KUALA LUMPUR: The Wakaf Madani initiative will be expanded to include the private sector, said Prime Minister Datuk Seri Anwar Ibrahim today.
Speaking during the tabling of Budget 2025, Anwar said the Retirement Fund Inc (KWAP) will provide RM300 million to enhance the development of wakaf land for building independent retirement homes for low-income retirees.
"UDA (UDA Holdings Bhd) , with a fund of RM200 million, will continue to focus on the development of affordable housing for the people on wakaf land," he added.
In addition, the Public Sector Home Financing Board (LPPSA) will provide financing for civil servants purchasing homes on wakaf land, said Anwar.
He added that Syarikat Jaminan Kredit Perumahan Bhd (SJKP) will guarantee first-time homebuyer loans of up to RM500,000 for homes developed on wakaf land.