Business

Wakaf ASNB: Malaysian investors can now donate their unit trust funds to charity


KUALA LUMPUR, Nov 21 — The new Wakaf ASNB service, launched by Amanah Saham Nasional Bhd (ASNB) today, provides opportunities for investors to carry out charitable deeds through their ASNB unit trust funds.

ASNB is the wholly-owned unit trust management company of Permodalan Nasional Bhd (PNB).

Investors’ unit trust funds which have been donated as wakaf will be retained as the principal investment to generate potential annual returns.

The returns from the principal investment are subsequently channelled to public interest projects annually, even after the investor passes on.

“The returns from the wakaf fund will then be channelled to wakaf projects in the health, education, and community upliftment sectors as well as for humanitarian missions,” PNB Group chairman, Tun Arifin Zakaria said in a statement today.

ASNB is the first unit trust management institution to be appointed as Mutawalli (trustee) by the Federal Territories Islamic Religious Council (MAIWP).

The Joint ASNB-MAIWP Wakaf Distribution Committee will carry out a stringent screening and selection process to determine the list of deserving beneficiary projects.

The committee, consisting of representatives from the wakaf asset administrator, which is ASNB Wakalah Sdn Bhd (AWSB), MAIWP and other independent members, also act as advisers on legal issues related to shariah compliance, policies, programmes and governance of the wakaf fund. — Bernama



READ SOURCE

See also  Time difference caused delay in clarifying Honeywell agreement, says Aspen

Leave a Reply