Gulf Times - Gulf Times Business
QCB chief dwells on endowments’ role in sustainable development
HE the Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud al-Thani highlighted Qatar’s experience in the field of endowments as well as its economic and social contribution as a way to achieve sustainable development.
In a speech at the opening session of the global conference on Awqaf, he said for a long time, the State of Qatar has taken care of the Awqaf and was keen to organise it in accordance with a wise vision that would make the most of the Waqf projects.
In this regard, it issued Law No 8 of 1996 on the Waqf, which regulated all matters related to this sector, he said.
He pointed out that the Waqf, an investment that seeks to benefit those targeted by its revenues, does not achieve its full benefit except when its revenues were increased by developing methods of investment in accordance with the provisions of Shariah.
He noted that the methods of the Waqf varied since its inception.
They have been developed to include investment in Murabaha financing, founding Waqf companies, investment in trust funds and others, he added.
He called for setting priority in launching Waqf investments in accordance with the needs of society and the benefit of those targeted, which requires studying the economic and social conditions to select safe means and not to resort to risk projects, along with the need to secure and provide the necessary protection and choose the field that brings a better return based on previous feasibility studies.
He noted the need to adopt modern methods to invest in the endowments and apply advanced systems and modern technology in this context, with diversifying Waqf investments to cover different sectors in line with specific strategies that take into consideration the surrounding circumstances, paying attention to the legislative aspect with the application of the best standards and special practices of auctions and bidding, and developing legal guarantees necessary to reduce the risks surrounding investments, while considering the integrity and transparency in the management of such investments.