IslamicFinance.de

There is no misappropriation of funds by the Malaysian Islamic Economic Development Foundation as the organisation is self-funded.

Deputy Minister in the Prime Minister's Department Datuk Dr Asyraf Wajdi Dusuki said the foundation "is an independent organisation and does not receive any grants from the Government" and tied to its trust deed. "Even the minister has no power in their matters", he said in his ministry's winding up speech for the 2016 Budget.
Asyraf said the foundation was not only formed to do charity work but to uplift the economic status of Muslims. He said the charity work was funded by its own systems such as ar-rahnu, which has generated an income of up to RM83mil to date. Asyraf said the foundation's total income to date was RM1.034bil.
Stressing that the funds are managed by the board of trustees, Asyraf said it has the liberty to decide as it an independent organisation. "If YaPEIM wants to invite a minister and pay for his cost, then that is its right. "The amount spent by YaPEIM for Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom is merely 0.0063 % of their annual income," he added.