Amilin TV met up with Badlisyah Abdul Ghani, the Head of Group Islamic Banking Division, Country Head of Middle East & Brunei Operations and Chief Executive Officer of CIMB Islamic Bank, CIMB Group Holdings Berhad at the INCEIF and Islamic Development Bank (IDB)’s roundtable discussion on managing waqf properties in Malaysia. Here is what he has to say about the ongoing efforts in the Malaysian waqf development.
Q: You mentioned in your wishlist last year that you wish to see waqf development, do you think that we have the relevant shariah rulings to make waqf a flexible instrument for waqf development in Malaysia?
Badlisyah: At this moment in time I don’t think it has anything to do with shariah ruling. It has everything to do with the law of the land that governs how waqf is to be managed in the country. At this moment in time, it is not fully conducive for the kind of waqf that existed in the old Islamic empires, to be managed and developed in Malaysia.
Badlisyah: At this moment in time I don’t think it has anything to do with shariah ruling. It has everything to do with the law of the land that governs how waqf is to be managed in the country. At this moment in time, it is not fully conducive for the kind of waqf that existed in the old Islamic empires, to be managed and developed in Malaysia.
Q: What are the other challenges that affects waqf development in Malaysia?
Badlisyah: Other challenges would probably involve the capacity and capability of the managers of waqf. To my mind, it should be managed in a very professional and commercial manner where the proceeds would naturally go back to the purpose of the waqf when it was established whether it’s for charity or whether it is for the well being of family members and the likes but the waqf itself must be managed in a highly professional manner. So that’s the difference in terms of the challenges that we face, not only in Malaysia but also in the rest of the Islamic world when we compare with how waqf is being managed in the western world because in the western world, waqf is present in its original form that was in existence in the old Islamic empires and they are professionally managed.
Badlisyah: Other challenges would probably involve the capacity and capability of the managers of waqf. To my mind, it should be managed in a very professional and commercial manner where the proceeds would naturally go back to the purpose of the waqf when it was established whether it’s for charity or whether it is for the well being of family members and the likes but the waqf itself must be managed in a highly professional manner. So that’s the difference in terms of the challenges that we face, not only in Malaysia but also in the rest of the Islamic world when we compare with how waqf is being managed in the western world because in the western world, waqf is present in its original form that was in existence in the old Islamic empires and they are professionally managed.
Q: What percentage could waqf contribute to the Malaysian overall economy and perhaps the world’s overall economy as well?
Badlisyah: Well I am not so sure about the exact percentage but I do believe it will contribute to economic development and prosperity of the country. It is a matter of perhaps having professors or PhD students come up with some thesis or study in terms of how exactly it would impact the economy. I don’t have that statistics but knowing the history that we have in the world, waqf has been significant in terms of contribution to the economy in the past.
Badlisyah: Well I am not so sure about the exact percentage but I do believe it will contribute to economic development and prosperity of the country. It is a matter of perhaps having professors or PhD students come up with some thesis or study in terms of how exactly it would impact the economy. I don’t have that statistics but knowing the history that we have in the world, waqf has been significant in terms of contribution to the economy in the past.
Q:Would we be seeing CIMB Islamic collaborating with other Islamic Finance entities in the future for waqf development?
Badlisyah: Well, we have been involved in waqf development not just in Malaysia but also in foreign countries like Singapore, we have funded our waqf development and we continue to work with other bodies like INCEIF as well as state religious bodies to come up with the right research and know-how on how to pursue furtherance of development in the industry.
-ENDS-
Badlisyah Abdul Ghani is the Head of the Group Islamic Banking Division and the Country Head of Middle East and Brunei markets.
He is Executive Director and Chief Executive Officer of CIMB Islamic Bank Berhad, Chairman of CAPASIA Islamic Infrastructure Fund (General Partner) Limited, Director of CIMB Middle East BSC (C) (Bahrain), alternate Director to the Chairman of CIMB Principal Islamic Asset Management Berhad, alternate Director of CIMB Principal Asset Management Berhad and CIMB Wealth Advisors Berhad and a member of the Investment Committee of CIMB Principal Asset Management Berhad.
Badlisyah manages and oversees the overall Islamic banking and finance franchise of CIMB Group known as CIMB Islamic. His areas of responsibility cut across all legal entities within the Group as CIMB Islamic operates as a parallel franchise leveraging on the Group’s infrastructure and network both locally and globally. (SOURCE: CIMB ISLAMIC)
http://www.amilin.tv/amilin-news/unearthing-waqfs-fullest-potentials-an-interview-with-badlisyah-abdul-ghani/
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