- 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.
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:
To manage, provide or finance in educational/ research efforts, such as in:
- facility/ infrastructure/ equipment
- research/ learning/ training
- scholarship or financial assistance
To manage, provide or finance health related efforts such as in:
- medical infrastructure/ equipment
- medical treatment/ services
To pool fund and manage investment through:
- fund raising activities
- property investment
- financial instrument
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:
- to facilitate the orderly development and operationalisation of waqf fund that are consistent with the Shariah requirements;
- to establish a strong oversight process in order to safeguard the interest of the participating IBs, SIRCs and other stakeholders;
- 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
- to set out the minimum disclosure requirements that will instill public confidence and facilitate informed decision making by the JMC.
myWakaf logo is an elegant logo that harks at Islamic design. The colours are soft and subdued cool tones to reflect a calm spiritual mood. The design is akin to the cross section of a corn which reveals the 7 petals as mentioned in the Quranic verse on the parable of those who spend their wealth in the way of Allah as the following:
“The parable of those who spend their wealth in the way of Allah is that of a grain of corn: it groweth seven ears and each ear hath a hundred grains. Allah giveth manifold increase to whom He pleaseth; and Allah careth for all and He knoweth all things.” (Al-Baqarah: 261)
|1.||Bank Islam Bank Berhad||
|2.||Maybank Islamic Bank Berhad||
|3.||Affin Islamic Bank Berhad||
|5.||Bank Muamalat Malaysia Berhad||
|6.||RHB Islamic Bank Berhad||