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ISLAMIC BANKING | Tony Chua, Malaysia

Maybank Islamic unveils Waqf product

Contributions will be managed to create continuous stream of funds towards charity programmes by YWM.

Maybank Islamic Berhad (Maybank Islamic) became the first financial institution in Malaysia to offer Waqf – an integrated, structured and community-giving initiative that allows customers to place deposits as waqf contribution. This follows the signing of an agreement between the bank and Yayasan Waqaf Malaysia (YWM).

Maybank Islamic chairman Datuk Seri Ismail Shahudin said that with the launch of 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 programmes 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 flow of charity for the future community," Ismail said after the recent launch. Present were YWM vice-president Datuk Dr Sohaimi Mohd Salleh and its CEO, Azri Ahamd.

"With Waqf, our institutional and retail customers have the opportunity to take part in a structured community-giving programme as part of their wealth distribution strategy," Ismail said.

View the full story in the Sun Daily.

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