2. Who can become a Founding Member of the PIOUS WAQF?
3. Where will the $10 Million PIOUS WAQF Funds be invested?
4. Can I decide which PIOUS WAQF project my financial contributions will go to?
5. How will the net-revenues from the PIOUS WAQF be spent?
6. What is the difference between a PIOUS WAQF Founding Member and a Trustee?
7. Who can nominate a member to the PIOUS WAQF Board of Trustees?
8. What are the nomination requirements to the PIOUS WAQF Board of Trustees?
9. Who is the Board of Trustees of the PIOUS WAQF? (see below)
10. What type of Volunteer Resources does The PIOUS WAQF needs? This is a starting list, please feel free to add to it.
11. How to keep the PIOUS WAQF credible, transparent, and ethical? Just a Starting List! (see below)
12. How will the PIOUS WAQF be incorporated? (see below)
13. Why have we selected Malaysia to create the PIOUS Waqf? (see below)
14. How will the donation funds and revenues be used? (see below)
1.Why is a WAQF Being Proposed for Developing Technologies Instead of a Privately Held Technology Company?
When I tell colleagues that I have come to realize the importance of creating a WAQF to develop Islamic Technologies, I often receive odd looks. Most tell me to wait and that I can find a lot of people willing to invest, and that I can still make money, why make a WAQF?
My first response is: who said that a WAQF can’t make money or that it should not? It can and it should, but for the WAQF and its supporting causes and not for those who manage it or oversee it, other than a fair and ethical compensation for their services, and for many good ethical reasons.
Second, the Muslim world is so much behind in technology development that it requires several “technology” evangelists to promote it. As a non-profit, the PIOUS WAQF, for the good and benefit of the Islamic world, will be much friendlier and better poised to promote Islamic Technologies, cooperation, and also encourage the private sector to invest in Technology as well as individual Muslims who understand the need to invest in Technology, may not be wealthy, but can contribute as little as $25 to the WAQF for a Bronze Stock Certificate.
Third, it is important that Islamic Technologies always remain in safe hands, especially with the world moving into cloud computing, where the data warehousing future is in the cloud. The concept of the WAQF helps maintain control over the developed Technologies and better keeps them in safe Muslim hands, as it jails the technologies for it cannot be sold. In essence one of the primary reasons for the WAQF is “Jailing” the Technologies and data in good trusted hands. By contrast, private investment companies might be quick to sell out for profits to non-Muslims once the Technology proves successful, as in what happened with Maktoob.com, founded by a group from Jordan, who successfully captured 16 Million users, then sold out to Yahoo for a reported $75 Million.
Fourth, by comparison to the rest of the world, with very few investments in Technology in the Muslim world, and so many investors concentrating on investing in “tangible” assets, like real estate, the Islamic world has not yet realized the pitfalls of staying away from investing in Technology, and how dangerous it has become not to invest.
In its search for second round financing for Pious Technologies, the founder was stunned to know that all the wealthy Muslims he contacted shy away from investing in Technology for they do not understand it and see it as an intangible high risk. With some exceptions like Prince Al-Waleed Bin Talal investing a reported $300 Million in Twitter for a tiny stake; perhaps way more money than the total combined investments in technology companies within the Arab World.
By contrast, non-Muslim American and European investors salivated at the opportunity of investing in Pious Technologies, unfortunately, this was not something the founder Ramadan of Pious could accept for an “Islamic” company; would you hire a Priest to oversee running of a Mosque? Or would you not feel weird going to a Mosque owned by non-believers? Wouldn’t it be weird or even unacceptable if Muslims invested in promoting the Church? You know such investors don’t have on their agendas making the world Islamic friendly as a priority! All of this sounded an alarm to founder Samer Ramadan who realized the need to find a solution that can help the Islamic world innovate in technology but maintain ownership. The WAQF idea presented itself as a necessary mean.
Fifth, Pious Technologies was created as a private company with the intent of the founder Samer Ramadan to reinvest all his proceeds in further advancing technologies in the Muslim world, and since this intent is also realized with the non-profit PIOUS WAQF, it was a no-brainer for Samer to go the route of creating the PIOUS WAQF.
Sixth, with a private company, there is high demand for a large return on investment and an exit strategy because the primary intent is profit. With investors wanting such high-returns, any returns that are only able to sustain operations, maintain and advance the technology, but do no realize major profits and dividends or create a solid exit strategy, are not inviting. Most Investors I met with, like to treat an investment as an investment, and a charity as a charity, and do not see that they can mix the two. In the case of the HajjMabrur.net project, a good, acceptable business plan for a private investor suggests charging $10 per pilgrim for Hajj Management, by contrast, under the PIOUS WAQF, a good plan would be to charge $3-5 per pilgrim, encourage wider usage, and allow more pilgrims to benefit from high-quality Hajj Management.
Seventh, as a non-profit WAQF, the PIOUS WAQF can engage the cooperation of Muslims from all around the world in joining hands and contributing in whatever resource is required for such a great cause in our times. Something a private company would not be able to do to day in the Muslim world.
Eights, and last but not least, depending on which country my colleagues live in, I either receive encouragements or discouragements. That was alarming and caused me to better dig behind the reasons and see if the reasons behind the discouragements can be overcome, or that perhaps something should be done about it, for I know the concept of a WAQF is a Sunnah and is a right thing to do, as every Sahabi who had any wealth to speak of had created at least one or more WAQF.
I also recently learned that my own Ramadan Oglu family who ruled the Ramadan Ogullary Emirate in middle Turkey from 1352 to 1608 A.D. and based in Adana, had created 19 different Waqfs that remain thriving to this date. So perhaps I am just following in the footsteps of my forefathers. And I am proud to say that Ottoman documents show that the Ramadans were the first to ever establish a Waqf and making the “Nazer” (Director) of the Waqf a Woman.
A colleague of mine who lives in Lebanon would feel sorry for me, for no matter how ethical and honest I am, he/she would discourage me out of fears that people would still think and bad-mouth me for creating a WAQF to sniff-off people's money and strike it rich hiding behind a charity. But, a colleague who lived in Malaysia, would encourage me to create the WAQF as the management guidelines and monitoring rules for Awqaf in Malaysia have come a long way and Malaysia has built a great reputation for AWQAF management in employing a very strict and transparent management system.
As it turns out, the non-transparent management system of Awqaf in Lebanon and several other countries built distrust with the system and perhaps opened the opportunity for certain Awqaf oversee directors to give themselves the right to pocket non-righteously from the fund or be seen as such. This discovery has given me all the more reason to create the global WAQF, first, to specifically create it in Malaysia, and with Allah’s help (swt) to work diligently on making it the most transparent WAQF possible, in hopes it can be a good example for others to follow, and perhaps re-educate the public on the importance of the WAQF and that it can still be done right especially if other countries follow in the footsteps of Malaysia and its guidelines.
2. Who can become a Founding Member of the PIOUS WAQF?
A Founding Member is any Muslim who pledges purchasing any one or multiple of the PIOUS WAQF charitable stock certificates as a contribution to the WAQF prior to establishing the WAQF and completes the purchase within 6 months of establishing the WAQF.
There are 5 types of charitable (non-commercial) stock certificates:
- Diamond [$3,000]
- Platinum [$1,000]
- Gold [$500]
- Silver [$100]
- Bronze [$25]
All for a “Sadaqah Jareyah” (a continued charitable contribution) and “3ilm Yuntafa3 Bih” (a Beneficial Science).
Founding Members and their stocks and designated project(s) of choice will be published online. A Founding Member may also have the option of being listed as an "Anonymous Donor".
Members who participate in purchasing shares after the Waqf is established will be considered Participating Members (non-Founders).
3. Where will the $10 Million PIOUS WAQF Funds be invested?
The PIOUS WAQF recognizes several starting opportunities for Internet Technologies developments, they are as follows:
1. PW hopes to acquire HajjMabrur.net portal for which the pioneer founder Samer Ramadan owned 51%, unfortunately now, non-Muslim Creditors are about to take ownership of this Islamic service because no financing is available, this after successfully testing HajjMabrur.net during the 2011 Hajj season. We hope with your help we can re-acquire it from them if enough people pledge to support this project.
2. If acquisition possible and completed, find and hire a trusted organization to manage the HajjMabrur.net operations and begin making revenues for the PIOUS WAQF. HajjMabrur.net will generate revenues by saving Tour Operators between $70-$100 per pilgrim in management and requesting in return each operator pays $5 per person managed. Revenues are expected to start in 2014-2015.
3. Search and hire a trusted software development company to create Masajiduna.net, a global portal for Shari’A Compliant Social Networking that will save Masajid over $300 Million in web presence costs annually. Masajiduna.net is expected to sustain itself and generate substantial ad revenues to the PIOUS WAQF in 6 years, by 2018.
4. Search and hire a trusted software development company to create Zakatuna.net, a global portal to help organizations manage collection and distribution of Zakat and encourage givers to perform this pillar. Zakatuna.net is expected to result in potential additional contributions form Zakat of up to $1.5 Billion or more annually. Zakatuna.net will be self-sustained from commissions on Zakat. Revenues expected to start in 2016.
5. Search and hire a trusted software development company to create TourIslam.net, a global portal to encourage and manage Islamic and Halal Tourism. With revenues to start by 2016.
6. Search and hire a trusted software development company to create PiousVillage.com, to build and support virtual pious communities for every city or region from around the Islamic world and encouraging Pious Muslim Professionals and Organizations to participate in and encourage all Muslims to do business with them. Revenues will be from Advertising and subscriptions.
There are several additional projects that will require approval by the Board of Trustees. Additional well-studied ideas and projects with feasibility studies are welcomed. We will go one project at a time unless we have a large volunteer force capable of taking on more of those projects.
4. Can I decide which PIOUS WAQF project my financial contributions will go to?
You may decide to appropriate your contribution or portions of to the PIOUS WAQF approved project(s) of your choice.You may also choose to allow the Board of Trustees to make this decision.
Bear in mind that although contributions can be appropriated to your project of choice, 80% of revenues generated from such projects will be deposited into the overall pool of revenues for the PIOUS WAQF, while 20% will be paid for charitable contributions directly related to the project of choice.
5. How will the net-revenues from the PIOUS WAQF be spent?
Currently the pioneer founder, Samer Ramadan, suggests that the net-revenues of the projects invested by the PIOUS WAQF fund be used as follows:40% - To be re-invested in enhancing and creating new Islamic Technologies.
20% - To be awarded in Research Grants for new beneficial Islamic Technologies.
20% - To be awarded in Scholarships for bright Muslims, as early as possible, seeking to become both Shari’A Scholars and Technology Scientists. Priority is given to the Children of Founding Members and then to Participating Members.
20% - To be given as charitable contributions related to the Islamic Technology of service, for eg: 20% of net revenues from Masajiduna.net shall be allocated to fund maintaining and building new mosques around the world.
6. What is the difference between a PIOUS WAQF Founding Member and a Trustee?
A Founding Member is a member who contributed or pledged a contribution to the PIOUS WAQF prior to official launch and creation of the PIOUS WAQF.A Trustee is nominated and selected by the Pioneer Founder or Pre-Existing members of the Board of Trustees and may or may not be a Founding Member.
7. Who can nominate a member to the PIOUS WAQF Board of Trustees?
Any invited and approved member to the PIOUS WAQF forum is welcomed to nominate a reputable person that meets the requirements to the Board of Trustees.
for the requirements see below.8. What are the nomination requirements to the PIOUS WAQF Board of Trustees?
These are currently the requirements to be nominated to the PIOUS WAQF Board of Trustees:1. Proof of Piety as a Sunni Muslim (thru personal recommendations of reputable entities).
2. Proof of Ability (in the field or knowledge required).
2. Honesty
3. Integrity
4. Credibility
5. Transparency
6. Good Reputation
7. Openness
8. Support Technology Advancements
9. Commitment.
10. Preferred to publicly state wealth of own and direct family dependent members and to publicly state all the sources of income and expenses.
11. Proof of non-existing conflict of interest with the PIOUS WAQF. A Trustee may not own directly or indirectly any whole or part of, or either personally, or for a close-relative, benefit directly or indirectly from any entity that as a Trustee member of the PIOUS WAQF he/she participates in making decisions for selecting, hiring, or using its services in return for compensation.
12. Ledership abilies.
9. Who is the Board of Trustees of the PIOUS WAQF?
Currently, the pioneering founder Samer Ramadan is nominated as the first member of the Board of Trustees.
As the promoter of the WAQF, Samer plans to solicit capable pious international scholars in various fields to become board members and work to elect the Chairman of the Board of Trustees based on merits for most ethical and capable management of this WAQF.
A Trustee is not a paid entity and as a Trustee, may only be paid for out-of-pocket expenses related to attending meetings of the Board of Trustees.
10. What type of Volunteer Resources does The Pious WAQF needs? How Can You HELP?
In addition to financial contributions to build the fund, Muslims can also participate by volunteering their services and time... with all efforts to benefit them with Sadaqah Jareiah rewards. Whatever you can contribute, it would help! even spending time spreading the word to get others to participate and contribute will provide rewards.- Young Writers of Articles, Blogs, Editorials from around the Muslim World
- Project Managers
- Volunteer Callers
- Champions (District and Regional)
- Accountants
- Auditors
- Financial Controlers
- Testersîî
- Ethical Hackers
- Customer Services
- Public Relations
- Executive Board
- Open Source Tech Gurus
- IT experts
- UI Designers
- Graphic Designers
- Trainers
- E-learning Experts
- Educators
- Social Networking Buffs
- Imams
- Islamic Scholars
- Media Gurus
- Public Relations Gurus
- Management Gurus
- HTML 5 Programmers
- Android Programmers
- iPad and iPhone programmers
- Promotional Gurus
- Sales and Marketing Gurus
- Legal advisors
- Editors
- Bloggers
- Search Engine Optimizers
- Product Managers
- Marketing Managers
- Administrative Support
- Promoters
- Campaign managers
11. How to keep the PIOUS WAQF credible, transparent, and ethical?
1 - selecting Malaysia as home of the Global Waqf.2 - Publicly list and update all of the WAQF's Board members and direct family members wealth, income and sources, and expenses on the web for all contributors to see.
3. Establish a reputable WAQF board of highly respected Islamic individuals.
4. Maintain clear, audited, and transparent accounting records and best practices.
5. Maintain a strong Shari'a Advisory board of reputable Islamic Scholars.
6. email us more of what you think to piouswaqf@yahoo.com
12. How will the Pious WAQF be incorporated?
The Pious Waqf will be created under the GUIDELINES FOR INCORPORATION OF COMPANIES LIMITED BY GUARANTEE (CLBG) UNDER COMPAINES ACT 1965 for NON-PROFIT COMPANIES.
The PIOUS WAQF wishes to "Jail" assets with intended use for Sadaqah Jareiah and "3ilm Untafa3 Bih". the WAQF assets can generate revenues that will be spent in accordance with the rules and guidelines of the WAQF and managed by the board of Directors of the WAQF.
According to Malaysian guidelines, the promoter(s) of the WAQF needs to assign the pledged assets to be "Jailed" and document those pledges with proof of the ability to deliver on this pledges by donors.
Then application for the WAQF is applied and the WAQF is incorporated and has a grace period of SIX months to collect on those pledges. For example, if an entity is pledging a land to the waqf, all documents for that land must be submitted, with proof of ownership by donors and complete ability to deliver. If the asset being donated is intellectual property, proof of ownership and clear ability to deliver is also required.
If money is to be donated, then also the proof of ability to deliver on such monitory pledges are also required.
This means, that we need to first lay the rules and guidelines of the WAQF, then present it to potential asset contributors, document well all pledges and proof of ability to deliver, then present this to the Malaysian Ministry of Religious affairs to approve and register the waqf, then start collecting on the pledges within 6 months.
A full 39 pages PDF document on CLBG in Malaysia is available to who wants to read it. Just email me the request to piouswaqf@yahoo.com.
13. Why have we selected Malaysia to create the Global Waqf?
After asking numerous religious figures, including Sheikh Yussuf Al-Qardawi, we were advised to create the Global WAQF in Malaysia, for it has the best and most ethical management process for a Waqf with good monitoring.
Since the WAQF is for global technologies and mostly Internet technologies, then we are open to select which country to incorporate the WAQF in.
The Malaysian government treats a WAQF very much like a public company with added scrutiny, all reports on expenditures and purchases and financials must be audited and published, transparency is a must, we like that very much.
14. How will the donation funds and revenues be used?
PIOUS WAQF donations will be invested in:1. Acquiring and creating Islamic Technologies that have:
a. Revenue generation models,
b. are Self sustaining,
c. make enough revenues to fund new projects and make charitable contributions.
The initial drive will be to create a US$10 Million fund.
Once those technologies become operational and start to generate revenues, those revenues will be used to:
1. Support operational expenses.
2. Maintain, update, and advance Islamic technologies.
3. Support Incubators for the development of new Islamic technologies.
4. Support educational research for Islamic technologies.
5. Provide scholarships for bright pious Muslims to advance in the science of information technology.
6. Provide charitable contributions directly related to the type of Islamic technology service.
