BIMB Investment Launches First Wakaf Fund In Malaysia To Drive Economic And Social Development

YB Senator Datuk Dr Haji Zulkifli Mohamad Al-Bakri, Minister in the Prime Minister's Department (Religious Affairs) launches the Makmur myWakaf Fund alongside (from left) Mohd Muazzam Mohamed, Chief Executive Officer of Bank Islam; Tan Sri Dr Ismail Haji Bakar, Chairman of Bank Islam; Mohamed Ridza Mohamed Abdulla, Chairman of BIMB Investment; and Najmuddin Mohd Lutfi, Chief Executive Officer of BIMB Investment.

BIMB Investment Management Berhad (BIMB Investment) a wholly-owned subsidiary of Bank Islam Malaysia has launched the Makmur myWakaf Fund that will enable investors to grow their financial assets and channel investment return for Wakaf which will in return uplift underprivileged communities.

The Wakaf instrument mainly targets exposure to Sukuk market, through a diversified portfolio of Shariah-compliant assets and equities both locally and globally.  

It also enables low-risk assets such as Islamic money market instrument to maintain potential income opportunities.

BIMB investment Chairman Mohamed Ridza Abdullah said, “This is a good chance to invest in social development with the purpose to help underprivileged communities. Our estimated worth to reach is RM50 million by the end of this year.”

“As we are using multicurrency and with an initial investment as low as RM200, we are optimist to close the target 50 million by the end of the year. As of now, we have a total worth approximately RM11 million.

Adding to it, Najmuddin Mohd Lutfi, BIMB Chief Executive Officer said, 25 percent from total investments will be allocated to three main sectors namely healthcare, education, and economic which will be administered by representatives of myWakaf AIBIM initiatives.

The Makmur myWakaf Fund was officiated by the Minister at the Prime Minister Office (Department of Religious Affairs) Zulkifli Mohamad Al-Bakri. He said Wakaf is an important instrument in Islam that serves as a catalyst for the development and economy of the ummah.

“BIMB commitment to Wakaf Effort through innovative steps and providing convenient platform for Malaysians will stimulate the Wakaf instruments and bring greater good to the society,” he said.

Additionally, The Makmur Wakaf investment uses a sustainable approach that incorporates the principle of United Nations Global Compact (UNGC) and Environment, Societal and Governance (ESG).

“Since we began the ESG journey in 2015, we have been quantitively doing the ESG screenings. We measure it through our partner, Arabesque. We ensure the investment to meet Shariah compliant regulations, whilst they perform the ESG screening. They will capture and showcase the ESC score and metric from each subset,” Najmuddin told the media during the press conference.

“All the information will be attained and stored in our interim and annual report including the receivers for the Wakaf. We are transparent in our effort to benefit those in need,” he said.

Since the investment is liquid, investors can withdraw or redeem without any closing time. With an initial investment minimum of RM200 MyWakaf, everyone can reap the benefits of the investment return within three to five years.

Investors can now invest in the Makmur myWakaf through BIMB investment’s Robo-intelligence app or BEST invest.

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