IslamicFinance.de

The scope of waqf funds need to be expanded in Malaysia beyond the traditional norms of building mosques and Muslim cemeteries. Bank Rakyat chairman Tan Sri Shukry Mohd Salleh said the waqf funds can be fully utilised in other programmes. Cash waqf, he added, had been identified as one of the major tools that could resolve poverty issues in Malaysia. In order to eradicate poverty, Shukry said waqf funds should be distributed within four key sectors, namely health, education, economic development and financial assistance for small enterprises. He also said that even though a lot of waqf efforts have been made, the waqf collection system needs to be streamlined and improved professionally.