Thursday 02 / May / 2024
As part of Manar Alizz Initiative, Alizz Islamic Bank in collaboration with Al Rustaq Charity Team will organise a seminar under the theme ‘Waqf and Will: their Civilizational Role’ on Wednesday at Wilayat Al Rustaq In the governor's office
This seminar comes in response to the many invitations received by Alizz Islamic Bank from across the different governorates of Oman following the successful launch of a similar seminar held at Grand Millennium Muscat during which Alizz Islamic Bank hosted a distinguished group of scholars, researchers, and specialists in this field.
In their work papers, the experts underlined the fact that the ‘will’ is a religious duty commanded by Allah yet much is needed to be done to educate the public about continuous charity and act of giving. It is highly praised for its noble and vital purposes as it can be used to fund charitable activities in the Sultanate as a gesture of social solidarity. On the other hand, endowment (‘waqf’) is an important religious instrument since the early days of the Islamic civilization and, practically, the Omani society has applied this concept throughout its history as a reflection of compassion and empathy between the members of society under the tenets of Islamic Shari’a.
To continue this shining legacy, while offering Islamic banking services; there is a need to underscore the role of waqf and provide the opportunity to invest the ‘waqf’ properties. These will grow into sustainable sources of income to fund charitable activities and manifest the strong bond between society members.
The ‘will and waqf’ are mercies and religious duties that must be maintained and encouraged. The will, specifically, is a source of income for the non-inheritors, an endless charity with constant reward from Allah and a form of strong and dynamic mechanism of benevolence that can be used to bridge the gap between the rich and bring out the sense of love and sympathies toward one another in society.
Data and statistics show that nowadays there is less and less tendency among people to prepare their wills as only 20 ‘wills’ were recorded in one of the wilayats in 2019. Given the number of the population aged 65 years and above, 20 ‘wills’ represent only a meager portion of 0.6%. This calls to ring the bell for more robust cooperation and action to promote awareness among the public as to the importance and impact of ‘wills’ on their lives.
No doubt that the ‘waqf’ is an Islamic instrument that was well spread and accepted as one of the foundations to build Muslim societies and is closely connected to their past and present throughout ages. That is why it was treaded with increased attention and became an interesting topic among ex and current Muslim scholars who interpreted its provisions and highlighted its religious and social significance among the Islamic nation. In reality, ‘waqf’ is a major and vital foundation for the vitality and effectiveness of the Muslim society and the quintessence of Islamic values that aim to promote social solidarity and foster the concept of perpetual charity to support the life of Muslim societies through sustainable and renewed benefits and donations. Therefore, it is necessary that this practice should be preserved and sustained from generation to generation to raise their awareness about the need to stay engaged with the issues, concerns and interests of the Islamic nation.
This seminar comes under the umbrella of Manar Alizz Initiative which is one of the initiatives that is seen and considered as an invisible (intangible) asset in terms of financial terminology. An invisible asset is an intangible asset that cannot be seen or touched but still provides financial value to holder such as good reputation. That said, such assets can be used in many ways to contribute to society and business development. Manar Alizz Initiative is the voice of the bank for cultural awareness about the terminology of the Islamic economy and the services of the Islamic banking sector in order to promote the bank strategy of knowledge sustainability. Through this strategy, the bank wishes to serve the various sectors of the community such as researchers, students at overseas universities, the educational institutions, other entities and the general public whether inside the Sultanate or abroad.
Additionally, ‘Manar Alizz’ initiative aims to spread awareness about the Islamic economy and its developmental role, introduce the role of Islamic banks in the sustainable economy, and provide researchers and scholars with important knowledge related to the Islamic banking industry overall and the Omani experience with regards to Islamic banks.
The Shari’a Audit and Compliance Department at Alizz Islamic Bank has played various important roles in achieving its objectives, such as enhancing Shari’a compliance in all operations and services provided to the valued customers of the bank. The Shari’a Supervisory Board (SSB) reviews the bank's product documents, processes and procedures to ensure that all the bank’s transactions have been carried out in accordance with the principles and guidelines of Islamic Shari’a.
This is in addition to launching initiatives that serve customers of different age categories, promote Islamic banking and conduct thematic seminars and events across the different governorates and regions of the Sultanate.
Notably, adherence to Shari’a rules and principles is key to Islamic banking business and it is real capital for the Islamic banking products and services. To achieve this goal, the bank has nominated a group of eminent and respected scholars with track record experience in Islamic transaction jurisprudence and financial consultations and credible reputation to form its Shari’a Supervisory Board (SSB).
