Islamic Financing: water Waqf fund initiative launched by IUCN

A new Waqf Fund Initiative for Water has recently been created by the IUCN West Central Asia & North Africa Regional Office (WESCANA) to finance water conservation activities. Waqf is an inalienable religious endowment in Islam by which an asset is used for Muslim religious or charitable purposes. It is conceptually similar to the common law trust. The Waqf Fund initiative is seen as a more flexible and innovative financing mechanism that will complement existing conventional regional development funds. IUCN WESCANA introduced the Waqf Fund Initiative for Water on 10 December 2006 at the 3rd Arab Regional Water Conference, organised by the Arab Water Council (AWC) in Cairo, Egypt. Experts presented case studies from the region focusing on water economics, Islamic Waqf and the water of water and natural resources.