IslamicFinance.de

Maybank Islamic Bhd will provide RM20 million of seed capital to a Waqf Fund which will be invested into investment portfolios, to include fixed income, equities, balanced fund and real estate. The local financial institution said that majlis Agama Islam Wilayah Persekutuan (MAIWP) will be the trustee of the Waqf fund while the bank will be the project manager. Profits or capital yield from the investment portfolio will be used to fund programmes related to development of educational and health care infrastructures, as well as to develop young entrepreneurs. Maybank Islamic Chief Executive Officer, Muzaffar Hisham said Waqf was one of the potential investments which can be developed to fund various economic activities for the benefit of the community.