Yayasan Iqra set to elevate Islamic endowment
KUALA LUMPUR: Yayasan Iqra, a foundation promoting wealth creation through Muslim endowment principles, is set to make corporate Islamic endowment Malaysia's third financial force.
Board of trustees member Datuk Seri Idris Jusoh, who is also Mara chairman, said Islamic endowment principles ensured transparency and accountability in managing finance while weaning off reliance on the Government for funds.
“As we have seen in Greece and Spain, attempts by the respective governments to reduce the national debt have met with protests.
“In the long run, finances for projects and community-based activities can come from Islamic endowment, which will help ease the Government's financial burden,” he told a press conference here yesterday.
Under its proposal, individuals and the corporate sector will commit shares or financial instruments as endowment with a portion of the profits returning to the principal sum and the remaining channeled to the community.
Idris said the foundation had begun talks with various government agencies and state Islamic religious councils to meet its objective.
“At present, only the public and private sectors generate finances for various projects.
“We are pleased that the Prime Minister recognises the importance of Islamic endowment playing a role in the nation's economic well being while giving returns to the rakyat,” Idris said.
Fellow board member Tan Sri Muhammad Ali Hashim cited Johor Corp as an example of successful management of Islamic endowment, which was now worth RM21bil.
Muhammad, who is president of the Malaysia Islamic Chambers of Commerce, said Malaysia could become a global hub for Islamic endowment, following its success in Islamic banking and finances.
Source : The Star
Date : 4 October 2012
Afternoon Highlight (08/10/12/172/647)
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