KUALA LUMPUR – Putrajaya will be introducing Wakaf Madani to optimise assets donated for the development of Islam valued at more than RM1 billion.
In his Budget 2023 speech, Datuk Seri Anwar Ibrahim told Dewan Rakyat that usually, “wakaf”, which are alms, donated to develop Islam is a mechanism to distribute wealth for the benefit of all and it must be enhanced for the betterment of the Muslim population.
“Assets such as land, mosques, buildings, health services and education will be optimised so that to benefit the poor, low wage earners and other stakeholders.
“The government will establish the National Wakaf Land Committee (Jawatankuasa Nasional Tanah Wakaf) with the objective to ensure that wakaf assets can contribute 20% of the Islamic social finance sector’s growth by 2030.
“As a sign of how serious the government sees the matter, I will be chairing this national committee.”
He added that only 3,500ha or 12% of registered wakaf lands has been developed and efforts to develop these properties must be done as soon as possible.
Anwar also announced that shariah assets parked under the Employees Provident Fund (EPF) will no longer be invested on shariah compliant assets under the conventional savings system but will be completely separated.
“Starting 2024, shariah assets will be separated (from conventional savings) completely to give more competitive returns to the 1.25 million members with shariah accounts,” said the Tambun MP. – The Vibes, February 24, 2023
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