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Islamic Banking Institutions Collaborate To Develop Waqf Fund

SIX Islamic banks got together yesterday for a collaboration that would advance the value-based intermediation function of the Islamic banking industry within the Waqf segment.

The banks - Affin Islamic Bank Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, Bank Kerjasama Rakyat Malaysia Berhad, Maybank Islamic Berhad dan RHB Islamic Bank Berhad yesterday signed the Waqf Fund Strategic Collaboration Agreement, witnessed by Yang Berbahagia Dato’ Mohd Redza Shah Abdul Wahid, President of  the Association of Islamic Banking Institutions Malaysia (AIBIM).

The signing ceremony which was held at the Association of Islamic Banking Institutions Malaysia (AIBIM) office was attended by the senior management officers and the representatives of AIBIM’s Council members.

Dato 'Mohd Redza Shah Abdul Wahid in his opening speech said, "Islamic banks are aware that waqf has great potential in developing the economy of Muslims. There are many potential waqf lands for development and generous members of society who are willing to contribute. 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. Therefore, Islamic banks intend to support the efforts of the State Islamic Religious Council (MAIN) as the sole trustee of waqf by jointly identifying high-impact projects to develop and maximize the use of banking channels for our customers to participate by contributing funds to develop the identified projects. "

The focus areas of the waqf projects will surround four (4) sectors: economic empowerment, education, health and investment. Currently, eight (8) MAINs have agreed to participate in this initiative and together, the Islamic banks and MAINs will establish a Joint Management Committee to closely monitor the project. In this strategic partnership, participating Islamic banks have agreed to allow their banking channels to be used by their customers to contribute to their preferred projects.

Dato’ Mohd Redza Shah Abdul Wahid added, "In order to ensure good governance in this initiative, AIBIM will issue a Code of Governance and Administration as guiding  principles to be adhered by participating banks. This includes disclosure on requirements and reporting to donors and funders which are comparable to those of other Islamic banking operations. "

This initiative targets to launch in the fourth quarter of this year, after which Malaysians will have the opportunity to use the banking channels of the six Islamic banks to participate in the development of identified waqf projects.

Any enquiries, please contact AIBIM at 03-20268002 / 3.

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The Association of Islamic Banking Institutions Malaysia (AIBIM) was established in 1996 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 27 member banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness.

Media enquiries, please contact:
Ratna Sha’erah Kamaludin
Director, AIBIM
Tel: +603-2026802/8003

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