The Accounting Research Institute (ARI) was recently tasked to facilitate a research discussion on Islamic Philanthropy At the end of the three-day discussion, a research proposal was developed and submitted. The project had involved several local and foreign universities. Philanthropy, or in a more general term, charity constitutes an act of giving and sharing of one's wealth with others. From the Islamic perspective, a society can flourish when its members do not spend all their wealth on the satisfaction of their own desires but reserve a portion of it for others - parents, relatives, neighbours, the poor and the incapacitated. Islamic philanthropy is of two categories: obligatory and voluntary. Obligatory philanthropy consists of zakat; whereas voluntary philanthropy includes the institutions of sadaqah and waqaf. Zakat is the share or portion of wealth that is obligatory upon a Muslim to give to fixed categories of beneficiaries (Asnaf), if the valu of his/her assets is more than a specified limit. Sadaqah is a form of giving but is not restricted in the form of money or food, but includes every act done for the benefit of others. Waqaf is the permanent dedication of any property or wealth for any purpose recognised by the religion and it involves the transfer of ownership of the things dedicated. In a nutshell, Islamic philanthropy aims to develop value creation to the well being of the
ummah.
The Accounting Research Institute (ARI) was recently tasked to facilitate a research discussion on Islamic Philanthropy At the end of the three-day discussion, a research proposal was developed and submitted. The project had involved several local and foreign universities. Philanthropy, or in a more general term, charity constitutes an act of giving and sharing of one's wealth with others. From the Islamic perspective, a society can flourish when its members do not spend all their wealth on the satisfaction of their own desires but reserve a portion of it for others - parents, relatives, neighbours, the poor and the incapacitated. Islamic philanthropy is of two categories: obligatory and voluntary. Obligatory philanthropy consists of zakat; whereas voluntary philanthropy includes the institutions of sadaqah and waqaf. Zakat is the share or portion of wealth that is obligatory upon a Muslim to give to fixed categories of beneficiaries (Asnaf), if the valu of his/her assets is more than a specified limit. Sadaqah is a form of giving but is not restricted in the form of money or food, but includes every act done for the benefit of others. Waqaf is the permanent dedication of any property or wealth for any purpose recognised by the religion and it involves the transfer of ownership of the things dedicated. In a nutshell, Islamic philanthropy aims to develop value creation to the well being of the ummah. 
