A rise in Sharia compliant philanthropy is supporting the growth
of the global Islamic endowment sector which is estimated to be
worth $105bn.
A study by Ernst & Young has found that the Islamic
endowment sector, Waqf, is becoming more structured as clients
place more emphasis on sustainable philanthropic investments.
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Waqf is already an integral part of Islamic countries’ economic
system with an existing investor base comprising of high net worth
individuals and family offices.
The research also found that the Islamic funds industry taps
into only 11% of its estimated $480bn wealth pool, providing
opportunities for Islamic asset managers to diversify from basic
(vanilla) equity market products and expand to new asset
classes.
Tapping the Waqf cash wealth pool
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By GlobalDataErnst & Young head of Islamic financial services Ashar Nazim
said the cash Waqf sector alone is estimated at $35bn.
Nazim said that the introduction of professional investment
managers could help the cash Waqf sector regain strength and could
potential generate $2-3bn annually.
The report forecast that Islamic endowments, both in real estate
and cash, were likely to yield new opportunity for Islamic fund
managers.
