Waqf Development: The Islamic Development Bank Experience

Abstract

In this chapter we briefly present several activities, projects and programs carried out by the Jeddah-based Islamic Development Bank (IDB) Group to strengthen the global waqf sector. These include a range of interventions, such as creating a model law of waqf that is forward-looking along with the provision of technical and support services aimed at creating an enabling policy, legal and regulatory environment; undertaking cutting-edge research to document and disseminate good practices; building capacity through education and training of human resources; recovering lost waqfs through proper documentation and legal steps; engineering waqfs as part of its developmental operations to provide microfinance; and finally managing a fund to raise resources for asset development using state-of-the-art financial structures. Such initiatives are expected to further intensify, as waqf is fully entrenched in IDB’s long-term growth strategy.