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Maybank Islamic Partners MAIPk To Improve Perak Socio-economy
Last update: 05/01/2018

KUALA LUMPUR, Jan 5 (Bernama) -- 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.



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Source: Bank Negara Malaysia

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