IslamicFinance.de

Malaysia's Shariah-compliant banks should be roped in to manage the country's 1.2 billion ringgit ($375 million) worth of properties held as Islamic endowments. Prime Minister Najib Razak announced this month that the Malaysian Wakaf Foundation will be turned into a corporate entity to derive more value from assets held by the trust. The move to open wakaf (endorsement) management to the private sector may boost business for Malaysia's Islamic banks towards growing their share of the country's total banking assets to 40 percent by 2020 from 24.1 percent presently. The Malaysian Wakaf Foundation will meet the government's Economic Planning Unit this month to finalize its immediate plans