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Tuesday, June 18, 2024

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Association of Islamic Banking and Financial Institutions of Malaysia launches myWakaf 2.0

The Association of Islamic Banking and Financial Institutions of Malaysia (AIBIM) has launched the myWakaf 2.0 initiative, with the first phase of the program expecting to result in the completion of five solar projects across five states.

“By placing a stronger emphasis on community and economic empowerment, along with implementing a more cohesive monitoring system, myWakaf holds substantial promise in advancing the socioeconomic development of our nation,” Abdul Rasheed Ghaffour, the governor of Bank Negara Malaysia (BNM), remarked.

According to AIBIM, myWakaf 2.0 is underpinned by the Wakaf Madani announced at the tabling of the 2023 Malaysian budget, with a target to maximize assets valued at RM1 billion (US$212.94 million).

In addition to nine participating banks, AIBIM is working with 11 state religious authorities to coordinate and implement its Waqf projects. The governor of BNM remarked on the involvement of more state religious authorities in the second cohort of the myWakaf initiative.

In contrast with the original myWakaf initiative launched in 2017, which completed six Waqf projects with a total of RM8 million (US$170.35 million) in funds collected, myWakaf 2.0 targets to instal 14 solar dome dryers for fishing communities across all the Malaysian states within the next three years.

A resident bank will be placed for each jurisdiction working with its respective Islamic religious authority to oversee the regional projects. AIBIM expects this arrangement to empower as well as deliver meaningful impact to the stakeholders.

Under the original myWakaf initiative, in March 2021, BIMB Investment Management launched the Makmur myWakaf Fund, a Wakaf-featured unit trust under the Securities Commission Malaysia’s Waqf-Featured Fund Framework.

Notably, AIBIM has yet to confirm if myWakaf 2.0 will see the launch of further Waqf-featured products.

Also in the pipelines for AIBIM this year is the launch of the third cohort of the VBI Financing and Investment Impact Assessment Framework Sectoral Guide, which will focus on the agricultural, mining and quarrying, road transportation and waste management sectors.

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