Latest news with #waqf
BBC News
06-06-2025
- Business
- BBC News
Hajj in Mecca: The decades-old intrigue around an Indian guest house
As the annual Hajj pilgrimage draws to a close, a long-settled corner of Mecca is stirring up a storm thousands of miles away in India - not for its spiritual significance, but for a 50-year-old inheritance the heart of the controversy is Keyi Rubath, a 19th-Century guest house built in the 1870s by Mayankutty Keyi, a wealthy Indian merchant from Malabar (modern-day Kerala), whose trading empire stretched from Mumbai to near Islam's holiest site, Masjid al-Haram, the building was demolished in 1971 to make way for Mecca's expansion. Saudi authorities deposited 1.4 million riyals (about $373,000 today) in the kingdom's treasury as compensation, but said no rightful heir could be identified at the later, that sum - still held in Saudi Arabia's treasury - has sparked a bitter tussle between two sprawling branches of the Keyi family, each trying to prove its lineage and claim what they see as their rightful side has succeeded so far. For decades, successive Indian governments - both at the Centre and in Kerala - have tried and failed to resolve the remains unclear if Saudi authorities are even willing to release the compensation, let alone adjust it for inflation as some family members now demand - with some claiming it could be worth over $1bn today. Followers of the case note the property was a waqf - an Islamic charitable endowment - meaning descendants can manage but not own Saudi department that handles Awqaf (endowed properties) did not respond to the BBC's request for comment, and the government has made no public statement on the hasn't stopped speculation - about both the money and who it rightfully belongs is known about the guest house itself, but descendants claim it stood just steps from the Masjid al-Haram, with 22 rooms and several halls spread over 1.5 acres. According to family lore, Keyi shipped wood from Malabar to build it and appointed a Malabari manager to run it - an ambitious gesture, though not unusual for the time. Saudi Arabia was a relatively poor country back then - the discovery of its massive oil fields still a few decades Hajj pilgrimage and the city's importance in Islam meant that Indian Muslims often donated money or built infrastructure for Indian pilgrims his 2014 book, Mecca: The Sacred City, historian Ziauddin Sardar notes that during the second half of the 18th Century, the city had acquired a distinctively Indian character with its economy and financial well-being dependent on Indian Muslims."Almost 20% of the city's inhabitants, the largest single majority, were now of Indian origins – people from Gujarat, Punjab, Kashmir and Deccan, all collectively known locally as the Hindis," Sardar Saudi Arabia's oil wealth surged in the 20th century, sweeping development projects reshaped Mecca. Keyi Rubath was demolished three times, the final time in the early when the confusion around compensation appears to have started. According to BM Jamal, former secretary of India's Central Waqf Council, the Indian consulate in Jeddah wrote to the government back then, seeking details of Mayankutty Keyi's legal heir. "In my understanding, authorities were looking for the descendants to appoint a manager for the property, not to distribute the compensation money," Mr Jamal two factions stepped forward: the Keyis - Mayankutty's paternal family - and the Arakkals, a royal family from Kerala into which he had married. Both families traditionally followed a matrilineal inheritance system - a custom not recognized under Saudi law, adding further Keyis claim that Mayankutty died childless, making his sister's children his rightful heirs under matrilineal tradition. But the Arakkals claim he had a son and a daughter, and therefore, under Indian law, his children would be the legal inheritors. As the dispute dragged on, the story took on a life of its own. In 2011, after rumours swirled that the compensation could be worth millions, more than 2,500 people flooded a district office in Kannur, claiming to be Keyi's descendants."There were people who claimed that their forefathers had taught Mayankutty in his childhood. Others claimed that their forefathers had provided timber for the guest house," a senior Keyi family member, who wanted to stay anonymous, told the followed. State officials say in 2017 fraudsters posing as Keyi descendants duped locals into handing over money, promising a share of the compensation. Today, the case remains unresolved. Some descendants propose the best way to end the dispute would be to ask the Saudi government to use the compensation money to build another guest house for Hajj pilgrims, as Myankutti Keyi had others reject this, arguing that the guest house was privately owned, and so any compensation rightfully belongs to the argue that even if the family proves lineage to Mayankutty Keyi, without ownership documents, they're unlikely to gain Muhammed Shihad, a Kannur resident who has co-authored a book on the history of the Keyi and Arakkal families, though, the dispute is not just about the money - but about honouring the family's roots. "If they don't get the compensation, it would be worth openly recognising the family's and the region's connection to this noble act."
Zawya
29-05-2025
- Business
- Zawya
Oman: Ishraq Fund launched to drive sharia-compliant investments in Oman
Muscat – The Ishraq Endowment Fund on Wednesday officially commenced operations, marking the beginning of a new phase aimed at revitalising the investment role of waqf (endowment) in Oman. This innovative, Sharia-compliant endowment investment fund represents a significant advancement in enhancing waqf investments in the sultanate. It contributes to embedding sustainable development principles and maximising the social impact of investments – both key pillars of Oman Vision 2040. In a statement to Oman News Agency, Dr Ahmed Ali al Ka'abi, Chairman of the Ishraq Endowment Fund's Board of Directors, said that the operational launch represents a major milestone in the fund's journey. He emphasised that the next phase will involve activating investments in line with a strategic vision carefully crafted by the board. He added that the fund is moving from the establishment phase to active operations by initiating investments in Sharia-compliant public markets. The goal is to generate sustainable financial returns that support charitable initiatives and social projects. 'The fund offers diverse opportunities for investors – both individuals and institutions – through a range of subscription categories, including perpetual endowers, temporary endowers, and investing subscribers.' Khalid Awadh al Balushi, CEO of Oman National Investments Development Company (Tanmia) and Investment Manager of the Ishraq Endowment Fund, noted that this initiative continues Tanmia's pioneering role in establishing and managing high-quality investment funds. He described the fund as a practical embodiment of socially impactful investment and a strategic step forward in enhancing the waqf sector's contribution to the national economy. Balushi added that the Ishraq Endowment Fund provides sustainable, Sharia-compliant investment opportunities that deliver tangible, positive societal outcomes, aligning with national priorities on sustainability and community partnership. Tanmia will draw upon its extensive expertise in fund management to ensure that the fund meets its objectives and achieves the desired returns. The Ishraq Endowment Fund introduces an innovative model that combines financial returns with social impact. Through its investment returns, contributors can support social and developmental projects in sectors such as health, education, and social care, while also generating stable financial yields. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
28-05-2025
- Business
- Times of Oman
Ishraq Endowment Fund commences operations
Muscat: The Ishraq Endowment Fund has officially begun its operational activities, marking the launch of a new phase aimed at activating the investment role of 'waqf' or 'endowment' in the Sultanate of Oman. This innovative Sharia-compliant endowment investment fund represents a qualitative leap in enhancing waqf investments and contributes to entrenching sustainable development concepts while maximizing the social impact of investments – key pillars of Oman Vision 2040. Dr. Ahmed Ali Al Ka'abi, Chairman of the Ishraq Endowment Fund's Board of Directors, stated that the operational launch marks a significant milestone in the Fund's journey. He emphasised that the next phase will activate investments according to a strategic vision carefully developed by the Fund's Board. He added that the Fund is transitioning from establishment to active operation by commencing investments in Sharia-compliant public markets, aiming to generate sustainable financial returns that support charitable initiatives and social projects. The Fund also offers diverse opportunities for investors – both individuals and institutions – through varied subscription categories, including perpetual endowers, temporary endowers, and investing subscribers (for individuals and institutions alike). Khalid Awadh Al Balushi, CEO of Oman National Investments Development Company (Tanmia) – Investment Manager – noted that the Fund continues Tanmia's pioneering role in establishing and managing qualitative investment funds. He described the Fund as a practical embodiment of 'socially impactful investment' and a strategic step to enhance the waqf sector's contribution to supporting the national economy. Al Balushi added that the Fund provides sustainable, Sharia-compliant investment opportunities that deliver tangible positive societal impact, aligning with national directions toward sustainability and community partnership. Tanmia will leverage its extensive expertise in investment fund management to ensure the Fund achieves its targeted returns and objectives. The Ishraq Endowment Fund introduces an innovative model combining financial returns with social impact. Through the Fund's investment returns, contributors can support social and developmental projects in health, education, social care, and other fields while generating stable financial yields.
Zawya
22-05-2025
- Business
- Zawya
2025 Islamic Development Bank (IsDB) Prize Celebrates Transformative Solutions in Health and Water Security
The winners of the 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics (Development Solutions Achievement category) received the awards during a ceremony on the side lines of the IsDB Group Annual Meetings on 20 May 2025 in Algiers, Algeria. Medikids secured the first place for its innovative waqf initiative aimed at tackling the challenges of waqf management in Indonesia, with a portion of its net waqf profits allocated to the improvement of waqf assets and a range of social welfare programs. The Blue Filter initiative won the third place for its pioneering initiative to develop a prototype designed to purify water by eliminating harmful contaminants that integrates natural filtration methods with sophisticated automation and control systems, yielding a solution that is both sustainable and exceptionally efficient. IsDB Vice President (Finance) and CFO, Dr. Zamir Iqbal, presented the first-place prize award to Mr. Afdhal Aliasar, the team leader of Medikids project, during the 19 th IsDB Global Forum on Islamic Finance, held as part of the Annual Meetings in Algiers. The third winner, Mr. Salah El Sadi, Founder&CEO, Blue Filter, was unable to attend the ceremony. The awards also included cash prizes of US$ 100,000 for the first-place winner, and US$ 30,000 for the third-place winner. The winners were selected by an independent committee of experts from outside and inside of the IsDB Group, whose work is coordinated by the IsDB Institute. The selection committee has decided to withhold the second-place award. Acting Director General of the IsDB Institute, Dr. Sami Al-Suwailem, congratulated the winners and wished them success in their endeavors. In his comments on this occasion, Afdhal Aliasar, the team leader of Medikids project, said: 'Medikids is a practical embodiment of solving the issues of developing waqf in a productive and sustainable manner, and it can be successfully implemented. The productive waqf asset, Medikids Dental Clinics, is capable of meeting the growing need for skilled medical professionals through high-quality education, as well as addressing the demand for quality healthcare services for children and the broader community.' Salah El Sadi, Founder and CEO, Blue Filter, said, 'We are deeply honored to receive this recognition from the Islamic Development Bank. The Blue Filter project was developed with a mission to provide affordable, sustainable, and eco-friendly water purification solutions for both drinking and agricultural use. Our technology operates without energy or chemical waste, making it a truly green innovation. By addressing water contamination and scarcity, we aim to improve public health, support food security, and enhance agricultural productivity—especially in underserved communities.' Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Social media handles: X (Twitter): Facebook: LinkedIn: About the Islamic Development Bank Institute: The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
Zawya
13-05-2025
- Business
- Zawya
Innovative Projects Win 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics
The Islamic Development Bank (IsDB) has announced the winners of the 2025 IsDB Prize for Impactful Achievement in Islamic Economics, honoring two pioneering projects for their creative and impactful contributions to economic development inspired by the principles of Islamic economics. Medikids secured first place for its innovative waqf initiative, addressing waqf management challenges in Indonesia. The initiative leverages dental clinics for children and families to generate sustainable funding. Established in 2018, Medikids achieved financial stability within three years and launched a scholarship program for healthcare professionals in its second year. A portion of its net profit waqf is dedicated to enhancing waqf assets and various social welfare initiatives. The selection committee has decided to withhold the second-place award. The third-place prize was awarded to the Blue Filter initiative, which created a prototype to purify water by removing harmful pollutants like nitrates, chloride, and heavy metals. This technology combines natural filtration techniques with advanced automation and control systems, resulting in a solution that is both sustainable and highly effective. It also features real-time monitoring and loss management systems to ensure optimal performance and minimize water waste. The prizes will be presented at the IsDB Group Annual Meetings, scheduled for 19-22 May 2025, in Algiers, Algeria. IsDB Group Chairman HE Dr. Muhammad Al Jasser congratulated the winners, praised their contributions to Islamic economics, and wished them continued success. 'The IsDB Prize serves as a key driver of strategic significance, promoting the transformation of knowledge and principles of Islamic economics into actionable initiatives and innovative projects aimed at fostering comprehensive economic development,' stated Dr. Al Jasser. The winners were chosen by the IsDB Prize Selection Committee, which comprises eminent experts and scholars, coordinated by the IsDB Institute. Excerpts from the IsDB Prize Selection Committee Citations: Medikids Clinic It serves the important role of civil society waqf in supporting the mission of a combined health sector and education sector, serving the underprivileged component of society. The waqf-based model is considered sustainable due to its appropriate earning incentive framework, which is in harmony with the principles of Islamic economics. Blue Filter It provides a potential solution for IsDB member countries while aligning with the strategic goals of the IsDB, especially concerning food and water security. The model emphasizing blue and bio elements has rendered it more appealing than alternative solutions that are generally contaminated with chemicals. Established in 1988 as the 'IsDB Prize in Islamic Economics, Banking, and Finance,' the prize expanded in 2020 to recognize achievements in two categories, offered alternately: (i) Development Achievement and (ii) Knowledge Contribution. The 1446H (2025) Prize cycle focuses on Development Achievement, highlighting successful projects addressing development challenges in IsDB member countries and Muslim communities worldwide. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
