‘USE DIGITAL TECHNOLOGY IN WAKAF MANAGEMENT’
Connectivity of mobile devices present unlimited possibilities, says sultan of Perak
SULTAN of Perak Sultan Nazrin Muizzuddin Shah yesterday called on wakaf managers to embrace digital finance to boost the efficiency of wakaf collection and distribution.
He said this was because the possibilities presented by the connectivity of mobile devices were unlimited.
“In times of rapid change and discovery, we must consider how digital finance can be harnessed to enhance the efficiency of wakaf collection and distribution.
“Wakaf may be calculated and monitored using smartphone apps, for example, that present funding options to donors based on their personal preferences.
“Indeed, portals and apps have already been created to collect cash wakaf, such as through crowdfunding schemes, and to finance small businesses,” he told the Higher Education Forum (HEF) 2018, Islamic Economies @4IR: Waqf revival conference at the Royale Chulan Hotel yesterday.
“However, technological advances are being made every day, and emerging breakthroughs in fields such as artificial intelligence, robotics, nanotechnology and biotechnology will no doubt further enhance the potential of the wakaf system in ways that we cannot imagine today.”
Sultan Nazrin added that current laws and regulations, along with innovative products and methods, could not guarantee the effective revival of the wakaf institution.
“The success requires a ‘softer ’ element, upon which the long-term sustainability and viability of wakaf ultimately depends.
“That element is trust of ‘amanah’, which can only be established through the action of responsible individuals and the financial community collectively.”
The two-day forum, which started yesday and featured nine international and two local speakers, is aimed at reviving wakaf, which is an old institution in Islam, and to explore and analyse the importance of future sustainability of Islamic finance.
Higher Education Minister Datuk Seri Idris Jusoh announced that a wakaf chair would be set up at Universiti Malaya, adding that an announcement would be made soon on the person selected as the first holder of the chair.
He said 13 public universities had incorporated wakaf foundations into their structures.
“There is much to be done, and to be learnt from working and collaborating.
“Forums such as this will allow some of the best minds to meet, discuss and debate issues which will enhance the wakaf model and the continuous engineering of higher education.
“The ministry has also started embarking on various innovative programmes to generate positive changes to achieve longterm financial stability in higher education, as outlined in the Malaysia Education Blueprint 2015 – 2025,” Idris said.