Save Kids Lives
Two years ago, we decided to fully address the issue of underdeveloped wakaf land by launching a new subsidiary, UDA Waqf Sdn Bhd.
Wakaf is a voluntary charitable endowment in the form of cash, property or land, for syariah-compliant causes. However, many of the wakaf land parcels are undeveloped and in strategic locations such as city centres or abandoned mining areas.
The UDA Waqf initiative builds on our initial collaboration with the Penang State Religious Council in 2013 to develop 3.75ha of Taman Waqf Setee Aisah in Penang. The strong success of that joint venture has led us to intensify our efforts to help other State Islamic Religious Councils (SIRCs) develop their waqaf land through similar JVs and based on the ijarah (leasing) concept.
In addition, we recently sealed and agreement with Bank Muamalat Malaysia Bhd to jointly develop wakaf land based on the musyarakah (collaboration) concept where both parties share profits, losses and risks.
The development of wakaf land will improve the socioeconomics of Muslims by providing opportunities for them to participate in and benefit from economic development activities within a syariah-compliant framework.