SEPANG: Waqf institutions play an important role in advancing the economy and prospering the Islamic community to address the issue of poverty in Malaysia.
Bank Rakyat chairman Tan Sri Syukry Mohd Salleh said waqf funds distribution will create job opportunities that would in turn enhance the society's economic standard.
"Waqf institutions play an important role in advancing the economy and prospering the Islamic community. Waqf funds have been identified as an initiative that helps to address the issue of poverty in Malaysia.
"In order to eradicate poverty issues in the country, waqf funds are distributed to various sectors such as agriculture, health and education which will create job opportunities and thus enhance the economic standard of the society.
“It is at roundtables like this, with eminent Islamic scholars and experts in Islamic law and financial, greater efforts can be undertaken to revitalise the institutions of waqf for the benefit of the Islam ummah.”
Bank Rakyat has continued its initiative to organise the International Shariah Scholars Roundtable (iSHAR) by gathering respected Shariah scholars in Islamic finance from nine countries across the world which commenced yesterday.
iSHAR 2017, which entered its second year, discussed issues related to waqf and the role of Islamic financial institutions which contributes to the betterment of the socio-economic status for the Muslim community worldwide.
During the opening remarks by Sheikh Nizam Yaqubi, who is one of the international scholars invited for the iSHAR 2017, he is hopeful that the two-day roundtable will address issues relating to the waqf administration in the Middle East as well as Malaysia and will find the best solutions for the management of waqf assets.
“Besides, the amendments to the current law and administration of waqf in Muslim countries should be considered as we try to attract more contributors especially for the cash waqf, " he said.
The roundtable was attended by 30 local and international scholars from Turkey, Egypt, Bahrain, Kuwait, Syria, Jordan and United Arab Emirates (UAE).
The event also witnessed the launch of the Resolution Book titled Research Papers and Resolutions of the 1st Bank Rakyat International Shariah Scholars Roundtable which was based on the discussions during iSHAR 2015 which aims to standardize and harmonize the Islamic banking practices.