COVID–19 NEWS   S Korea’s new COVID-19 cases bounce back to over 10,000 amid resurgence woes | Italy's COVID-19 transmission rate rises for 4th consecutive week | N Korea's first COVID-19 cases traced to area bordering S Korea: State media | COVID: Rise in new infections, drop in death cases last week - Health DG | South Korea’s COVID-19 vaccine candidate inches closer to launch after experts' approval Recommendation | 
BUSINESS

HDC to introduce waqf fund to assist MSMEs

27/04/2022 11:21 AM

KUALA LUMPUR, April 27 (Bernama) -- Halal Development Corporation Bhd (HDC) will introduce a waqf fund to assist micro, small and medium enterprises (MSMEs) in developing the halal economy in the country, tentatively scheduled for July.

Chief executive officer Hairol Ariffein Sahari said this was one of HDC's new approaches in line with its objective to develop the Islamic economy as a whole.

"I would like to highlight that HDC has explored the need for waqf (Islamic endowment) funds for the halal industry and we will work with Yayasan Wakaf Malaysia and the banks that will be appointed.

"We will disburse this fund to MSMEs to buy assets that can be endowed," he said when met at the breaking of fast with paralympic athletes here Tuesday.

Hairol said HDC aims to develop the Islamic economy as a whole, as it is not confined to the halal industry alone but also encompasses banking, zakat (tithe), waqf, takaful, and Islamic bodies.

"HDC will gradually incorporate these important elements of the Islamic economy and will become an enabler, where HDC can provide certain waqf funds for the development of the halal economy," he said.

Besides, he said HDC will also work with takaful providers to assist small and medium industry (SMI) entrepreneurs.

"For example, if their products are damaged and so forth, there are no Islamic insurances that can help takaful by reducing the risks in the business," he said.

Hairol said HDC has allocated RM4 million for the waqf fund, bringing the total additional fund to RM 9.1 million to implement various programmes earmarked under its budget throughout the year.

-- BERNAMA

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy