LANGKAWI, Dec 1 — The Federal Territory Endowment Bill to be tabled at the Parliament Sitting next March will focus on the implementation of the best governance for wakaf fund and assets.
Deputy Minister in the Prime Minister’s Department Fuziah Salleh said that the bill was also hoped to be able to provide guidance to the other states in implementing the wakaf concept in their respective states.
She said that based on the preliminary plan, the bill was proposed to be tabled at the current sitting but several technical matters that had to be resolved resulted in the plan to be postponed to next year.
“Among the matters to be included in the Federal Territory Wakaf Bill are to identify who the trust holder will be, the wakaf structure, how it is to be incorporated, what needs to be done if there is any abuse of power and several other matters. The endowment law when it becomes an act can assist us in terms of governance so that it will not be abused.
“We intend to develop an endowment concept through the best practice which will later be shared and become a model to the other states which can be applied according to their respective jurisdiction,” she told reporters after officiating the International Seminar on Tithes, Tax, Endowment and Economic Development (ZAWED) 2019, here today. — Bernama
