Alizz Islamic Bank holds seminar on Waqf and Will

As part of Manar Alizz Initiative, Alizz Islamic Bank in collaboration with Al Rustaq Charity Team will organise a seminar under the theme ‘Waqf and Will: their Civilizational Role’ on Wednesday at Wilayat Al Rustaq In the governor's office

This seminar comes in response to the many invitations received by Alizz Islamic Bank from across the different governorates of the Sultanate of Oman following the successful launch of a similar seminar held at Grand Millennium Muscat during which Alizz Islamic Bank hosted a distinguished group of scholars, researchers, and specialists in this field.

In their work papers, the experts underlined the fact that the ‘will’ is a religious duty commanded by Allah yet much is needed to be done to educate the public about continuous charity and act of giving. It is highly praised for its noble and vital purposes as it can be used to fund charitable activities in the Sultanate as a gesture of social solidarity. On the other hand, endowment (‘waqf’) is an important religious instrument since the early days of the Islamic civilization and, practically, the Omani society has applied this concept throughout its history as a reflection of compassion and empathy between the members of society under the tenets of Islamic Shari’a.

To continue this shining legacy, while offering Islamic banking services; there is a need to underscore the role of waqf and provide the opportunity to invest the ‘waqf’ properties. These will grow into sustainable sources of income to fund charitable activities and manifest the strong bond between society members.

The ‘will and waqf’ are mercies and religious duties that must be maintained and encouraged. The will, specifically, is a source of income for the non-inheritors, an endless charity with constant reward from Allah and a form of strong and dynamic mechanism of benevolence that can be used to bridge the gap between the rich and bring out the sense of love and sympathies toward one another in society.

Data and statistics show that nowadays there is less and less tendency among people to prepare their wills as only 20 ‘wills’ were recorded in one of the wilayats in 2019. Given the number of the population aged 65 years and above, 20 ‘wills’ represent only a meager portion of 0.6%. This calls to ring the bell for more robust cooperation and action to promote awareness among the public as to the importance and impact of ‘wills’ on their lives.