Labuan Reinsurance (L) Ltd today generously allocated a sum from its zakat contribution to INCEIF’s Fisabilillah Trust Fund. The contribution was made by its President & CEO Mr Mohammad Rais Abu Noh when he paid a visit to INCEIF today. On hand to receive the contribution was President & CEO Mr Daud Vicary Abdullah.
Set up in 2007, INCEIF’s Fisabilillah Trust Fund is intended to provide financial assistance to deserving students who wish to pursue INCEIF’s programmes namely Chartered Islamic Finance Professional, Masters in Islamic Finance and PhD in Islamic Finance.
Today’s zakat contribution by Labuan Reinsurance (L) Ltd is another commendable act of the industry in supporting the human capital development for the Islamic financial services industry. This commendable act is encouraged by the Malaysian Prime Minister in his capacity as the Minister of Finance, who granted INCEIF the status of Project of National Interest (“Projek Berkepentingan Negara”) where all such contributions shall be tax deductible under section 44 (11C) of the Income Tax Act 1967.
The contribution will indeed go a long way towards supporting the development of human capital for Islamic finance globally.