What is wakaf?
“Wakaf is an Arabic word which may be translated in simple English as endowment. A simple defination of wakaf is the dedication of a property by a person through a will or otherwise for pious purposes, religious purposes or for charitable purposes.
It other words the property is given away for the benefit of whoever as desired by the donor (the correct term for the donor is wakif).”
In corporate world, wakaf is form of Corporate Social Responsibility (CSR), giving back to society. There has been enough study on how wakaf can be utilized to improve Muslims’ economic wellbeing. Indeed, the potential of wakaf is huge if properly managed. Some of the well established academic institutions have been able to survive for 100 of years just on wakaf endownment funds.
Bank Muamalat Malaysia Berhad is one of those Islamic Financial Institutions that have been active promoting wakaf towards helping those in needs. Previously, BMMB had launched Wakaf Selangor Muamalat, a collaboration with the State of Selangor.
On June 21st 2017, in collaboration with the State of Negeri Sembilan, BMMB launched Wakaf Negeri Sembilan Muamalat at Negeri Sembilan Royal Mosque in Seri Menanti Negeri Sembilan. The launching was officiated by the ruler of Negeri Sembilan, Yang Dipertuan Besar Negeri Sembilan, Tuanku Muhriz Ibni Almarhum Tuanku Munawir.
BMMB had also invited a few corporate organizations to contribute to the wakaf funds and my employer Silverlake agreed to contribute. I represented Silverlake to hand over the contribution during the ceremony. Thank you very much to BMMB for this noble initiative.