PHILANTHROPY

Between $400bln to $1trln is disbursed in Islamic alms-giving every year

Islamic concept , Getty Images/Getty Images
Islamic concept
Getty Images/Getty Images

“We need to ensure we maximise our giving impact by effectively building a closer community of philanthropic donors to share knowledge, experience and purpose”

Anam Khan, Khaleej Times

October 7, 2022

MENA COUNTRIESPHILANTHROPY

Sheikh Saud Bin Saqr Al Qasimi Foundation for policy research in collaboration with the organisation for Economic Co-Operation and Development (OECD) Network of Foundations Working for Development (netFWD) and the Pearl Initiative, convened experts for a series of panel discussions at a joint event titled ‘Private Philanthropy for Development in the MENA’.

The discussions focused on building effective philanthropic communities across the region, drawing opinions from philanthropists and experts from the non-profit sector to promote improved data and dialogue.

The opening session titled ‘Building philanthropic communities in the MENA region’ featured Huda Alkhamis-Kanoo, founder of the Abu Dhabi Music and Arts Foundation, Badr Jafar, CEO of Crescent Enterprises and founder of Pearl Initiative, and Hana Shahin, executive director of King Hussein Foundation. The discussion highlighted the importance of collaboration through sharing experiences and co-financing initiatives based on mutual objectives and the growing demand for transparency, accountability, and measurability in philanthropic giving across the region.

Jafar said: “It is estimated that more than $5 trillion of wealth in the top 30 growing economies which are all in growth markets like the Middle East will be passed from one generation to the next within the next decade. There will inevitably be a significant increase in philanthropic activities in these societies, which underlines the need for enhanced mechanisms and means to give to boost impact.”

Jafar called on all stakeholders to undertake transparent, innovative, and impactful philanthropic initiatives to benefit the region, emphasising, “We have a long history of charitable giving in the MENA region and the broader Islamic world. Today, anywhere between $400 billion to $1 trillion is disbursed annually between zakat and sadaqa, which is triple the global annual humanitarian and development aid budgets. With all the challenges being faced, we need to ensure we maximise our giving impact by effectively building a closer community of philanthropic donors to share knowledge, experience and purpose.”

Alongside the panel discussions, a roundtable explored the strategies adopted by various foundations to provide stakeholders with additional knowledge banks and resources to draw upon. Learning included examining the efforts of some philanthropists in the region to benefit from the coordination of data and dialogue to achieve more impactful philanthropy.

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