Bank Rakyat Becomes First Bank Appointed As Mutawalli

KUALA LUMPUR, July 2 (Bernama) -- Bank Rakyat has become the first bank in the country to be appointed by the Federal Territories Islamic Religious Council (MAIWP) as a mutawalli, an authorised trustee tasked with collecting, managing, and distributing cash waqf funds under the Jāriah Al-Barakah initiative.

Bank Rakyat chairman Datuk Mohd Irwan Mohd Mubarak, in a statement, said the appointment, which the bank received on Dec 30, 2024, is a significant recognition and trust placed in Bank Rakyat to uphold the responsibility of managing waqf funds.

“Bank Rakyat’s appointment as a mutawalli did not happen overnight, but was the result of a structured process that took more than a year. It began on April 2, 2024, with the approval of the Federal Territories Syariah Law Consultative Committee.

“This was followed by several stages of approval, the signing of a formal agreement, and the appointment of strategic partners. The process was fully completed with the official launch of Bank Rakyat Cash Waqf on June 1, 2025,” he said.

Meanwhile, he said the Jāriah Al-Barakah initiative will serve as Bank Rakyat’s official platform to drive the collection and management of waqf funds in a systematic and inclusive manner

He said the platform will be handled by a joint management committee consisting of representatives from MAIWP, Bank Rakyat, chaired by a Syariah and Islamic finance expert, Dr Azman Mohd Noor from the International Islamic University Malaysia (IIUM).

“…waqf is not merely a charitable act, but an investment for the Hereafter that yields lasting rewards. We urge the public to support and expand the reach of this waqf initiative for the betterment of the ummah.

“The appointment marks an important step in strengthening the role of financial institutions in supporting the development of a sustainable, transparent and trustworthy national waqf ecosystem,” he said.

Mohd Irwan said that each step reflects the dedication of Bank Rakyat and MAIWP to good governance, transparency, and syariah compliance, ensuring the waqf is implemented with integrity and effectiveness.

Members of the public who wish to contribute to the cash waqf can do so through various available channels, including QR code scanning, direct transfer to Bank Rakyat account (1101464122), JomPay (biller code: 26492) or via ToyyibPay digital platform at https://toyyibpay.com/Jariah-Albarakah.

-- BERNAMA