Islamic Finance

Malaysia: Maybank Islamic partners MAIPK to improve Perak socio-economy

| 05 January, 2018
 BERNAMA
Malaysia: Maybank Islamic partners MAIPK to improve Perak socio-economy
Photo: Unidentified people using Maybank Islamic ATM machines in Kuala Lumpur, Malaysia on January 7, 2017. Boyphotos / Shutterstock.com

JANUARY 5, 2017 | 10:06PM MYT | KUALA LUMPUR

Maybank Islamic Bhd has signed a Waqf Development Fund joint-venture agreement with Perak Islamic Religion and Malay Customs Council (MAIPk) to develop the state’s waqf (endowment) boat project.

In statement today, it said boats purchased via the public-funded Islamic endowment project would be handed over to fishermen associations and rented out to fishermen to enable them to fish in deep waters, thus increasing their income.

The agreement was the first to be sealed under the myWakaf fund initiative, where six Islamic banking institutions would collaborate in providing banking services to make it easier for contributors to give cash endowments for the development of waqf projects.

Association of Islamic Banking Institutions Malaysia (AIBIM) President Datuk Mohd Redza Shah Abdul Wahid said the fund was capable of becoming a socio-economic catalyst as it provided a channel for an efficient and effective waqf fund collection through relevant Islamic banking institutions.

He said the myWakaf fund focused on four sectors – economic empowerment, education, health and investment, and would provide a more transparent approach and a governance code capable of instilling confidence among the contributors.

Last year, six Islamic banking institutions, namely Affin Islamic Bank, Bank Islam, Bank Rakyat, Bank Muamalat Malaysia Bhd, Maybank Islamic and RHB Islamic Bank Bhd signed a Waqf Fund Strategic Joint Venture agreement to provide a value-based mediation for consumers. – BERNAMA

Copyright New Straits Times