Maybank Islamic wants tax breaks on waqf, zakat

MAYBANK Islamic Bhd hopes the government will introduce tax incentives for corporations, particularly to support the development of waqf and zakat. Potential growth in the two major sectors of Islamic endowments is given and they could benefit from tax breaks. The bank also hopes the government will continue its favourable policy on foreign currency transaction in Islamic banking, such as the International Currency Business Unit (ICBU) initiative which allows local players to conduct Islamic banking in international currencies via a division set up under the Islamic Banking Act 1983.