How Saudi Arabia is promoting the waqf to help finance global development

NEW YORK CITY: As governments scramble to close a multitrillion-dollar funding gap threatening the UN’s Sustainable Development Goals, Saudi Arabia is promoting a solution rooted not in modern finance but in a 1,400-year-old Islamic tradition. Presenting its third Voluntary National Review at the UN High-Level Political Forum on Sustainable Development this week, the Kingdom’s General Authority for Awqaf argued that the waqf — the Islamic charitable endowment — could become a powerful tool for financing sustainable development.

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