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Questions and Answers
What is the new name of the Directorate of Zakat, Sadaqah and Waqf after the name change?
Who will hold the title of the head of the newly established Foundation?
What educational qualification must the Executive Director possess?
What percentage of Sadaqah received will be allocated for administrative purposes before reinvestment?
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For how long will the savings from Sadaqah earnings be reinvested for Waqf purposes?
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What will happen to the immediate investment from the Waqf fund donation?
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Which of the following will be maintained to support continuity?
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What is one of the first steps the new Foundation will undertake?
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What will guide all intending Waqf donors before making a donation?
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What is the main commitment of the Al-Hayat Zakat, Sadaqah, and Waqf Foundation?
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Study Notes
Al-Hayat Zakat, Sadaqah, and Waqf Foundation Roadmap
- Name Change: The Directorate of Zakat, Sadaqah, and Waqf will be renamed "Al-Hayat Zakat, Sadaqah, and Waqf Foundation" and registered with the Corporate Affairs Commission (CAC) Abuja.
- Leadership Title: The head of the Foundation will be titled "Executive Director."
- Executive Director Eligibility: The Executive Director must hold a degree in a relevant field with significant knowledge of Islamic social finance.
- Branch Committees: Existing branch committees will be retained for continuity.
- Zonal Offices: Existing zonal offices will be maintained to support expansion and growth.
- Commencement: The Foundation will start with registration, followed by training of branch officers.
- Immediate Investment: The Waqf fund donation from Al-Hayat Micro Finance Bank will be invested in Lotus Capital immediately.
- Sadaqah Earnings: All Sadaqah earnings will be saved for Waqf purposes, reinvested for three years, and the proceeds will be used for charitable purposes.
- Administrative Allocation: 20% of Sadaqah received before reinvestment will be retained for administrative purposes and unavoidable requests.
- Policy Form: A policy form will be drafted to guide all intending Waqf donors before donation.
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Description
This quiz explores the roadmap for the newly established Al-Hayat Zakat, Sadaqah, and Waqf Foundation. It covers essential aspects such as leadership roles, eligibility requirements, and financial strategies for supporting Islamic social finance initiatives. Test your knowledge on the Foundation's structure and operational plans.
