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Sunday, December 10, 2023

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Omani Waqf foundation launches endowment investment fund to nurture Islamic philanthropic investments

In a bid to enhance the investment climate for Waqf in Oman, the Imam Jabir bin Zaid Waqf Foundation has introduced the Gheras Endowment Investment Fund.

The foundation said in a statement that the fund is designed to simplify investment operations by consolidating all Islamic endowments through a single platform.

“The fund reflects the foundation’s mission to promote the principle of endowment and community partnership by creating investment products aimed at diversifying income sources and achieving financial sustainability. This aligns with the general aspirations of endowments and the specific goals of those under endowment beneficiaries,” explained Engineer Younis Al-Suli, acting CEO of the Imam Jabir bin Zaid Waqf Foundation, adding that the fund is in line with Oman Vision 2040 and supporting the non-profit sector in the national economy.

Structured as an open-ended endowment fund offered through a special subscription, the Gheras Endowment Investment Fund is targeting to distribute a permanent income from the net returns of the fund in favor of investors. Without expounding on the types of exposure the fund will have, the foundation instead stated that the fund will invest in “various assets” to achieve income diversification.

The fund also adopts an endowment partnership model, allowing other endowments to invest.

The Imam Jaber bin Zaid Waqf Foundation was founded by the Grand Mufti of the Sultanate of Oman, Sheikh Ahmed Hamad Al-Khalili, to promote and develop Islamic sciences and address humanitarian needs through the investment of Waqf assets across multiple sectors including in real estate, industry, trade and agriculture.

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