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For our community to really thrive with scholars among us, we need to invest in their growth and build a solid foundation to support them. To have great minds in our midst, we need strong institutions that back them up, and the Waqf is key to setting that up.
The Waqf is like a never-ending source of support, providing steady financial help for our students and scholars across generations. It’s the backbone for funding scholarships, supporting research, and backing higher Islamic education. With it, Toronto can become a major center for Islamic learning.
When we truly value and support our scholars, we’ll attract top talent to our community. By showing our commitment, we can make our city a respected place for gaining sacred knowledge.
The Waqf has deep historical roots, backed by the Prophet (SAW) and the early generations of Muslims.
Umar (RA) acquires land in Khaybar
Umar (RA) asked the Prophet (SAW), 'I've acquired land in Khaybar, and it's incredibly precious to me. What should I do with it?'
The Prophet (SAW) advised, ‘You can choose to sequester the principal and dedicate the profits for charitable purposes.’
Following this, Umar (RA) decided to give away the profits as alms, with the condition that the principal wouldn't be sold, gifted, or inherited. The yields were allocated for the benefit of the poor, kin relations, freeing of slaves, military expenditures, travelers, and guests.
The administrator was allowed to use it appropriately or share with friends, as long as they didn't claim ownership of the property.
The Prophet’s (SAW) advice to keep the principal intact and use its returns for charity shows a lasting way to support important causes. This tradition, started by the Prophet (SAW), set up a model for ongoing charitable work.
So, creating the Scholars Waqf, following the example of the Sahaba and later generations, shows how much we value Islamic Scholars in our community. It represents our commitment to knowledge and learning in Toronto and Canada.
Khaled Sultan is a seasoned Senior Wealth Advisor and Senior Portfolio Manager at CIBC Wood Gundy, one of Canada’s largest banks, where he serves as the head of Canada’s pioneering advisory practice, dedicated to offering Shariah compliant investment solutions. He is known for his expertise in Islamic Finance, Ethical Finance and Socially Responsible Finance, with over two decades of invaluable industry experience.
Mr. Sultan’s credentials include:
Beyond his professional pursuits, Mr. Sultan is actively engaged in philanthropy and community service. His dedication is reflected in his service on the boards of several non-profit and charitable organizations, including the London Community Foundation, Merrymount Children’s Centre, and the World Parkinson’s Program. Mr. Sultan has been a driving force behind local and national initiatives such as Princess Margret’s Walk to End Breast Cancer, Make A Wish Canada, Meals on Wheels, Junior Achievement of Canada, and Junior Chamber International. Notably, he chaired the Investment Committee for the London Community Foundation.
Mr. Sultan’s multifaceted expertise, unwavering commitment to Islamic Finance, and extensive philanthropic contributions underscore his reputation as a distinguished professional with a profound impact on both the Shariah compliant financial industry and the community at large.
