Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
RHB Islamic partners TBS to drive Waqf funds
Last update: 03/08/2018

KUALA LUMPUR, Aug 3 (Bernama) -- RHB Islamic Bank Bhd is partnering Tabung Baitulmal Sarawak (TBS) to drive Waqf (Islamic endowment) funds as part of the bank's MyWakaf initiative.

RHB Islamic Managing Director Datuk Adissadikin Ali said under the collaboration, the bank would act as the lead bank for Sarawak Waqf and take on the role of a collection agent and a joint manager.

"TBS will open and maintain a collection account with RHB Islamic and manage the Waqf fund together via a joint management committee (JMC)," he said in a statement.

The fund would collaborate with six other Islamic banking institutions to make banking services easier for contributors to channel cash endowments for the development of Waqf projects.

Adissadikin also said the initiative was in support of Bank Negara Malaysia's strategic programme which would bring together members of the Association of Islamic Banking Institutions Malaysia (AIBIM) on a collective basis with state Islamic religious councils (SIRCs) to establish, collect, manage and invest in Waqf-based funds.

"The main aim of this Waqf strategic collaboration is to promote financial inclusion by maximising the value of Waqf and to provide channels to collect and manage the funds efficiently in the country," he said.

Adissadikin, who is also the president of AIBIM, added that the bank's role was to promote and encourage contributions towards Waqf funds among the public and private sectors, via collection points.

"These funds will then be channelled to support viable projects in education, health, economic empowerment and investment, approved by the committee comprising representatives from participating banks and SIRCs," he said.

Waqf is a voluntary, permanent, irrevocable dedication of a portion of one's wealth, be it in cash or kind, that will be assigned to deserving causes within the community.

Open to Muslims and non-Muslims, Waqf is an Islamic charitable endowment, a recurring charity where the benefits of the charitable act flows to the needy, repeatedly.

--BERNAMA

 <Back>

Moody's: Malaysia's borrowing profile stable with rising use of domestic sukuk
Khairul Kamarudin resigns as BIMB Holdings CEO

 
BNM, DBP promote usage of national language in financial sector

Moody's: Malaysia's borrowing profile stable with rising use of domestic sukuk
Khairul Kamarudin resigns as BIMB Holdings CEO

 
BNM, DBP promote usage of national language in financial sector

CLOSING, TUESDAY, AUG 14
US 4.0950/1000
S'pore2.9795/9851
100 Yen3.6909/6964
Sterling5.2330/2410
Euro4.6699/6769
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Banker’s Cheque, Bank Draft and Cashier’s Order. Do you think this additional charge is justified?
Yes
No
Not Sure
 
  Main | News | Insurance

© 2018 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution