Part 1 of 4
.jpg)
Islamic Endowment, or its traditional Malay name - Waqf, is getting prominent now in the
Malaysian financial sector. Well, this is not surprising as even the Prime Minister in his recent budget presentation had touched on Waqf. Before i go into detail, people might ask WHAT is Waqf?
Referring to Wikipedia:
A waqf also spelled wakf, (Arabic: وقف, pronounced [ˈwɑqf]; plural Arabic: أوقاف, awqāf; Turkish: vakıf, Urdu: وقف [1]) is, under the context of 'sadaqah', an inalienable religious endowment in Islamic law, typically denoting a building or plot of land or even cash for Muslim religious or charitable purposes. The donated assets are held by a charitable trust. The grant is known as mushrut-ul-khidmat, while a person making such dedication is known as wakif
However, what is different between Waqf and Sadaqah is in how the money/land/shares etc is managed. Example, if someone were to Sadaqah RM 100 to a fund let's say Mara, Mara can/is allowed to use the Money for either expenditure in providing scholarships to deserving Malay students.
But, Waqf is something totally different, if say someone were to Waqf RM 100 to a fund let's say Mara, Mara can't use the RM 100 to sponsor a Malay student education, what it needs to do is to invest in the RM 100, with the profits of the investment is used to sponsor the student studies.
Therefore, the RM 100 will always be a part of Mara trust.
This is something good as Mara, under the leadership of Dato Seri Idris Jusoh, has come to accept that the current economy system i.e. capitalism can not sustain in the long run and the government cannot be pumping money into Mara to sponsor deserving Malay students every year.
Therefore, how do Mara obtain funds besides getting it from the government This is where the Islamic Endowment or Waqf Korporat comes into the picture.
Wait for my 2nd Part on what Mara's way forward is in ensuring the future of Malay students is taken care off by implementing the Waqf Korporat strategy.
No comments:
Post a Comment