Dato' Ahmah Tajudin Abdul Rahman
Chairman of Board of Trustees
YPEIM
Paper presented at Konvensyen Sistem Ekonomi Islam on 3rd August 2004, Kuala Lumpur
Economic system has 3 parts:
1. Government ("Siasi")
2. Commercial / Market ("Tijari")
3. Social / Nonprofit ("Ijtimai'")
He concentrates on the Ijtimai' sector. Under this sector, the different applicable concepts are zakat, fitrah, sadaqah, waqf, bait ul mal and qard ul hasan.
He considers the waqf as the backbone for the Ijtimai' sector and that it should be deployed as a macroeconomic strategy. It should be given a new dimension in Malaysia by giving an administrative and management structure that is systematic and viable.
He suggests that it should be insitutionalised at a central level. His suggestions include a centrally incorporated institution under the Trustees Act 1969 with participation and membership of both central government and state religious department officials. It should be run based on corporate governance, and there should be a CEO plus committees and departments taking care of such matters as investments, risk managment, audit etc. Accounting should be done regularly according to standard set by MASB and AAOIFI. Under this concept, the statem religious departments will work together with the central governmennt,
My observation: Was this suggestion taken up and leading to the now established Yayawan Waqaf Malaysia?
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