Waqf as a Socially Responsible Investment instrument  A case for Western Countries

Mujtaba Khalid

doi:10.13135/2421-2172/784

Mujtaba Khalid COMSATS CIIT Pakistan

DOI: https://doi.org/10.13135/2421-2172/784

Keywords: Islamic finance, Socially Responsible Investments, CSR, SRI

Abstract

Although globally Islamic financial assets have shown phenomenal growth but the fact still remains that Islamic financial products are miniscule in both value and reach, when compared with their conventional counterparts. There are also fears that the growth of Islamic financial assets are losing steam. For sustainable high growth and to capture a bigger percentage of the world’s financial services’ assets Islamic finance firms have to evolve their products to make them appealing for both Muslim and non-Muslim customers and investors.

This paper looks at how socially responsible investments can be used to make Islamic financial products more attractive to the non-Muslim investor.

Author Biography

Mujtaba Khalid, COMSATS CIIT Pakistan

Mujtaba has a diversified range of experience spanning from government and private sector advisory, establishing effective governance frameworks, Islamic capital market products as well as conducting Islamic finance training and capacity building programs. He has worked for the UK based Islamic Finance Council as a senior associate and his most recent role is to help establish an Islamic Finance Center at COMSATS CIIT - one of Pakistan’s leading universities along with other industry stakeholders.

Academically, Mujtaba’s undergrad in Accounting and Finance is from The London School of Economics and M.Sc Investment Analysis from The University of Stirling. He also has three specialized Islamic finance qualifications namely; Islamic Banking and Finance Qualification from the State Bank of Pakistan (NIBAF), CIMA Islamic Finance Diploma and Chartered Islamic Finance Professional (CIFP) from INCEIF.

Mujtaba’s research interests include formulating effective Islamic finance macro policy using tools such as Social Impact Bonds, Shariah Impact investment methodology and creating a new methodology for rating Shariah compliant investments.