QCB chief dwells on en­dow­ments’ role in sus­tain­able devel­op­ment

Gulf Times Business - - FRONT PAGE -

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.

HE the Min­is­ter of Awqaf and Is­lamic Af­fairs Dr Ghaith bin Mubarak al- Kuwari with HE Sheikh Ab­dul­lah at the con­fer­ence.

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