Code of Governance and Transparency for Waqf Fund

This Code of Governance and Transparency for Waqf Fund is formulated to assist and provide guidance to the IBs to adopt good practices in dealing with the management of the waqf fund. The objectives of this Code are as follows:

  • to facilitate the orderly development and operationalisation of waqf fund that are consistent with the Shariah requirements;
  • to establish a strong oversight process in order to safeguard the interest of the participating IBs, SIRCs and other stakeholders;
  • to outline the prudential requirements in order to support sound risk management of waqf fund, which is consistent with the IBs risk management policy and strategic intent; and
  • to set out the minimum disclosure requirements that will instill public confidence and facilitate informed decision making by the JMC.

 

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