Who We Are

  • Bank Negara Malaysia (BNM) under the Financial Sector Blueprint 2011-2020 outlines the need of financial inclusion to empower the communities with banking services.
  • myWakaf is an inclusive economic instrument that based on philanthropic value in order to achieve its objective; best serve all members of society particularly the underserved, to have an access of quality essential services and assistant in fulfilling their needs towards shared prosperity.
  • Waqf, under the purview of State Islamic Religious Council (SIRC) is an important tool of financial inclusion and economic growth. To maximize its potential, Waqf needs to be managed efficiently and professionally.
  • Bank Negara Malaysia (BNM) through Association of Islamic Banking Institutions Malaysia (AIBIM) has called for Islamic Banks’ participation in collaborating and standardising Waqf Fund initiative action plan between Islamic Banks and SIRC in developing the potential of Waqf and empower the economy of ummah in Malaysia. Currently, there are six Islamic Banks have been involved in the implementation of Waqf which consists of Affin Islamic Bank Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, Bank Rakyat, Maybank Islamic Berhad and RHB Islamic Malaysia Berhad.
SIRC ISLAMIC BANKS
  • National wakaf culture agenda.
  • Financial resources for the development of existing Waqf assets.
  • Creation of new Waqf assets.
  • Synergy of strategic investment expertise from banks.
  • Another value-based banking initiative.
  • Provide opportunity to the customer to leverage on the banking channel.
  • Empowering the economy of ummah.

The Waqf Fund is a pool of monies from endowment of individuals and corporations aims to be utilized for the perpetuity of the principal and at the same time, generates income to be used for the benefits of the society. The implementation of Waqf Project includes of the followings criteria:

i. Immediate economic impact to the ummah (outcome based).
ii. “Value proposition” to attract non-tradition Waqf Contributors.
iii. Decision to be made by the Joint Management Committee.
iv. Existing SIRC’s Projects that meet new criteria or projects identified.
v. Create success story within three years of launch.

The execution will be through agreed projects within the following sectors:

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Education

To manage, provide or finance in educational/ research efforts, such as in:

  • facility/ infrastructure/ equipment
  • research/ learning/ training
  • scholarship or financial assistance
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Health

To manage, provide or finance health related efforts such as in:

  • medical infrastructure/ equipment
  • medical treatment/ services
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Investment

To pool fund and manage investment through:

  • fund raising activities
  • property investment
  • financial instrument
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Economy Empowerment

To manage, provide or finance economic empowerment efforts such as in:

  • Business startup
  • Existing business

This Code of Governance and Transparency for Waqf Fund is formulated to assist and provide guidance to the IBs to adopt good practices in dealing with the management of the waqf fund. The objectives of this Code are as follows:

  1. to facilitate the orderly development and operationalisation of waqf fund that are consistent with the Shariah requirements;
  2. to establish a strong oversight process in order to safeguard the interest of the participating IBs, SIRCs and other stakeholders;
  3. to outline the prudential requirements in order to support sound risk management of waqf fund, which is consistent with the IBs risk management policy and strategic intent; and
  4. to set out the minimum disclosure requirements that will instill public confidence and facilitate informed decision making by the JMC.

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myWakaf Objective

  • To synergise SIRC and Islamic banks capabilities to create a dynamic and progressive Waqf Project

  • To enhance transparency, accountability and effective regulatory of Waqf Fund financial management.

  • To maximise the development of Waqf through innovative and effective banking channels.

Corporate Information

NO. PARTICIPATING BANKS MEMBER
1. Bank Islam Bank Berhad
  1. En. Mohd Nazri Chik – Chairman
  2. En. Mohd Izwadi Mat Hassan
2. Maybank Islamic Bank Berhad
  1. En. Munawwaruzzaman Mahmud – Deputy Chairman
  2. En. Azhar Alias
3. Affin Islamic Bank Berhad
  1. En. Mohd Faiz Rahim
  2. En. Badrol Hisham Ibrahim
4. Bank Rakyat
  1. En. Mohd Zamerey Abdul Razak
  2. En. Hasbollah Mahat
5. Bank Muamalat Malaysia Berhad
  1. En. Mohd Hafiz Fauzi
  2. En. Che Mazlan Che Yusoff
6. RHB Islamic Bank Berhad
  1. En. Ahmad Mukarrami Ab Mumin
  2. En. Adi Hanif Mohamed