

Our Services
Islamic Social Finance
Islamic Social Finance
Islamic Social Finance
Helping institutions unlock the catalytic potential of zakat, waqf, and Islamic social capital through clearer strategy, stronger structures, and effective delivery
Helping institutions unlock the catalytic potential of zakat, waqf, and Islamic social capital through clearer strategy, stronger structures, and effective delivery
OUR PURPOSE
We exist to build what's missing.
We exist to build what's missing.
Islamic social capital — zakat, waqf, sadaqah — carries the potential to reshape economies and lift communities out of poverty. Across more than sixty countries, the waqf sector alone holds centuries of accumulated giving: land, hospitals, schools, prime urban real estate — donated permanently for communities that depend on it. The problem is not the scale of what has been given. It is the scale of what has been left unused. Most of it generates far less than it should.
We exist to build what's missing. Not because the capital is missing — it isn't — but because the governance, structures, and strategies needed to activate it are. That is the work Dunecrest does.
Product Innovation & Capacity Building
We intervene where Islamic social capital risks remaining idle, fragmented, or sub-optimally deployed
WHAT WE DO
Strategy, Policy & Governance
Research, Insights & Frameworks
Implementation & Execution Support

STRATEGY & GOVERNANCE
SELECTED CAPABILITY
Strategy, Policy & Governance
Defining institution-wide ISF strategy and operating models for NPOs, cooperatives, and social enterprises — from national frameworks to ground-level governance design.
National zakat and waqf strategy design
Operating model and governance frameworks
Regulatory and policy advisory
Institutional reform and restructuring
01 / 04
OUR APPROACH
How we activate Islamic social capital
How we activate Islamic social capital
01
Strategy, Policy & Governance
Strategy, Policy & Governance
Designing the institutional architecture that allows Islamic social capital to function at scale — operating models, governance frameworks, and national-level policy design for ministries, waqf bodies, zakat authorities, and social finance institutions.
Designing the institutional architecture that allows Islamic social capital to function at scale — operating models, governance frameworks, and national-level policy design for ministries, waqf bodies, zakat authorities, and social finance institutions.
Designing the institutional architecture that allows Islamic social capital to function at scale — operating models, governance frameworks, and national-level policy design for ministries, waqf bodies, zakat authorities, and social finance institutions.
02
Operationalizing Islamic Social Capital
Operationalizing Islamic Social Capital
Translating zakat, waqf, and sadaqah from latent assets into deployed capital — through instrument design, product structuring, and the operating mechanics that move capital from intent to impact.
Translating zakat, waqf, and sadaqah from latent assets into deployed capital — through instrument design, product structuring, and the operating mechanics that move capital from intent to impact.
Translating zakat, waqf, and sadaqah from latent assets into deployed capital — through instrument design, product structuring, and the operating mechanics that move capital from intent to impact.
03
Capacity Building & Knowledge Transfer
Capacity Building & Knowledge Transfer
Embedding the strategic, technical, and Shariah-aligned capabilities institutions need to lead independently — so when an engagement ends, the institution is stronger, not more dependent.
Embedding the strategic, technical, and Shariah-aligned capabilities institutions need to lead independently — so when an engagement ends, the institution is stronger, not more dependent.
Embedding the strategic, technical, and Shariah-aligned capabilities institutions need to lead independently — so when an engagement ends, the institution is stronger, not more dependent.
HOW WE WORK
A structured process from diagnosis to sustained impact
01
Diagnose
Understand the institutional context, identify deployment gaps, and define the scope of Islamic social capital opportunity.
02
Design
Architect strategies, frameworks, and product structures tailored to Shariah principles, stakeholder needs, and development goals.
03
Deploy
Deliver implementation support, capacity building, and program management — bridging strategy and ground-level execution.
04
Sustain
Embed impact measurement, governance systems, and knowledge transfer so results outlast the engagement.
WHO WE WORK WITH
We support institutions shaping Islamic social finance at scale
We support institutions shaping Islamic social finance at scale
Public & Development Institutions
WHEN INSTITUTIONS NEED TO:
• Design national ISF strategies and frameworks
• Structure zakat, waqf, and social finance authorities
• Strengthen social and development banks
Financial Institutions
WHEN ORGANIZATIONS REQUIRE:
• Design national ISF strategies and frameworks
• Structure zakat, waqf, and social finance authorities
• Strengthen social and development banks
Social Economy Organizations
WHEN ORGANIZATIONS NEED TO:
• Scale impact across NPOs, NGOs, and charities
• Build social enterprises and cooperatives
• Strengthen corporate CSR and ESG programs
RELATED PROJECTS
Dunecrest at work.
Dunecrest at work.
Most advisory in Islamic social finance specialises exclusively — Shariah or strategy, never both. Dunecrest is built differently.
Most advisory in Islamic social finance specialises exclusively — Shariah or strategy, never both. Dunecrest is built differently.
PUBLICATIONS
Research that shapes the field
Research that shapes the field
PARTNERSHIPS & ALLIANCES
Selected partnerships and alliances
Selected partnerships and alliances
Global Partner
Social Impact Network
Civic Futures
Develpment Forum
Strategic Alliance
Alliance One
OUR EXPERTS
Academic rigour. Practitioner depth. Rare in one team.
Academic rigour. Practitioner depth. Rare in one team.
A multidisciplinary team of PhDs, certified Islamic finance professionals, and senior practitioners spanning Shariah law, Waqf, strategy, and governance across four continents.
A multidisciplinary team of PhDs, certified Islamic finance professionals, and senior practitioners spanning Shariah law, Waqf, strategy, and governance across four continents.

PRACTICE LEAD · ISLAMIC SOCIAL FINANCE
Hoji Mirzakulov
Founder, HM Research Group · MBA Candidate, Asia School of Business (MIT Sloan Global Program)
Islamic finance practitioner and seasoned strategy consultant advising corporate and institutional leaders on strategic change, framework design, and enterprise transformation across MENA, Europe, APAC, and North America. His project experience spans Islamic social finance (Waqf, Qard Hasan) to commercial instruments (Sukuk structuring), including a research collaboration with Deloitte Middle East. Previously led a business unit at Frost & Sullivan with full P&L ownership across the Middle East and Europe.
Supported by a multidisciplinary team across waqf advisory, Shariah and Awqaf law, and social innovation.
PRACTICE LEAD · ISLAMIC SOCIAL FINANCE
Hoji Mirzakulov
Founder, HM Research Group · MBA Candidate, Asia School of Business (MIT Sloan Global Program)
Islamic finance practitioner and seasoned strategy consultant advising corporate and institutional leaders on strategic change, framework design, and enterprise transformation across MENA, Europe, APAC, and North America. His project experience spans Islamic social finance (Waqf, Qard Hasan) to commercial instruments (Sukuk structuring), including a research collaboration with Deloitte Middle East. Previously led a business unit at Frost & Sullivan with full P&L ownership across the Middle East and Europe.
Supported by a multidisciplinary team across waqf advisory, Shariah and Awqaf law, and social innovation.
KEEP EXPLORING

Socio-Economic Development
Social policy development; non-profit sector; impact modelling and studies; social impact strategy; social entrepreneurship; social innovation; impact investment

Spatial Intelligence
Urban economics and regional development; urban innovation; public policy for cities and regions; urban sustainability; climate resilience and green infrastructure

ACCEPTING PROJECTS
Climate Solutions
Green and sustainability strategy; climate finance; net-Zero decarbonisation roadmap; renewable energy strategy; ESG enablement; climate impact assessment; water management strategy

ACCEPTING PROJECTS
Healthcare Innovation
New product development; go-to-market strategy; health volunteerism strategy and initiatives; hospital operations improvement; market expansion

ACCEPTING PROJECTS
People & Teams
Capacity building; mentoring; executive coaching; acceleration and incubation programmes; complex facilitation; human capital plan; change management
KEEP EXPLORING

Socio-Economic Development
Social policy development; non-profit sector; impact modelling and studies; social impact strategy; social entrepreneurship; social innovation; impact investment

Spatial Intelligence
Urban economics and regional development; urban innovation; public policy for cities and regions; urban sustainability; climate resilience and green infrastructure

ACCEPTING PROJECTS
Climate Solutions
Green and sustainability strategy; climate finance; net-Zero decarbonisation roadmap; renewable energy strategy; ESG enablement; climate impact assessment; water management strategy

ACCEPTING PROJECTS
Healthcare Innovation
New product development; go-to-market strategy; health volunteerism strategy and initiatives; hospital operations improvement; market expansion

ACCEPTING PROJECTS
People & Teams
Capacity building; mentoring; executive coaching; acceleration and incubation programmes; complex facilitation; human capital plan; change management
KEEP EXPLORING

Socio-Economic Development
Social policy development; non-profit sector; impact modelling and studies; social impact strategy; social entrepreneurship; social innovation; impact investment

Spatial Intelligence
Urban economics and regional development; urban innovation; public policy for cities and regions; urban sustainability; climate resilience and green infrastructure

ACCEPTING PROJECTS
Climate Solutions
Green and sustainability strategy; climate finance; net-Zero decarbonisation roadmap; renewable energy strategy; ESG enablement; climate impact assessment; water management strategy

ACCEPTING PROJECTS
Healthcare Innovation
New product development; go-to-market strategy; health volunteerism strategy and initiatives; hospital operations improvement; market expansion

ACCEPTING PROJECTS
People & Teams
Capacity building; mentoring; executive coaching; acceleration and incubation programmes; complex facilitation; human capital plan; change management
Smart policies. Strong systems. Lasting impact.
We help structure social development as a long-term investment in people and outcomes.



KEEP EXPLORING

Socio-Economic Development
Social policy development; non-profit sector; impact modelling and studies; social impact strategy; social entrepreneurship; social innovation; impact investment

Spatial Intelligence
Urban economics and regional development; urban innovation; public policy for cities and regions; urban sustainability; climate resilience and green infrastructure

ACCEPTING PROJECTS
Climate Solutions
Green and sustainability strategy; climate finance; net-Zero decarbonisation roadmap; renewable energy strategy; ESG enablement; climate impact assessment; water management strategy

ACCEPTING PROJECTS
Healthcare Innovation
New product development; go-to-market strategy; health volunteerism strategy and initiatives; hospital operations improvement; market expansion

ACCEPTING PROJECTS
People & Teams
Capacity building; mentoring; executive coaching; acceleration and incubation programmes; complex facilitation; human capital plan; change management
KEEP EXPLORING

Socio-Economic Development
Social policy development; non-profit sector; impact modelling and studies; social impact strategy; social entrepreneurship; social innovation; impact investment

Spatial Intelligence
Urban economics and regional development; urban innovation; public policy for cities and regions; urban sustainability; climate resilience and green infrastructure

ACCEPTING PROJECTS
Climate Solutions
Green and sustainability strategy; climate finance; net-Zero decarbonisation roadmap; renewable energy strategy; ESG enablement; climate impact assessment; water management strategy

ACCEPTING PROJECTS
Healthcare Innovation
New product development; go-to-market strategy; health volunteerism strategy and initiatives; hospital operations improvement; market expansion

ACCEPTING PROJECTS
People & Teams
Capacity building; mentoring; executive coaching; acceleration and incubation programmes; complex facilitation; human capital plan; change management
Smart policies. Strong systems. Lasting impact.
We help structure social development as a long-term investment in people and outcomes.









