unlocking wakaf potential in malaysia
TRANSCRIPT
UNLOCKING WAKAFPOTENTIAL IN MALAYSIA
Associate Professor Dr. Amir Shaharuddin
Chief Executive Officer
Yayasan Waqaf Malaysia (YWM)
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PRESENTATION OUTLINE
• Underlying Principles
• Maqasid (Objectives) of Wakaf
Understanding of Wakaf01
Potential Contribution by
Islamic Banks 05
Critical Success Factors04
Wakaf Practices in Muslim
Empires02
Potential Wakaf
Development in Malaysia03
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(قدامةابن)الثمرةوتسبيلالأصل،تحبيس
OVERVIEW OF WAKAF
Two Underlying Principles of Wakaf -
Sustainable Growth
Wakaf is an Islamic endowment of asset or property to be held in trust andused for charitable purposes.
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Beneficiaries
Asset /
Property
Endower
(Wakif)
SALIENT FEATURES OF WAKAF & ITS MAQASID (OBJECTIVES)
Salient Features Maqasid (Objectives)
Improvement
of living
standard
Seeking Allah’s
Bounty &
Reward
Long Term
Purpose
4
EVOLUTION OF WAKAF ASSET
Property (Movable &
ImmovableCash Money
New Form of Wealth
(Unit Trust Database
/ Information
Services)
5
WAKAF PRACTICES IN PAST MUSLIM EMPIRES & ITS EXAMPLES
03Facilities for Community /
Society
02 Water Supply
01 Agriculture
Examples of Past WakafProjects
Madrasah
(School)Scholars
Society
The Past Practices
Wakaf instruments uplifted the society wellbeing.
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WAKAF DEVELOPMENT IN MALAYSIA
TraditionalModern
Day
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POTENTIAL WAKAF DEVELOPMENT IN MALAYSIA
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30,880 hectar of wakaf land
13 percent Developed
Strong Government Support
Tax Incentive – 14(C) Inland Revenue Act
10 percent Reduction for Corporate
Endower and Beneficiaries inclusive of Muslim and non-MuslimThe Securities Commission Malaysia (SC)
launched a new framework to facilitate the offering of Islamic funds with wakaffeatures
POTENTIAL WAKAF DEVELOPMENT IN MALAYSIA (CONT’D)
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CRITICAL SUCCESS FACTORS
Good
Governance
Sustainable
Funding
Sound Legal
Framework
10
POTENTIAL CONTRIBUTIONS BY ISLAMIC BANKS
Water SupplyHealth Education Economic
Cash wakaf
Majlis Agama Islam Negeri
(State Religious Council) –
RM10.3mil distribution
Yayasan Waqaf Malaysia
(Wakaf Foundation Malaysia) –
RM3.8mil
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APPENDIX 1 - WAKAF PROJECTS AND INITIATIVE IN MALAYSIA
JohorPenangKuala Lumpur12
APPENDIX 1 - WAKAF PROJECTS AND INITIATIVE IN MALAYSIA (CONT’D)
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APPENDIX 1 - WAKAF PROJECTS AND INITIATIVE IN MALAYSIA (CONT’D)
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APPENDIX 1 - WAKAF PROJECTS AND INITIATIVE IN MALAYSIA (CONT’D)
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THANK YOU
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