YWM Partners With Indonesian Waqf Organisations To Strengthen Waqf Industry

KUALA LUMPUR, Nov 7 (Bernama) -- Yayasan Waqaf Malaysia (YWM) has established cooperation with several waqf organisations in Indonesia by signing a letter of intent (LOI) to strengthen and elevate waqf on the global stage.

In a statement, YWM said that the cooperation was formed during a working visit to Indonesia, and in conjunction with the 13th Annual Meeting and Conference, World Zakat and Waqf Forum (WZWF), with the YWM delegation to the event, from Oct 30 to Nov 3. led by its chief executive officer Dr Ridzwan Bakar.

“The LOI to cooperate was signed by Dr Ridzwan in a ceremony witnessed by the Minister in the Prime Minister’s Department (Religious Affairs) Datuk Mohd Na’im Mokhtar. This collaboration is one of YWM’s initiatives to empower and elevate waqf globally," according to the statment.

“Among the collaborations formed, such as YWM with the Indonesian Waqf Board (BWI) which will involve sharing of experience and expertise in waqf management, as well as expertise development and advisory services in the field of waqf.”

Meanwhile, YWM also announced a collaboration with Indonesia's Sinergi Foundation (SF), which focuses on sharing of expertise in contemporary waqf-based business and exploring waqf investment potential in Indonesia, while the collaboration with the WZWF aims to strengthen and elevate waqf worldwide.

“In addition, the collaboration with Bandung Islamic University (UNISBA) is to carry out research and education related to waqf, as well as promoting waqf development in both countries,” the statement said.

YWM further stated that these collaborations reflect the shared values between Malaysia and Indonesia in empowering Islamic philanthropy and economic empowerment through waqf instruments while also creating opportunities for the sharing of knowledge and expertise, best practices, and implementation of productive projects to sustain the waqf industry in both countries.

“Commercialised economic waqf is YWM’s main focus in driving productive waqf so that it can generate returns that will ultimately benefit the community,” the statement said.

At the same time, YWM also stated its strong commitment to enhancing the role of the waqf sector in poverty alleviation, education, health, infrastructure development, and the socioeconomic welfare of the people.

According to YWM, the empowerment of the ummah’s socioeconomy and establishment of a MADANI legacy through Islamic economic instruments can be successfully realised if all parties support this endeavour.

“YWM, with full commitment, will continue to empower waqf globally, in line with the national agenda of waqf contributing 10 per cent to the growth of the Islamic financial sector by 2030,” added the statement.

-- BERNAMA