Kuwait’s Ambassador to Malaysia, Rashid Al-Saleh, has reaffirmed Kuwait’s commitment to supporting developmental endowment initiatives, particularly in the realm of digital transformation. Al-Saleh made these remarks during the symposium titled “Digital Endowments: Their Legitimacy, Applications, and Impact on Sustainable Development,” held at the International Islamic University in Kuala Lumpur. The event was organized by the General Secretariat of Kuwait Endowments and aimed at exploring the intersection of digital assets and endowment work.
Al-Saleh emphasized the importance of utilizing technology to serve communities, stating that digital assets provide unprecedented opportunities to innovate in the field of Islamic endowment. He underscored that digital endowments could transcend geographical borders and benefit global societies, aligning with Kuwait’s broader vision to support sustainable development.
The Ambassador highlighted that Kuwait’s pioneering role in supporting development initiatives has been bolstered by the rapid digital transformations taking place globally. By expanding the scope of endowment work to include digital assets, Kuwait aims to enhance innovation in the sector and foster social solidarity worldwide.
The symposium, which gathered experts from various institutions, focused on the integration of technology in endowment practices and its potential to achieve social, economic, and humanitarian goals. Al-Saleh also praised the fruitful cooperation between the General Secretariat of Endowments and the International Islamic Charitable Organization of Kuwait, emphasizing that such partnerships are instrumental in advancing endowment work.
Reham Bokhowa, the general coordinator of the symposium, explained that Malaysia was chosen as the venue for the event due to its leadership in endowment practices and its advanced expertise in financial technology. Malaysia’s strong foundation in sukuk endowment and digital finance made it an ideal host for the symposium. Bokhowa expressed hope that the symposium would foster knowledge exchange and lead to actionable outcomes that could enhance the future of digital endowments.
Abdulrahman Al-Mutawa, Deputy Director General for Projects at the Kuwait International Islamic Charitable Organization, stressed the importance of innovation in the endowment sector. He pointed out that the symposium’s goals were to help charitable societies develop and digitalize their endowments in alignment with the technological revolution. By harnessing digital endowments, the symposium aimed to provide practical tools to improve the sustainability and effectiveness of development projects worldwide.
The President of the International Islamic University Malaysia, Dr. Osman Bakar, praised Kuwait’s leadership in organizing the symposium. He noted that digital endowment represents a modern approach that can extend the reach of charitable efforts to regions in need, such as those facing humanitarian crises. Dr. Bakar highlighted the potential of digital endowments to support various sectors, including education, healthcare, and community development.
Dr. Ridwan Bakar, CEO of Waqf Malaysia, also spoke about the challenges and opportunities of digital endowment, stressing the need for efficient management and robust technical specifications to ensure the sustainability of these initiatives. He acknowledged the risks, such as security concerns and market fluctuations, and emphasized the importance of overcoming these challenges to unlock the full potential of digital endowments.
The Secretary General of the International Forum for Development Organizations, Mamoun Al-Ashqar, lauded Kuwait’s pivotal role in supporting endowment and development efforts. He highlighted Malaysia’s role in embracing technology to serve Islamic causes and emphasized the importance of partnership and cooperation between the symposium’s organizing bodies.
The symposium agenda covered six key areas, including the legal foundations of digital endowments, governance, technical specifications, and practical applications. These discussions aimed to provide a comprehensive roadmap for the future of digital endowment, ensuring its sustainability and impact on global development.
In conclusion, the two-day symposium, sponsored by the General Secretariat of Kuwaiti Endowments and supported by various international organizations, served as an important platform for exploring the role of digital endowments in achieving sustainable development. Through collaboration and innovation, Kuwait continues to play a leading role in advancing endowment initiatives that benefit communities worldwide.
