The April's edition of epicentre is here again with a round-up of exciting news in the world of Islamic finance, including several news and insights on Waqf. The MIFC Team also produced an infographic on Waqf and myWakaf initiative for your reference to better understand the re-distributive instruments that could address poverty issue as well as promote social justice within the community and subsequently increase the potential for a more balanced economic growth.
An act for Waqf is expected to be tabled in the Malaysian Parliament by year end to better manage endowment funds in the country. The draft for the act has been completed and was currently going through reviews by various ministries including the Ministry of Finance (MOF).
The Council of the IFSB has today resolved to approve the admission of two organisations into the IFSB membership. These include one supervisory authority as an Associate and one market player as an Observer Member.
As a global pioneer in Islamic finance, Malaysia aims to harness the growth of Islamic finance and FinTech to enhance financial inclusion and open up access to financial services for the underserved individuals as well as MSMEs.
Financing growth in Malaysia's Islamic banking sector is likely to continue to surpass that of conventional loans as banks prioritise offerings of Islamic banking products over conventional ones, says Fitch Ratings in a new report.
One of the areas that offer vast potential is the development of Waqf, an Islamic philanthropic vehicle which both Muslims and non-Muslims can participate for social development, public good and wealth distribution.
The Malaysia's myWakaf initiative is expected to collect more than RM10 million (USD2.4 million) in funds over a three-year period in line with its plan to further expand projects for needy groups in cooperation with State Islamic Religious Councils nationwide.
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