IslamicFinance.de

The plenary session 'Philanthropy in the Muslim world: Harnessing the abundance of underutilised capital for social development' was held at the Global Islamic Economy Summit in Dubai. Tayeb Al Rais, secretary-general of the Awqaf and Minors Affairs Foundation, highlighted that Waqf was in decline and overlooked in modern Islamic societies. Clare Woodcraft, CEO of Emirates Foundation, said that foundations could benefit from narrowing their focus. Maysa Jalbout, CEO of the Abdulla Al Ghurair Foundation for Education, agreed that focus was key and added that charities and foundations need to be more innovative if they are to maximise impact. Woodcraft said that Western foundations have much to learn from Islamic finance with its focus on ethical investment.