Jeddah, Kingdom of Saudi Arabia, 19 February 2019 – The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group and the Malaysia-based International Waqf Action Council (IWAC) have discussed a possible collaboration on developing the waqf sector for socio-economic prosperity.
The discussions were held on 11 February 2019 during a visit to IRTI by IWAC Senior Advisor, Dr. Mohd Ghazali Md. Noor, where he held a meeting with an IRTI team led by the Acting Director General, Dr. Sami Al-Suwailem.
During the discussions, IRTI and IWAC agreed to work together to develop a global waqf development gateway to drive economic transformation, promote prosperity, foster social integration, as well as promote justice and fairness in wealth generation and distribution in the society.
IRTI and the IWAC also deliberated on strategies of transforming the entire waqf system, in order to integrate waqf and Maqasid al-Shari'ah (objectives of Shari'ah) for the optimal achievement of well being of the Muslim society.
The two institutions further discussed collaboration regarding IRTI's new initiatives on developing future knowledge leaders and smart economies for IsDB member countries, as well as cooperation on IWAC's initiatives of promoting waqf for business and entrepreneurship.