BANGI: Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail said today the managers of ‘wakaf’ (Islamic endowment) institutions must not tarnish the sanctity of these bodies by using them to enrich themselves financially.
The chairmen and board of directors must not use these institutions as a platform for accumulating wealth for themselves, she said.
“Wakaf can help business entities. Never ever make use of these institutions as a tool for anyone entrusted with their management to enrich themselves.
“As such, the chairmen, members of the board, management and staff and all others associated with maintaining the sanctity and excellence of any wakaf institution must ensure that they adhere to the objective for which they were set up,” she said when launching EduWAQF, an educational wakaf initiated by AWQAF Holdings Berhad, here.
Dr Wan Azizah said all wakaf institutions should continue to implement the corporate structure and system of management based on the excellence of governance practices, transparency, effectiveness and efficiency while upholding Syariah compliance in all respects.
Dr Wan Azizah, who is also Women, Family and Community Development Minister, said the government saw the establishment of wakaf institutions as most appropriate, particularly for Bumiputeras and Muslims, in view of the current uncertain economic situation.
She said it was hoped that the establishment of corporate wakaf institutions would be able to balance the ownership of property that had been monopolised by certain groups to the concept of ownership of property by these institutions.
She also said that the well-to-do Muslims should be made aware of the importance of contributing to the realisation of wakaf property and funds that could be used for the progress of the community.
"If we examine history, we will find that wakaf is a most significant social financing engine to generate activities in such areas as education, public amenities and conservation of nature,” she said and cited the example of the development with wakaf funds of the Al-Azhar University in Egypt that was able to provide full scholarships to students taking up religious courses.
On EduWAQF, Dr Wan Azizah said the AWQAF initiative to establish the wakaf adhered to the Islamic principles and values of emphasising the competitive spirit in doing good and welfare.
"I was made to understand that AWQAF will provide RM5 million in funds for the purpose, whereby it will be invested and the returns used for empowering education,” she said. - Bernama