RHB Islamic Bank Berhad partners Tabung Baitulmal Sarawak (TBS) to drive the Waqf (Islamic endowment) funds as part of MyWakaf initiative. The MyWakaf fund initiative comprises six Islamic banking institutions collaborating to make banking services easier for contributors to channel cash endowments for the development of Waqf projects.
The main aim is to promote financial inclusion by maximising the value of Waqf and to provide channels to collect and manage Waqf funds efficiently in the country. Waqf is a voluntary, permanent, irrevocable dedication of a portion of one’s wealth, be it in cash or kind, that will be assigned to deserving causes within the community. Open to Muslims and non-Muslims, Waqf is an Islamic charitable endowment, a recurring charity where the benefits of the charitable act flow to the needy repeatedly.
Under this Partnership, RHB Islamic Bank will be the lead bank for Sarawak. It will take on the roles of a collection agent and a joint manager, whereby TBS will open and maintain a collection account with RHB Islamic and manage the Waqf fund together via a Joint Management Committee (JMC). RHB Islamic Bank will provide TBS with the necessary banking channels and services to enable effective and efficient fund collection activities.
Dato’ Adissadikin Ali, Managing Director, RHB Islamic Bank says, “RHB Islamic’s role in this initiative is to promote and encourage contributions towards Waqf funds among the public and private sectors, via collection points. These funds will then be channelled to support viable projects in education, health, economic empowerment and investment, approved by a Joint Management Committee comprising representatives from participating banks and SIRCs.”
The Waqf funds will be collected via online channels only such as JomPAY and Internet biller.