The Association of Islamic Banking and Financial Institutions of Malaysia (AIBIM) unveils the evolution of myWakaf to myWakaf 2.0 at the 18th Kuala Lumpur Islamic Finance Forum 2023 today. This landmark exemplifies AIBIM’s unwavering dedication to advancing philanthropic values and fostering shared prosperity for the entire Malaysian community, particularly the underserved.
The successful completion of six (6) projects in various states in myWakaf 1.0 with a total collection over RM8 million has inspired AIBIM to deliver more in this wakaf space. The introduction of Wakaf Madani by Malaysian Prime Minister Datuk Seri Anwar Ibrahim, who announced Wakaf Madani during the tabling of the 2023 budget to maximise assets valued at RM1 billion with the commitment of the private sector, added to the excitement.
In his address at the Kuala Lumpur Islamic Finance Forum (KLIFF 2023), Governor of Bank Negara Malaysia, Datuk Abdul Rasheed Ghaffour emphasized the industries commitment to innovation, stating “I would like to applaud the industry for its ongoing commitment to improving the myWakaf initiative by involving more Islamic banks and State Islamic Religious Councils in myWakaf 2.0. By placing a stronger emphasis on community and economic empowerment, along with implementing a more cohesive monitoring system, myWakaf holds substantial promise in advancing the socio-economic development of our nation.”
Within the next three years, myWakaf 2.0 expects 14 Solar Dome Dryer (SDD) to serve the fishing community in all states. The SDD project, which is planned to be implemented nationwide throughout all fourteen states in Malaysia, was picked for its five E’s: easy – easy to construct, use and upkeep; economical – affordable and a promising income; effective – short turnaround time and maintain product quality; efficient – weather-proof and hygienic; and empower – create job opportunity to the community. Phase 1 will see the completion of five projects in five different states, including Kedah, Perlis, Pulau Pinang, Negeri Sembilan, and Selangor.
Nine (9) participating banks, namely Affin Islamic Bank Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, Bank Rakyat, Bank Simpanan Nasional, CIMB Islamic Bank Berhad, Maybank Islamic Berhad, MBSB Bank Berhad and RHB Islamic Bank Berhad, and eleven (11) State Islamic Religious Councils, namely Majlis Agama Islam & ‘Adat Melayu Perak, Majlis Agama Islam dan Adat Istiadat Melayu Kelantan, Majlis Agama Islam dan Adat Istiadat Melayu Perlis, Majlis Agama Islam dan Adat Melayu Terengganu, Majlis Agama Islam Negeri Kedah, Majlis Agama Islam Negeri Sembilan, Majlis Agama Islam Wilayah Persekutuan, Majlis Ugama Islam Dan Adat Resam Melayu Pahang, Perbadanan Wakaf Selangor, Tabung Baitulmal Sarawak, and Wakaf Pulau Pinang are committed to pave the way for this revolution. With a resident bank placed to oversee and be together with the community, this concept is undeniably a game changer that will make community empowerment a meaningful reality for all stakeholders.
In conclusion, myWakaf’s transformation to myWakaf 2.0, led by AIBIM, underscores the commitment to positive change and sustainability. The flagship Solar Dome Dryer (SDD) project is poised to create a lasting impact, reflecting AIBIM myWakaf’s dedication to addressing diverse societal needs. As it continues to evolve, myWakaf holds the promise of significantly contributing to shared prosperity and social development in Malaysia.