Setting a Maqasid-Driven Development Agenda for Islamic Finance – IV

More importantly, we examine how Islamic social finance in general and awqaf in particular can play a role in operationalizing the areas of alignment between MaS and SDGs. We also develop a comprehensive database of existing waqf-based initiatives across the globe with a view to documenting good practices by awqaf in meeting MaS as well as SDGs.

As noted earlier, Islamic scholars have expanded the MaS framework to identify many sub-goals or corollaries under each of the five global goals and have also sought to underline their mutual interdependence. Similarly, there are a multitude of sub-goals under each of the seventeen goals in the SDG framework. It is therefore, important to examine the alignment or misalignment at the next level of both MaS and SDGs. More importantly, we examine how Islamic social finance in general and awqaf in particular can play a role in operationalizing the areas of alignment between the two. We also develop a comprehensive database of existing waqf-based initiatives across the globe with a view to documenting good practices by awqaf in meeting MaS as well as SDGs.

SDG1: End poverty in all its forms everywhere

SDG Targets Awqaf Action Points
1.1 By 2030 eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day Waqf Fund for ultra poor, orphans, widows, elderly, sick and handicapped (safety nets, grants for basic necessities)
1.2 By 2030 reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions Waqf-based Qard Fund (non-profit micro-credit)
1.3 Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable Waqf-based Insurance Fund (non-profit cooperative micro-takaful and guarantee)
1.4 By 2030 ensure that all men and women, particularly the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services including microfinance Waqf-based Microfinance Fund (for-profit Islamic finance for economically active poor)
Waqf-facility for livelihood skills enhancement
Waqf Incubator Fund for start-ups and microbusinesses
1.5 By 2030 build the resilience of the poor and those in vulnerable situations, and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters Humanitarian Waqf for disaster relief or assistance to internally displaced persons
Waqf buildings and properties for temporary shelters during natural calamities
1.a Ensure significant mobilization of resources from a variety of sources, including through enhanced development cooperation to provide adequate and predictable means for developing countries, in particular LDCs, to implement programmes and policies to end poverty in all its dimensions Waqf-based International Fund for poverty alleviation and livelihood generation
1.b Create sound policy frameworks, at national, regional and international levels, based on pro-poor and gender-sensitive development strategies to support accelerated investments in poverty eradication actions Waqf-funded institution for strategic and policy research, capacity building and advocacy

SDG2: End hunger, achieve food security and improved nutrition and promote sustainable agriculture

SDG Targets Awqaf Action Points
2.1 By 2030 end hunger and ensure access by all people, in particular the poor and people in vulnerable situations including infants, to safe, nutritious and sufficient food all year round Food Waqf (food bank for ultra-poor, food coupons relief or assistance to internally displaced persons, create awareness about avoidance of food waste)  
2.2 By 2030 end all forms of malnutrition, including achieving by 2025 the internationally agreed targets on stunting and wasting in children under five years of age, and address the nutritional needs of adolescent girls, pregnant and lactating women, and older persons Nutrition Waqf (provision of nutrition for mothers, children and old; education and advocacy against malnutrition)
2.3 By 2030 double the agricultural productivity and the incomes of small-scale food producers, particularly women, indigenous peoples, family farmers, pastoralists and fishers, including through secure and equal access to land, other productive resources and inputs, knowledge, financial services, markets, and opportunities for value addition and non-farm employment Waqf-based Agriculture Investment Fund (for-profit Islamic finance for small-holder-farmers)
Waqf-based Insurance Fund (non-profit cooperative micro-takaful and guarantee for small-holder farmers)
Waqf-based incubator for food processing units
Waqf-funded laboratories for halal food research and certification
2.4 By 2030 ensure sustainable food production systems and implement resilient agricultural practices that increase productivity and production, that help maintain ecosystems, that strengthen capacity for adaptation to climate change, extreme weather, drought, flooding and other disasters, and that progressively improve land and soil quality Agricultural Waqf Fund (large-scale development of farm land under waqf)
Waqf-facility for farming skills enhancement
Water Waqf for Irrigation Facility (e.g. leasing of pumps)
2.5 By 2020 maintain genetic diversity of seeds, cultivated plants, farmed and domesticated animals and their related wild species, including through soundly managed and diversified seed and plant banks at national, regional and international levels, and ensure access to and fair and equitable sharing of benefits arising from the utilization of genetic resources and associated traditional knowledge as internationally agreed Waqf for Small Holder Farmers (seed bank, plant bank, fertilizer bank, leasing farm equipments) Plantation Waqf ((upkeep and maintenance plantations and forests under waqf)  
2.a Increase investment, including through enhanced international cooperation, in rural infrastructure, agricultural research and extension services, technology development, and plant and livestock gene banks to enhance agricultural productive capacity in developing countries, in particular in least developed countries Waqf based agriculture schools, colleges, universities and research centers
2.b Correct and prevent trade restrictions and distortions in world agricultural markets including the parallel elimination of all forms of agricultural export subsidies and all export measures with equivalent effect, in accordance with the mandate of the Doha Development Round Waqf for Advocacy
2.c Adopt measures to ensure the proper functioning of food commodity markets and their derivatives, and facilitate timely access to market information, including on food reserves, in order to help limit extreme food price volatility Waqf-based Markets/ Exchanges/ Platforms for trading farmers’ produce

SDG3: Ensure healthy lives and promote well-being for all at all ages

SDG Targets Awqaf Action Points
3.1 By 2030 reduce the global maternal mortality ratio to less than 70 per 100,000 live births Waqf-based maternity clinics and hospitals
3.2 By 2030 end preventable deaths of newborns and under-five children Waqf-based child care hospitals
3.3 By 2030 end the epidemics of AIDS, tuberculosis, malaria, and neglected tropical diseases and combat hepatitis, water-borne diseases, and other communicable diseases Waqf-funded campaigns for epidemic/disease control
3.4 By 2030 reduce by one-third pre-mature mortality from non-communicable diseases (NCDs) through prevention and treatment, and promote mental health and wellbeing Waqf-funded campaigns for prevention of NCDs and Well-being Centers
3.5 Strengthen prevention and treatment of substance abuse, including narcotic drug abuse and harmful use of alcohol Waqf funded public awareness campaigns against drug abuse and alcohol consumption
3.6 By 2020 halve global deaths and injuries from road traffic accidents Waqf funded public awareness campaigns on road safety
3.7 By 2030 ensure universal access to sexual and reproductive health care services, including for family planning, information and education, and the integration of reproductive health into national strategies and programmes Waqf funded public awareness campaigns on family and reproductive care
3.8 Achieve universal health coverage (UHC), including financial risk protection, access to quality essential health care services, and access to safe, effective, quality, and affordable essential medicines and vaccines for all Waqf-based takaful tawuni for health carePharma waqf for production and supply of halal and generic medicines
Waqf-funded laboratories and establishments for medical and vaccine research (free from pork and haram elements)
3.9 By 2030 substantially reduce the number of deaths and illnesses from hazardous chemicals and air, water, and soil pollution and contamination Waqf-funded laboratories and establishments for pollution research and control
3.a Strengthen implementation of the Framework Convention on Tobacco Control in all countries as appropriate Waqf funded public awareness campaigns against tobacco use
3.b Support research and development of vaccines and medicines for the communicable and non-communicable diseases that primarily affect developing countries, provide access to affordable essential medicines and vaccines, in accordance with the Doha Declaration Investment waqf for supporting disease control and vaccine research
3.c Increase substantially health financing and the recruitment, development and training and retention of the health workforce in developing countries, especially in LDCs and SIDS Waqf financed medical institutions for education and training of doctors and health workers
3.d Strengthen the capacity of all countries, particularly developing countries, for early warning, risk reduction, and management of national and global health risks Waqf financed institutes for public health management

Related Articles


Your email address will not be published. Required fields are marked *