Malaysia: KLIFF 2017 Focuses On Wakaf Fund Development

KUALA LUMPUR, Oct 3 (Bernama) -- The development of Wakaf Fund has received a special attention at the Kuala Lumpur Islamic Finance Forum (KLIFF) 2017 which was attended by more than 900 local and foreign Islamic finance professionals and experts. The Association of Islamic Banking Institutions Malaysia (AIBIM) said the Wakaf Fund, which was pioneered by six Islamic financial institutions in Malaysia, provided a platform for the collection of wakaf (Islamic endowments) from contributors through existing channels. The collaboration is also expected to involve various state Islamic religious councils who are entrusted with the development of wakaf projects in their respective states, AIBIM said in a statement here Tuesday. Meanwhile, Amanie Advisors Sdn Bhd Chairman Dr Mohd Daud Bakar described the collaboration between Islamic financial institutions and the state Islamic religious councils would be a positive step towards enhancing the socioeconomic status of Muslims in Malaysia. He was delivering his remarks during the ‘Islamic Finance Smart Talk’ at the forum, Amanie Advisors is a leading Shariah advisory firm specialising in Islamic finance solutions. AIBIM said the KLIFF also discussed the direction and development of Islamic finance in Malaysia. The Wakaf Fund is a strategic collaboration between Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Kerjasama Rakyat Malaysia Bhd, Bank Muamalat Malaysia Bhd, Maybank Islamic Bhd, and RHB Islamic Bank Bhd. The collaboration provides the Islamic banking industry with a platform to promote positive values to the community and the economy, AIBIM said. -- BERNAMA