BUSINESS

MAIWP PLANS TO SET UP ISLAMIC SOCIAL FINANCE CONSULTATIVE COUNCIL BY YEAR-END

11/08/2022 06:30 PM

KUALA LUMPUR, Aug 11 (Bernama) -- The Federal Territories Islamic Religious Council (MAIWP) plans to set up an Islamic social finance consultative council by the end of this year.

MAIWP chairman Tan Sri Mohd Daud Bakar said council members will be selected from individuals, representatives from the corporate sector and non-governmental organisations, with MAIWP acting as the secretariat.

He said that through the council, consultation meetings and various discussions on Islamic social finance can be held periodically to connect and enhance the synergy between Islamic finance and Islamic social finance. 

“We will announce the (members) involved soon in addition to the plan to explore various new sources of funds in the Islamic financial system to create and add value to services to the community.

“The council can also be a collaborative platform for the delivery of more effective and comprehensive contributions,” he said at the MAIWP forum, entitled “Islamic Financial Resource Instruments in Organisations”, here, today.

Mohd Daud said that in addition to discussing zakat and waqf as a source of funding in the Islamic financial system, unclaimed money may also be an agenda that can be explored as a new fund.

“A large amount of unclaimed money is lying idle at the national level, so there is nothing wrong if MAIWP is given the opportunity to manage unclaimed property for direct use in the community,” he said.

H also said the community’s demand for social financial resources is currently three to four times more than the existing resources to accommodate all the existing asnaf and this requires MAIWP to explore new funds.

Touching on MAIWP’s income, acting chief executive Mohd Nizam Yahya said 95 per cent is from zakat sources, five per cent from waqf sources and there is also income from general sources through public donations and government grants for emoluments amounting to RM30 million.

In 2021, zakat collection through MAIWP amounted to RM852 million while agihah directly to the asnaf community for the first half of this year was as much as RM262 million to 32,000 families, and this does not include other assistance, said Mohd Nizam.

In addition to zakat, he said in the context of poverty eradication, the role of waqf is also important as a tool for the sustainability of the Islamic economy which includes development, investment and production, among others.

He said the synergy that exists between waqf in the Islamic financial system is able to create new opportunities in the socio-economic development of society, as well as being able to play a role and complement the socio-economic cycle if it is equipped with systematic and comprehensive management.

The MAIWP waqf centre, as well as the company that is given the responsibility of performing the waqf function, has drawn up a number of high-impact waqf projects in the Federal Territory worth RM154.6 million, including the development of waqf houses, mosque development and education.

In addition, MAIWP is also exploring opportunities with Bank Islam Malaysia Bhd which has a waqf fund amounting to RM200 million to develop waqf land belonging to the state Islamic Religious Council.

“We hope MAIWP can take the lead to utilise the funds provided by this Islamic bank, where we have identified several projects to be developed using the funds provided by the bank.

“The project we aim to develop is an education-related development in Putrajaya, which will require an investment of RM90 million,” he said. 

-- BERNAMA

 


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