Wakaf ASNB hits RM30m

PERMODALAN Nasional Bhd’s (PNB) newly launched Wakaf ASNB has hit RM30 million in funds and is slated for its maiden dividend distribution in the first half of 2023, said president and CEO Ahmad Zulqarnain Onn.

He said the product proved to be a successful experiment for PNB as one of the innovations in Islamic finance.

“We launched this product in October last year and people have already wakaf their investment of over RM30 million within that time frame, which is quite incredible, and it is becoming one of the fastest largest wakaf funds in Malaysia.

“In a way, this is one innovation that we are proud of. It shows that people are willing to do good with their money, as long as they have a trusted partner who is doing this with a commitment and managing it in a proper way,” he said during an editor’s briefing session held on Wednesday, in conjunction with the announcement of the Amanah Saham Bumiputera (ASB) dividend.

PNB, through its wholly owned unit trust management company Amanah Saham Nasional Bhd (ASNB), introduced the Wakaf ASNB service that enables ASNB unit holders to continuously donate their unit trusts for the benefit of the community.

The Wakaf ASNB applies the concept of waqf muabbad, namely a perpetual donation in which the wakaf fund will be retained as the principal investment to generate potential annual returns.

 Wakaf ASNB is made available in collaboration with the Federal Territory Islamic Religious Council (MAIWP).

“This Wakaf fund has the potential to be a RM100 million fund, RM1 billion fund or it could also be a RM10 billion fund. It can scale up to be a very different way of doing good for society,” he said.

Ahmad Zulqarnain also said that PNB will be transparent in terms of where the money goes and it will be sending reports to those who have wakaf their investment and also a copy to their next-of-kin when the person is deceased.

The fund would also be channelled nationwide, and not just in the Federal Territory. – BERNAMA