unlocking Waqf Potential for Hajj Cost Management’ for 55 TH staff comprising board members, Shariah Committee members, the Investment Panel and senior management.
INCEIF President & CEO Prof Dato’ Dr Azmi Omar, in his session on `Waqf: An Overview’, shared a brief history of successful implementation of waqf institutions particularly at the height of the Ottoman era, and added that the modern relevance of waqf was dependent on its contextualised approach and strategic application.
“Ideally, poverty alleviation, education, health care and infrastructure development should be the focussed areas of public as well as philanthropic spending in a society. Hence, the modern relevance of waqf would be confirmed if the institution of waqf is responsive to these developmental needs of the society,” Dato’ Azmi said.
He proposed that Waqf could potentially reduced the cost of Hajj, with Cash Waqf Link Sukuk as the possible solution with the Sukuk proceeds used to acquire real estate in Makkah and Madinah for the accommodation of pilgrims.
Head of Online Programmes at INCEIF University Assoc Prof Dr Ziyaad Mahomed, who is the Chairman of the Shariah Committee at HSBC Amanah, presented on `Introduction to Waqf from Shariah Perspective and `Understanding the legal framework and regulatory aspects of Waqf in Malaysia ad Saudi Arabia.’
Assoc Prof Dr Magda Ismail, INCEIF’s Subject Matter Expert on Waqf and author of a number of books on Waqf, presented on `Case studies of successful Waqf initiatives in Malaysia and Saudi Arabia, and exploring Waqf model to enhance Hajj cost efficiency’, and `Identifying critical factors in selecting effective Waqf model.’