KUALA LUMPUR: An act for Waqf is expected to be tabled in the Parliament by year end to better manage endowment funds in the country.
Deputy Minister in Prime Minister’s Department (Islamic Affairs) Fuziah Salleh (pix) said the draft for the act has been completed and was currently going through reviews by various ministries including the Finance Ministry (MOF).
“We need to discuss with all stakeholders, involving MOF and the state levels because previously there was no clear guidelines and states have different enactment on the matter, which creates difficulties on how to collect the funds and how do ensure the integrity of the funds.
“Due to this, we need to standardise the implementation of Waqf funds,” she told reporters after delivering her keynote address at the 6th Malaysian Financial Planning Council (MFPC) International Conference on Islamic Wealth Management and Financial Planning today.
Fuziah also said the Department of Waqaf, Zakat & Haj (Jawhar) is looking into the having a tax rebate for Waqf.
“We are currently discussing with MOF on the matter. Previously, the Waqf subject has not been explored at all.
“We need to see what can be done to ensure a tax rebate for Waqf besides zakat ... whether we should enact a law or amend any law. This will take time and process as it involves many technical aspects,” said Fuziah, adding that she hoped that it could be brought to the Parliament by end of this year or early next year.
Meanwhile, Fuziah said her ministry is also looking to develop a master plan on social economic development particularly for the asnaf (eligible recipients) to lift them out from poverty.
“We have set a key performance indicator (KPI) this year for Jawhar, that 2.0% to 4.0% of them (asnaf) to be empowered out of the asnaf status, yearly,” she said.
Currently, she said the task force formulating the masterplan was still in the initial stages. — Bernama
