Community-giving programme the first to be introduced by financial institution in Malaysia
Maybank Islamic Berhad (Maybank Islamic) launched Waqf today, a structured community-giving initiative that allows customers to place deposits as waqf contribution. The Bank is the first financial institution in the country to offer such an integrated waqf solution to customers.
To commemorate the launch of Waqf, a signing ceremony was held with Yayasan Waqaf Malaysia (YWM), Maybank Islamic’s partner for the service and also the trustee in the collaboration. Held at Menara Maybank, Kuala Lumpur, the event was attended by YBhg Dato’ Seri Ismail bin Shahudin and Encik Ibrahim Hassan, Chairman and Chief Executive Officer respectively of Maybank Islamic Berhad; whilst YWM was represented by its Vice Chairman, Dato’ Dr Hj Sohaimi Haji Mohd Salleh and Chief Executive Officer, Encik Azri Ahmad.
Waqf is a recurring charity where the benefits of the charitable act flow to the needy continuously. This form of charity or Sedekah Jariah, constantly gives benefits to society even after death. The practice of waqf is also open to non-Muslims where they can be both benefactors and beneficiaries. Proper management of waqf can lead towards successful planning and implementation of waqf development for the benefit of Muslims and non-Muslims alike.
“It is with this in mind that we at Maybank Islamic have introduced Waqf to our customers. Waqf is part of our Islamic estate planning solutions available to our customers, which also includes wasiat, hibah and trust. With Waqf, our institutional and retail customers have the opportunity to participate in a structured community-giving programme as part of their wealth distribution strategy. Our vast network and expertise across the Maybank Group has enabled us to embark on this noble initiative and bring it to all Malaysians,” said Dato’ Seri Ismail Shahuddin.
Dato’ Seri Ismail added that the Waqf contributions from clients will be professionally managed to create a continuous stream of funds that will be channelled towards development of waqf assets and community-giving programs initiated by YWM.
“We are bringing the Waqf concept to a new level where we are giving the opportunity to our customers to give back to society and create a continuous charity for the future community. This new service that we are offering is part of our ongoing strategy to develop innovative products and services that will not only benefit our customers but also reinforce Malaysia’s leadership in Islamic banking services,” said Dato’ Seri.
The establishment of the strategic cooperation between Maybank Islamic and YWM will help to increase efforts in increasing awareness and participation in Waqf. Through these efforts, Maybank Islamic and YWM aims to garner larger number of contributors and increase the collection of Wakaf in Malaysia.
“This will empower YWM as a Wakaf institution and boost the capacity to directly influence the socio-economic well being of the Malaysian society, via the undertaking of more development of Wakaf projects as well as more productivity resulting from the utilisation of the funds collected under Waqf,” said Dato’ Dr Hj Sohaimi in his speech, read on behalf of YB Major General (R) Dato’ Seri Jamil Khir bin Hj Baharom , Minister in the Prime Minister’s Department and Chairman of YWM.
Customers can make their waqf contributions through Maybank Group’s wide range of payment channels including Automated Teller Machines (ATMs), Maybank2u.com, Auto Debit service as well as over branch counters beginning today. Dato’ Seri Ismail said that all transaction fees from the payment channels will be borne by Maybank Islamic as part of its service to their clients.
Maybank Islamic is the largest Islamic bank in the Asia Pacific region and among the top 15 Islamic financial institutions in the world. The Bank operates through 12 full-fledged Islamic branches as well as through over 380 Maybank branches nationwide.
YWM is a foundation which was established on 23 July 2008 under the Trustees (Incorporation) Act 1952 [Act 258], as a national waqf entity. YWM’s primary role is to facilitate the development of waqf assets in Malaysia in collaboration with the respective State Islamic Religious Councils, the sole trustee of waqf properties in each state in Malaysia.