Seeding a Knowledge Waqf

It was a lecture with a difference. Prof Habib Ahmad the renowned Islamic economist from Durham University was presenting a session on “Theory and Practices of Zakat and Waqf Management in Muslim and Non-Muslim Countries All Over of the World: in Europe and US Countries,” organized by the World Zakat and Waqf Forum on June 13, 2024. In response to a question from Mohammed Imad, COO of Netversity on what may be some key education and training needs for creating a global cadre of waqf professionals, and what would be his advice to a human resource development organization in this field, Prof Habib made a strong case in favor of creating a knowledge waqf with the primary objective of making education and skill enhancement affordable and accessible to all.

This was the spark that the Netversity team needed. The next 48 hours witnessed some intense discussions on how such a waqf may be configured. And the Netversity Waqf Fund was born, seeded with an initial contribution of USD100,000 from its Founder as a seed donation.

The Fund has been structured as follows:

Project Objective:

The primary objective of the Netversity Waqf Fund is to establish a sustainable Fund dedicated to cover specific elements of costs incurred in the provision of professional higher education to students who demonstrate a keen interest and commitment to their studies. This Waqf aims to ensure that financial constraints do not hinder deserving students from accessing quality education and achieving their academic and professional goals.

Background:

Netversity is committed to promoting inclusive education and believes that financial barriers should not prevent talented and motivated students from accessing our courses. To uphold this commitment, we have created the Netversity Waqf Fund. As a Waqf or Islamic philanthropic endowment it provides perpetual benefits through the income generated from its assets. By leveraging this concept, we aim to create long-lasting source of financial flows required to cover the costs (of providing education). Our goal is perfectly aligned with the Maqasid Al-Shariah — of preserving and enriching intellect — and also with the UN-mandated Sustainable Development Goal — SDG4 — of ensuring inclusive and equitable education and promoting lifelong learning opportunities for all.

Key Components:

• Fundraising and Initial Capital: Raise initial capital through donations from individuals, corporations, and philanthropic organizations; Organize fundraising events and campaigns to gather contributions and; Seek matching funds from government bodies and educational foundations.
  Targeted at USD Ten Million divided into 100,000 waqf shares of USD100 each.
• Investment and Growth: Invest the initial capital in low-risk, Sharia-compliant financial instruments to generate steady returns; Reinvest one-fifth of the returns to grow the Fund over time, ensuring its sustainability.
  Invest initial capital in Fixed-Term Mudharabah Schemes of Islamic banks generating an indicative return of around 4 percent.
• Cost Elements to be Covered: Use four-fifth of returns to cover specific cost elements related to implementation of Netversity courses such as: (a) platform development and maintenance costs, (b) staff costs, © course development costs (d) marketing and promotion costs to maximize outreach and (e) quality assurance costs. Note that a significant component of © course development costs is also covered through sadaqah of efforts or “volunteering” by scholars and experts.

Expected Outcomes:

• Increased availability of competent professionals for a halal ecosystem.
• Enhanced academic performance and professional opportunities for all.
• Improved user experience and security on the platforms.
• Promotion of social equity and inclusion within the educational community.

Sustainability: The Netversity Waqf Fund is designed to be a perpetual source of financial support. By investing the initial capital and reinvesting a portion of the returns, the Waqf will continue to grow and provide scholarships to future generations of students. Additionally, ongoing fundraising efforts will ensure the Fund remains robust and capable of meeting the needs of an expanding student community.

The Netversity Waqf Fund represents a strategic and compassionate initiative to break down financial barriers to professional education. By creating a sustainable source of funding, we can empower talented and motivated students to pursue their academic dreams and contribute positively to society. This project aligns with Netversity’s commitment to educational excellence and social responsibility, fostering a more inclusive and equitable learning environment for all.

The Netversity team welcomes constructive feedback on how to make this Fund achieve its objectives efficiently and effectively.