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Malaysia reviews operations of Islamic endowments

Posted on 28 March 2013

The Malaysian government is reviewing the operations of Islamic endowments as it seeks ways to have them run by private corporations instead of religious bodies. Facilitating corporate management of Islamic endowments, known as awqaf or wakaf in Malaysia, is one of several initiatives announced by the government in September to boost the country’s Islamic finance industry.
Awqaf operate social projects such as hospitals, mosques and schools with donations received from Muslims in the form of land, cash or other valuables. Malaysian awqaf hold 11,091 hectares of land valued at 1.2 billion ringgit ($384 million), according to the government’s Department of Awqaf, Zakat and Hajj (JAWHAR)………………………………………..Full Article: Source

 
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