Finance and Investing

Malaysia: Sadaqah House concept to complement Islamic Banking system

by Farhana Syed Nokman | 19 April, 2017
Print
Malaysia: Sadaqah House concept to complement Islamic Banking system
Photo: (File pix) Deputy Minister in the Prime Minister's Department, Datuk Dr Asyraf Wajdi Dusuki, said the new concept will alleviate the burden of Islamic Banking institutions in the country by focussing on instruments relating to the Islamic shariah concept. / Pix by MOHAMAD SHAHRIL BADRI SAALI / New Straits Times

Wed Apr 19, 2017 | 2:51pm | KUALA LUMPUR

A newly-proposed Sadaqah House concept may soon complement the country’s Islamic Banking System.

Deputy Minister in the Prime Minister's Department, Datuk Dr Asyraf Wajdi Dusuki, said the new concept will alleviate the burden of Islamic Banking institutions in the country by focusing on instruments relating to the Islamic shariah concept.

“The Islamic concept of social benefit will include initiatives such as waqf, zakah and sadaqah.

“These initiatives could be explored to achieve a more balanced economic growth and to perfect the Islamic economic system,” he said at a press conference after the launch of the Sadaqah House Report 2017 here, today.

Sadaqah House is rooted in a speech delivered by Royal Award Winner at the Global Islamic Finance Forum 2014, Datuk Dr Abdul Halim Ismail, who called for further exploration of the concept of sadaqah Islamic banking as an instrument for social-benefit endeavours.

The call is indeed in line with the aspirations of Bank Negara Malaysia, as stated in its Financial Sector Blueprint 2011-2020, which incorporates a financial inclusion agenda within the banking framework.

Copyright New Straits Times