The Road to the SDGs

purpose, with the objective of providing an independent review of the challenges. ACHIEVEMENTS X A number of outcomes have been achieved as a result of the investment in the formal Waqf Fund Study, including the creation of: – Investment policy statement and asset transition plan – Spending policy and guidelines – Waqf Fund governance – Assessment framework for activities supported by the Fund – Disclosure guidelines and templates. INVESTMENT X The findings of the report resulted in the implementation of a series of recommendations, which has helped to improve the financial and governance-related aspects of the Waqf Fund. X The study cost less than US$ 1 million and resulted in a series of recommendations, including: – A change of functional currency from ID to US$ to minimise currency risk, enhance profitability of the Fund and comply with new Investment Policy objectives – Establishment of a Board of Trustees Charter, with clear guidelines and objectives to be achieved and with a focus on the strategic, operational, financial and performance management of the Fund – Development of the Waqf Fund Investment Management Committee to maintain oversight and review all investments in the Fund assets – Development of a protocol to define the allocation of the Fund’s attributable net income among its three distinct accounts – Development of a spending policy to formalise the spending decisions of the Fund and to define spending rate, rules and regulations. The policy includes detailed spending guidelines for the grants and administrative costs associated with the programmes supported by the Fund. X Although the Waqf Fund’s spending needs to be curtailed further, the study has made the Fund relatively more sustainable. W A Q F F U N D R E F O R M The current spending of the Waqf Fund fell by 59% after implementing the study’s recommendations The reform has reduced the Fund's spending by US$23 million compared to the past few years [ 195 ] T H E R O A D T O T H E S D G s | P R O G R E S S A N D A C H I E V E M E N T S