Industry Experts Push For a Social Waqf Sukuk for the Islamic Finance Industry

During the first Islamic Finance Virtual Forum organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on 'COVID-19 Economic Implications, Islamic Finance and the Way Forward', industry experts have urged the Islamic Finance industry to work out a revenue generation aspect for a long-term socially driven Waqf Sukuk.

At the conference, Islamic bankers affirmed that they were responding to the pandemic by taking a balanced approach to the concerns of all stakeholders, not just their shareholders. The speakers pushed for an emphasis on risk sharing that could be achieved via financial technologies, whilst reiterating the idea of using Zakat for overall social finance operations with so...