Islamic Development Bank finances a technical assistance for the operationalization of the High Authority of Waqf in Senegal
The Islamic Development Bank (IsDB) and the Government of Senegal signed a technical assistance agreement of USD273,000 in the form of a grant on January 14, 2019. The total cost of the technical assistance amounts to USD668,750. The contribution of the Government of Senegal is USD395,750.
The announcement was made in Dakar during the signing ceremony of an agreement between the IsDB and the Government of Senegal, represented by Senegal’s Minister of Economy and Finance Amadou Ba and President of the IsDB Group, Dr. Bandar Hajjar.
The objective of this technical assistance is to contribute to the strengthening of the operational capacity of the High Waqf Authority (HAW), created to administer the public Waqf and supervise, private, mixed and family Waqfs.
The technical assistance under the form of a grant to the Government of Senegal will be used to finance the following activities:
- Elaboration of manuals of procedures for operationalization and of investment of the HAW;
- Training of the staff of the HAW and stakeholders;
- Census of existing Awqaf;
- Acquisition of a Management Information System (GIS) and its adaptation to the needs of the HAW.
The agreement, which takes effect immediately, is the second of its kind after an initial technical assistance of $ 280,000 granted by the Bank for the benefit of the HAW for the financing of the Waqf communication plan in Senegal and is the result of a partnership which started in 2009 aiming to make Senegal a regional hub of Islamic finance, particularly through the promotion of Islamic social finance developing solidarity instruments such as the Waqf which has allowed the launch of the first important public pilot Waqf project, intended for the modernization of the Daraas.