Page 110 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

OUR PROGRESS AND
OUTPUT IN SUSTAINABILITY

4. ENHANCING SOCIAL WELFARE THROUGH MAQASID AL-SHARIAH, M7 Community Development
VBI PRINCIPLES, AND SUSTAINABLE DEVELOPMENT GOALS

Why is this Important? What Did We Do?
Our commitment to community development, guided by Wakaf Muamalat Initiative
the principles of Maqasid al-Shariah, aligned with the
VBI framework, and supportive of the United Nations • Waqf Fund Collection and Management:
Sustainable Development Goals (SDGs), is integral to our In partnership with State Islamic Religious Councils,
theme of ‘Better Lives, Together’. These frameworks we launched Wakaf Muamalat to manage cash waqf
underscore the importance of holistic well-being, ethical funds through a Joint Management Committee.
banking practices, and sustainable development, aligning In FY2023, the waqf fund collection reached
perfectly with our mission to address social inequalities and RM33,711,026.66, and RM25,999,934.01 was approved
promote inclusive growth. By integrating these principles to support 142 nationwide projects in education,
into our initiatives, we strive to create a positive and lasting health, and investment.
impact on the communities we serve, fostering a more
Tabung Mawaddah Fund
equitable and prosperous society where everyone can thrive
together.
• Disbursement and Expansion: We disbursed a total
of RM2,234,638.21 from our Tabung Mawaddah
What is Our Approach?
Fund, expanding its usage to aid selected Asnaf
Our approach to community development integrates and non-Asnaf recipients in social, education, and
Maqasid al-Shariah and VBI principles into actionable health-related matters.
strategies that prioritise the needs of the communities we
Jariah Fund Crowdfunding Portal
serve. We collaborate closely with stakeholders, including
State Islamic Religious Councils and NGOs, to implement
• Collaborative Campaigns: We collaborated with
programmes that support education, health, economic
five selected NGOs to initiate 16 health, education,
empowerment, and social welfare. Through innovative funding
and economic empowerment campaigns under the
mechanisms like waqf and crowdfunding, we maximise
Jariah Fund crowdfunding portal, collecting a total of
our impact and ensure transparency and accountability
RM86,809.
in our initiatives. Our goal is to empower individuals and
communities to achieve sustainable development outcomes.

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