Maybank Islamic with the collaboration of Yayasan Waqaf Malaysia (YWM) launched Waqf, a structured community-giving initiative that allows its customers and the public to contribute to Waqf contribution through its payment channels. A memorandum of understanding between Maybank Islamic Bhd and YWM and the launching of Waqf last Friday puts Maybank Islamic as the first bank in the country to offer such a service.
"We are bringing the Waqf to a new level where we are giving the opportunity to our customers to give back to society and create a continuous charity for the future community," said Maybank Islamic chairman Datuk Seri Ismail Shahuddin. Maybank Islamic CEO Ibrahim Hassan said the Waqf service is open to all customers, Muslims and non-Muslims, who have accounts with Maybank to use available channels to transfer funds to YWM. Non-Maybank account holders can also transfer funds via cash or cheque to YWM via Maybank branches available throughout the country.
"We have about three million customers, and conservatively, we estimate in a range of 5% to 10% of our customers, both individual and business entities, would be interested in using our services to offer charity and donation to the Waqf services," Ibrahim told reporters during the launching ceremony.
On an annual basis, Maybank Islamic estimates RM2 million to RM3 million Wafq fund 'for a start'. After the funds are sent across to YWM account, Maybank Islamic will provide investment advisory services to YWM on how to invest the funds in the best possible manner, and to achieve the best returns.
"Immediately after this launching, we will be undertaking our road show together with YWM throughout the country in the various regions, whereby we will be offering briefing on Waqf to both our individual and business customers. "With this collaboration and the road show that we are undertaking, we are hoping to create a greater awareness and education to the public," he said.
(This story, written by John Gilbert, appeared in The Malaysian Reserve on July 5, 2010. The Malaysian Reserve is a daily business/finance newspaper published out of Kuala Lumpur, with a sectoral page on Islamic finance on Mondays, edited by Habhajan Singh)
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The establishment of strategic partnership between Maybank Islamic YWM will enhance efforts in raising awareness and participation in the Waqf. Through these efforts, goals and Maybank Islamic YWM to obtain a larger number of contributors and growing collection of Wakaf Malaysia.
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