Malaysia: Malaysia's expertise in waqf development has gained international recognition following a strategic partnership between the Malaysian Waqf Foundation (YWM) and two institutions from the Sultanate of Oman to strengthen waqf asset development and explore innovations in Islamic social finance.
According to BERNAMA News Agency, the collaboration was formalized through a memorandum of understanding (MoU) between YWM and Sohar Islamic as well as the Boushar Endowment Foundation, focusing on the sharing of expertise, knowledge transfer, technology, and best practices in waqf governance and management.
Deputy Minister in the Prime Minister's Department (Religious Affairs) Marhamah Rosli said the collaboration reflected international recognition of Malaysia's capability in developing a structured, innovative, and high-impact waqf ecosystem. She emphasized that this bilateral relationship brings honor to Malaysia in the waqf sector and benefits the community and the Muslim ummah as a whole.
The MoU was signed by YWM chief executive officer Dr. Ridzwan Bakar, Sohar Islamic head of Islamic Finance Fahad Akbar Al Zadjali, and Boushar Endowment Foundation chairman Malik Hilal Al Yahmadi. The signing was witnessed by Marhamah together with Deputy Head of Mission of the Sultanate of Oman to Malaysia, Mohamed Najeeb Al Bulushi.
Marhamah highlighted that the appointment of Ridzwan as Waqf Adviser to the Sultanate of Oman by the two institutions also reflected the country's confidence in Malaysia's expertise. She noted that this recognition was significant as it marked a shift from Malaysia traditionally bringing in foreign expertise to exporting its own waqf sector proficiency.
Meanwhile, Ridzwan stated that the collaboration with Oman was part of YWM's efforts to expand its waqf network internationally, including with Kuwait, Qatar, and the United Arab Emirates (UAE). He mentioned that the strategic relationship with Oman began through visits in 2023 and 2024 to explore opportunities for cooperation in waqf development and investment.
Ridzwan also noted that the development of productive waqf assets had the potential to attract strategic investments, particularly from Arab countries, while strengthening Malaysia's position as a hub for Islamic social finance. He revealed that YWM currently had three investment products under Kenanga Investors that could serve as platforms to attract international investment funds into Malaysia.
On the benefits to the community, Ridzwan explained that waqf development should be viewed as an effort to build economic strength through asset development before the returns could benefit more people in need. He emphasized that once assets are developed and the economy is strengthened, it would be possible to help more disadvantaged groups, including those in the B40 and M40 income groups.