HRH Regent of Perak Darul Ridzuan Raja Dr Nazrin Shah today officiated a seminar on `Waqf: Engine of Growth’ jointly organised by INCEIF and IQRA Foundation.
From left: IQRA Foundation, Board of Trustees, Datuk Seri Idris Jusoh,
Raja Dr Nazrin Shah and Datuk Dr Syed Othman.
In his speech, Raja Nazrin said the corporate waqf concept is a potential alternative to the existing approach in generating wealth among a few individuals or organsations who would eventually use their wealth for the wellbeing of the ummah. This concept which is being charted, injects a new business approach which is based on the Islamic approach and faith.
The idea for the corporate wakaf concept emerged in the last few years and in the olden days, such a concept was a source of economic strength for the ummah that they did not have to depend on government funds but it later disappeared due to manipulation by the colonialists, Raja Nazrin said.
The concept was proven to be successful in Malaysia through the setting up of Waqaf An Nur Corporation on Oct 3, 2006 which could be adapted for a more expansive application.
Raja Nazrin said for the concept’s bigger success, the idea could be put forward to the Conference of Rulers for consideration, and through support from the ulama, understanding between the federal and state governments, no involvement of politics and individuals selected as trustees comprising those imbibing the fisabilillah spirit.
INCEIF Professor of Comparative Economics History Prof Dr Murat Cizakca presented a paper on `The Waqf, its contribution and its operational structure’ and the other speaker was IQRA Foundation Board of Trustees Tan Sri Muhammad Ali Hashim who spoke on ` Corporate Waqf: Its application in the Malaysian context”.
The seminar was attended by 150 participants including Perak Chief Minister Dato’ Seri Diraja Dr Zambry Abd Kadir, representatives of Chief Ministers of Malacca and Sarawak, officials from state economic development corporations and industry players. INCEIF was represented at the seminar by Chief Academic Officer Datuk Prof Syed Othman Alhabshi and Chief Operations Officer Mr Mohd Zamree Ishak.
For the full text of Raja Dr Nazrin Shah’s keynote address, which was delivered in Bahasa Malaysia, please visit: