Is­lamic cham­ber pro­poses law to boost cor­po­rate waqf

The Sun (Malaysia) - - SUNBIZ -

KUALA LUMPUR: The Is­lamic Cham­ber of Com­merce Malaysia has pro­posed the en­act­ment of a law to al­low busi­ness or cor­po­rate waqf (Is­lamic en­dow­ment) to be im­ple­mented at the fed­eral and state lev­els to spur the econ­omy.

Its pres­i­dent, Tan Sri Muham­mad Ali Hashim, said this would boost waqf ac­tiv­i­ties and en­able more bod­ies to ap­prove the en­dow­ment ac­tiv­i­ties.

“We need to en­cour­age waqf in­sti­tu­tions to grow so that prop­erty own­er­ship can last a long time and can be shared to­gether, un­like cor­po­ra­tions that are usu­ally owned by in­di­vid­u­als.

“This will help im­prove the in­come of the less for­tu­nate, thus em­pow­er­ing the Mus­lim com­mu­nity fi­nan­cially and eco­nom­i­cally,” he told re­porters af­ter de­liv­er­ing a key­note ad­dress at the Malaysia’s Is­lamic Cap­i­tal Mar­ket Sem­i­nar, here yes­ter­day.

At present, waqf or Is­lamic en­dow­ment con­tri­bu­tions are given only to state Is­lamic re­li­gious coun­cils.

In his speech, Muham­mad Ali also pro­posed to the gov­ern­ment to con­sider the par­tic­i­pa­tion of waqf in­sti­tu­tions in the pri­vati­sa­tion of gov­ern­ment-linked com­pa­nies to en­sure the con­ti­nu­ity of cor­po­rate own­er­ship be­ing fairly dis­trib­uted in the so­ci­ety.

“Pri­or­ity should be given to waqf in­sti­tu­tions, if there is any, as it will con­trib­ute di­rectly to the eco­nomic devel­op­ment of the coun­try be­sides safe­guard­ing pub­lic in­ter­est.

“The gov­ern­ment should also ex­plore the pos­si­bil­ity of al­lo­cat­ing shares to waqf in­sti­tu­tion as a con­di­tion for IPOs ,” he said. – Ber­nama

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