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Islamic banks to develop waqf fund

08 September, 2017      61



KUALA LUMPUR: Six Malaysian Islamic banks have entered a collaboration to develop a waqf fund revolving around economic empowerment, education, health and investment, in an effort to develop the Muslim economy.

According to a press release issued on Friday, the Waqf Fund Strategic Collaboration Agreement was signed by Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, Bank Kerjasama Rakyat Malaysia Bhd, Maybank Islamic Bhd and RHB Islamic Bank Bhd yesterday. 

"The Islamic banks, with the existing infrastructure, risk and banking expertise will join forces to generate positive and sustainable impact to the economy, community and environment," said Datuk Mohd Redze Shah Abdul Wahid, president of the Association of Islamic Banking Institutions Malaysia (Aibim).

Based on the agreement, the participating banks will allow their banking channels to be used by their customers to contribute to their preferred projects

At present, eight State Islamic Religious Councils have agreed to participate in this initiative and will work with the banks to establish a joint management committee to closely monitor the projects.

To ensure the good governance of this initiative, Aibim will issue a code of governance and administration, which will include disclosure on requirements and reporting to donors and funders.  

For enquiries, contact Aibim at 03-2026 8002 / 3.

Original Source: http://www.thestar.com.my/business/business-news/2017/09/08/islamic-banks-to-develop-waqf-fund/#qTirG7pBROGrYjxl.99


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