Pulau Pinang, Malaysia
- Collection Goal
Collection of fund for purchasing distress houses, convert them into waqf property and certain amount of the lease proceeds will be channelled for community.
To collect fund from public's contribution and purchase distress property, which will be converted into waqf property. The property will be leased for long-term period and the proceeds will be channelled for public benefits e.g. medical and education.
The innovative waqf model is meant to release distressed individuals from their financial obligation in paying instalment to their creditor by using waqf collected from public to acquire their assets on private treaty hence avoiding the foreclosure process that may force down the value of the asset, hence will retain them in indebtedness situation with the creditor.
Residential property price is high plus there is lack of affordable houses. Need for house is a basic necessity, yet some are still not able to secure this need. On the other hand, there are others who own houses but are unable to serve the debt due to economic condition and this leads to increase of distress property. Thus, this initiative is an effort to provide solution to the issues; commencing on small scale basis and possibly to be upsized in the future.
1. To multiply waqf properties in developed state like Penang
2. To diversify on type of waqf properties beyond religious based types i.e. residential property.
3. To lessen the burden of distressed owners and provide housing ownership opportunity for others in the form of long-term lease.
4. To diversify the benefit of waqf by channeling certain amount towards various purposes e.g. medical or educational assistances.
YB Dato' Ir. Hj. Ahmad Zakiyuddin bin Abdul Rahman - Yang Dipertua, Majlis Agama Islam Negeri Pulau Pinang
Ustaz Mohd Nazri bin Chik - General Manager, Strategic Relation, Bank Islam
1. Ustaz Rosidi bin Hussain - Chief Executive Officer, Wakaf Pulau Pinang
2. Huzaimi bin Ghazali - Pengurus Baitulmal, Majlis Agama Islam Negeri Pulau Pinang
3. Ustaz Mohd Faiz bin Rahim - Head, Shariah Supervisory, Affin Islamic
4. Rosli bin Suparlan - Senior Relationship Manager, Strategic Business Alliance, Northern Region, Affin Islamic
5. Abdul Ghani bin Abd Wahab – Senior Deposit Manager, Northern Region, Bank Islam