31 Oct, 2016, Kuala Lumpur – In recognition of its continued role in the development of the human capital for Malaysia’s Islamic finance industry, the Ministry of Finance has renewed INCEIF’s status as a ‘Project of National Interest’ (Projek Berkepentingan Negara).
With this status, organisations and individuals who contribute cash to INCEIF are eligible to claim for tax deduction for the assessment year in which the contributions were made, under Section 44 (11C) of the Income Tax Act, 1967. The status will be for 3 (three) years starting from 2017 assessment year to 2019 assessment year.
INCEIF was first granted the status for the 2009- 2016 assessment years. Following the `Project of National Interest’ status, INCEIF has set up a special fund named “Dana Khas INCEIF” to receive contributions for scholarship, research and development activities in INCEIF, as well as, the International Shariah Research Academy for Islamic Finance Fund (ISRA).
The renewal in the status comes at an opportune time as INCEIF is set to welcome the latest cohorts of graduates at its 8th Convocation on 12 November.