07/07/2026 11:40 PM

M'sia Strengthens Global Waqf Profile With Oman Collaboration

KUALA LUMPUR, July 7 (Bernama) -- Malaysia's expertise in waqf development has gained international recognition following a strategic partnership between the Malaysian Waqf Foundation (YWM) and two institutions from the Sultanate of Oman to strengthen waqf asset development and explore innovations in Islamic social finance.

The collaboration was formalised through a memorandum of understanding (MoU) between YWM and Sohar Islamic as well as the Boushar Endowment Foundation, focusing on the sharing of expertise, knowledge transfer, technology and best practices in waqf governance and management.

Deputy Minister in the Prime Minister's Department (Religious Affairs) Marhamah Rosli said the collaboration reflected international recognition of Malaysia's capability in developing a structured, innovative and high-impact waqf ecosystem.

“This is a bilateral relationship and collaboration that brings honour to our country in the waqf sector. It not only has a significant impact on the country, but also brings many benefits to the community and the Muslim ummah as a whole,” she said after witnessing the MoU signing ceremony here today.

The MoU was signed by YWM chief executive officer Dr Ridzwan Bakar, Sohar Islamic head of Islamic Finance Fahad Akbar Al Zadjali and Boushar Endowment Foundation chairman Malik Hilal Al Yahmadi, and witnessed by Marhamah together with Deputy Head of Mission of the Sultanate of Oman to Malaysia, Mohamed Najeeb Al Bulushi.

Marhamah said the appointment of Ridzwan as Waqf Adviser to the Sultanate of Oman by the two institutions also reflected the country's confidence in Malaysia's expertise.

“It is an honour because we often hear of Malaysia bringing in foreign expertise, but this time we are introducing Malaysia's expertise in the waqf sector to another country, and it has been recognised,” she said.

Meanwhile, Ridzwan said the collaboration with Oman was part of YWM's efforts to expand its waqf network internationally, including with Kuwait, Qatar and the United Arab Emirates (UAE).

He said the strategic relationship with Oman began through visits in 2023 and 2024 to explore opportunities for cooperation in waqf development and investment.

“We were the ones who knocked on their door, and they were receptive. That is why I, personally, and YWM have been invited many times to serve as advisers on waqf development in Oman. It is because we have the expertise,” he told the media.

He said the development of productive waqf assets had the potential to attract strategic investments, particularly from Arab countries, while strengthening Malaysia's position as a hub for Islamic social finance.

Ridzwan said YWM currently had three investment products under Kenanga Investors that could serve as platforms to attract international investment funds into Malaysia.

On the benefits to the community, he said waqf development should be viewed as an effort to build economic strength through asset development before the returns could benefit more people in need.

“Once assets are developed and the economy is strengthened, we can help more disadvantaged groups, not only the asnaf but also those in the B40 and M40 income groups,” he said.

-- BERNAMA

 

 

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