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Principle of Waqf

Collaboration with Yayasan Waqaf Malaysia for Kenanga Waqf Al-Ihsan Fund and
Kenanga Sustainability Series: Emergency Waqf Musa’adah Fund (formerly known Kenanga Islamic Balanced Wholesale Fund – Series 1)

Yayasan Waqaf Malaysia ("YWM") is a national waqf entity. It was officially established on 23 July 2008 under the Trustees [Incorporation] Act 1952 through Legal Affairs Division of the Prime Minister's Department. Its establishment was initiated by the Department of Waqf, Zakat and Hajj of the Prime Minister's Department ("JAWHAR").

YWM fulfill the following criteria as waqf administrator and recipient:

  1. the waqf institution shall be authorised by the Federal or State Islamic religious council to act as a mutawalli (waqf administrator) or collection agent for waqf purposes;
  2. the waqf institution shall have a proper governance structure and framework;
  3. the waqf institution shall have an audited annual financial statement; and
  4. the waqf institution shall have a published annual report on its waqf distribution and/or utilisation.

KIB appointed YWM as the recipient and administrator of the waqf contribution, based on the fulfilment of the above criteria and considering YWM was established as a result of the efforts undertaken by 13 State Islamic Religious Councils (SIRC) and Department of Waqf, Zakat and Hajj of the JAWHAR as Malaysia's national waqf entity. Currently, YWM is appointed mutawalli (manager or custodian of waqf) by eight (8) SIRCs in Malaysia.

In selecting YWM as the waqf recipient, KIB also considered its main function of helping SIRC to develop existing waqf properties, create new waqfs, and develop the ummah economy through waqf instruments. Besides, YWM is the primary reference centre on waqf for domestic/foreign institutions, and is the liaison institution for foreign waqf and institutions who want to implement waqf in Malaysia.

The Chairman of the Board of Trustees of YWM is the Minister in the Prime Minister's Department (Religious Affairs) and the Vice-Chairman is the Director-General of JAWHAR. The other members of the Board of Trustees consist of representatives of 13 State Islamic Religious Councils, one (1) representative from the Ministry of Finance, one (1) representative from the Ministry of Economic Affairs, and representatives from the corporate sector.

YWM is responsible for assisting, supporting and providing advisory services to SIRC on matters related to the development and reengineering of waqf assets and properties through traditional and contemporary Shariah-compliant structures and instruments.

The YWM shall distribute the Waqf Asset to any identified projects in the following sectors:

Kenanga Waqf Al-Ihsan Fund 


Education

  • Providing new or improving existing-education related facilities; and
  • Providing new or improving existing-education related equipment.

Healthcare

  • Providing new or improving existing healthcare-related facilities; and
  • Providing new or improving existing healthcare-related equipment.

Economic empowerment

  • Establishing business platforms for micro-enterprises;
  • Providing new or improving existing economic empowerment related facilities; and
  • Providing new or improving existing economic empowerment related equipment.

Education

Establishing or improving existing environmental related project such as in

  • Renewable energy;
  • Solid waste management;
  • Waste water management;
  • Reforestation;
  • Clean water; and
  • Affordable and clean energy.

Any other project in any other sector which may be determined by the Joint Committee from time to time.

Kenanga Sustainability Series: Emergency Waqf Musa’adah Fund
(formerly known as Kenanga Islamic Balanced Wholesale Fund – Series 1)


Climate Change-related Disasters Control

  • Providing new or improving existing climate change-related disasters-control related facilities; and energy;
  • Providing new or improving existing climate change-related disasters-control related equipment.


Pandemic Control

  • Providing new or improving existing pandemic-control related facilities; and
  • Providing new or improving existing pandemic-control related equipment.

Investors may obtain information relating to YWM and the progress of the waqf initiatives from www.ywm.gov.my.