Don't invest unless you're prepared to lose all the money you invest. This is a high risk investment. Take 2 mins to learn more.

How Harvard University and The Saudi Clock Tower Are Related

Published on
July 31, 2023

You may think this is an odd grouping of institutions. On the one hand, you have Harvard University, one of the most famous Western Universities in the world, based in the US. On the other hand, you have the Clock Tower, a modern skyscraper located in Saudi Arabia, within the holiest city to Muslims, Makkah.

However, the funding behind these two major global landmarks shares a crucial similarity – they were both made possible by the Islamic institution of Waqf. What is a Waqf, you may ask?

A Waqf is an Islamic endowment, where an asset or cash is donated, with the income generated used to sustainably fund charitable causes. Let’s explore further the comparison between these two institutions in relation to Waqf.

The Harvard Origin Story

Harvard University, one of the most prestigious institutions of higher education in the world, traces its early funding to an endowment.

In 1639, an English clergyman named John Harvard, bequeathed half his estate, including his library of over 400 books to a newly-formed college in Massachusetts. In honor of his donation, the college renamed itself from ‘New College’ to ‘Harvard College’. Over time, Harvard College became Harvard University.

This Waqf-sourced money allowed Harvard to open and sustain in its early years when educational philanthropy was rare. Today, Harvard University has an endowment of nearly $51 billion dollars that is used to help fund its activities. These funds help Harvard to maintain its position as a leading institution shaping lives and ideas globally.

How The Clock Tower Was Funded

On the other side of the world, the Makkah Clock Tower, the tallest clock tower in the world overlooking the holiest mosque for Muslims, was made possible by a government Waqf.

The Saudi Binladin Group built the Makkah Royal Clock Tower complex, which cost over $15 billion, as part of the King Abdulaziz Endowment Project. The project draws its massive funds from government Waqf revenue. The goal is to expand capacity for pilgrims and enhance facilities for those performing the sacred pilgrimage to Makkah. The proceeds from the Clock Tower will benefit and service the Holy Mosque.

It’s Time to Reclaim Our Legacy

As we admire grand universities like Harvard or the architecture of the Makkah Royal Clock Tower, it is enlightening to know the common civilizational roots that made them possible – the selfless spirit of Waqf in Islam. This institution allowed Muslims throughout history to create lasting assets for societies worldwide.

Establishing Waqf has been practiced by Muslims for centuries. Whether it’s a university, mosque, hospital, or library, Waqf has been instrumental in building sustainable institutions. Modern efforts from the Saudis show that establishing waqf can be greatly beneficial for society. It’s time for the rest of us to follow suit and establish and contribute to Waqf to create our own legacy.

Risk Warning: Equity investments are not readily realisable and involve risks, including loss of capital, illiquidity, lack of dividends and dilution, and it should be done only as part of a diversified portfolio. Investments of this type are only for investors who understand these risks. You will only be able to invest in the company once you have met our conditions for becoming a registered member.

Please visit www.wahed.com/uk/ventures/risk for our full risk warning.

Risk Warning: As with any investment, a Wahed Invest Ltd investment puts your money at risk, as the value of your investment can go down as well as up. The tax treatment of your investment will depend on your individual circumstances and may change in the future. If you are unsure about whether investing is right for you, please seek expert financial advice.

Please visit www.wahed.com for our full terms and conditions

Maydan Capital Limited, trading as WahedX, is registered in England and Wales (Company No. 13451691), registered office: 87-89 Baker Street, London, W1U 6RJ, UK. Maydan Capital Ltd (FRN: 963613) is an appointed representative of Wahed Invest Ltd (FRN: 833225), an authorised and regulated firm by the Financial Conduct Authority.Wahed Invest Ltd. is registered in England and Wales (Company No. 10829012), registered office: 87-89 Baker Street, London, W1U 6RJ, UK and is authorised and regulated by the Financial Conduct Authority: FRN 833225.

As with any investment, a Wahed Invest Ltd investment puts your money at risk, as the value of your investment can go down as well as up. The tax treatment of your investment will depend on your individual circumstances and may change in the future. If you are unsure about whether investing is right for you, please seek expert financial advice.

Wahed Invest LLC (Wahed) is a US Securities and Exchange Commission (SEC) registered investment advisor. Wahed Invest provides brokerage services to its clients through its brokerage partner Apex Clearing Corporation, a member of NYSE - FINRA - SIPC and regulated by the SEC and the Commodity Futures Trading Commission. Registration does not imply a certain level of skill or training. Wahed does not intend to offer or solicit anyone to buy or sell securities in jurisdictions where Wahed is not registered or a region where an investment practice like this would be contrary to the laws or regulations. Any returns generated in the past do not guarantee future returns. All securities involve some risk and may result in loss. Any performance displayed in the advertisements or graphics on this site are for illustrative performances only.

Disclaimer: Wahed Technologies Sdn Bhd ("Wahed") is a Digital Investment Manager (DIM) licensee issued by Securities Commission Malaysia (eCMSL/ A0359/2019). It is part of Wahed Inc. Wahed is authorized to conduct a fund management business that incorporates innovative technologies into automated portfolio management services offered to clients under a license issued pursuant to Schedule 2 of the Capital Markets Services Act 2007. All investments involve risks, including the possibility of losing the money you invest, and the track record does not guarantee future performance. The history of returns, expected returns, and probability projections is provided for informational and illustrative purposes, and may not reflect actual future performance. Wahed is not responsible for liability for your trading and investment decisions. It should not be assumed that the methods, techniques, or indicators presented in this product will be profitable, or will not result in losses. The previous results of any trading system published by Wahed, through the Website or otherwise, do not indicate future returns by that system, and do not indicate future returns that will be realized by you.

Wahed Invest Limited is regulated by ADGM’s Financial Services Regulatory Authority (“FSRA”) as an Islamic Finance Business with Financial Services Permission for Shari’a Compliant Regulated Activities of Managing Assets and Arranging Custody [Financial Permission No. 220065]. Our ADGM Registered No. is 000004971. Wahed Invest Limited utilises Titanium Financial Ltd. (Company no: 000003948) as it’s banking partner/custodian.

Wahed assumes no obligation to provide notifications of changes in any factors that could affect the information provided. This information should not be relied upon by the reader as research or investment advice regarding any issuer or security in particular. Any strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. Furthermore, the information presented may not take into consideration commissions, tax implications, or other transactional costs, which may significantly affect the economic consequences of a given strategy or investment decision. This information is not intended as a recommendation to invest in any particular asset class or strategy or as a promise of future performance.

There is no guarantee that any investment strategy will work under all market conditions or is suitable for all investors. Each investor should evaluate their ability to invest long term, especially during periods of downturn in the market. Investors should not substitute these materials for professional services and should seek advice from an independent advisor before acting on any information presented. Any links to third-party websites are provided strictly as a courtesy. We make no representation as to the completeness or accuracy of information provided at these websites nor do we endorse the content and information contained on those sites. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the third-party websites.

Share this post