Maybank Asset Management Launches Its First Waqf Fund to Encourage Investing With a Greater Purpose

(From L to R) : En Ahmed Muzni Mohamed, Ketua Pegawai Eksekutif, Maybank Islamic Asset Management; Dato’ Idris Kechot, Pengerusi, Maybank Asset Management Group; Ahmad Najib Nazlan, Ketua Pegawai Eksekutif, Maybank Asset Management Sdn Bhd; Prof Madya Dr Amir Shaharuddin, Ketua Pegawai Eksekutif, Yayasan Waqaf Malaysia; YB Menteri Datuk Dr Zulkifli bin Mohamad Al-Bakri at the launch of Maybank Mixed Assets-I Waqf Fund at Kompleks Islam Putrajaya.

PUTRAJAYA, 7 May 2021 – Maybank Asset Management Sdn Bhd (“Maybank Asset Management”) launched its first Islamic fund with Waqf feature, Maybank Mixed Assets-I Waqf Fund (“the Fund”), a mixed assets Islamic fund under its management.

The launch was officiated by the Minister in the Prime Minister's Department (Religious Affairs) cum Chairman of Yayasan Waqaf Malaysia (YWM), Senator Datuk Dr. Zulkifli Mohamad Al-Bakri at Kompleks Islam Putrajaya.

The Fund aims to primarily provide income and potential capital growth over medium to long term by investing in a portfolio of Sukuk market, Shariah-compliant equities and/or Islamic collective investment schemes and channel a portion of the income for Waqf purposes.

Ahmad Najib Nazlan, Chief Executive Officer of Maybank Asset Management, said, “The Maybank Mixed Assets-I Waqf Fund is an opportunity for investors who wish to contribute some part of their income distribution for Waqf activities to help the underprivileged community, especially in the areas of education, healthcare, environment and economic empowerment.”

Ahmad Najib further explained, “With that in mind, the Fund was developed as part of MAM’s effort and initiative to strengthen and expand the efforts related to Waqf. This is in line with the Securities Commission Malaysia’s Waqf-Featured Fund Framework, which was introduced recently with the aim to facilitate and support the development of Waqf in the country.”

“The Fund is suitable for those who seek investments in a diversified portfolio of assets that conform to Shariah principles while at the same time; desire to channel their additional income for Waqf programmes through our strategic Waqf beneficiary, Yayasan Waqaf Malaysia.”

Ahmad Najib added, “We call this investing with a greater purpose as it instils a sense of civic consciousness, social responsibility and spiritual wellbeing to make a positive difference for the less fortunate.”

Maybank Assets Management is collaborating with Yayasan Waqaf Malaysia as the Waqf recipient and administrator. The establishment of YWM as a National Waqf Entity in 2008, is to facilitate and assisting State Islamic Religious Councils (SIRC) in expanding the existing Waqf assets, create new Waqf assets and develop the Ummah’s economy through Waqf instruments. This agenda can be realised through new initiatives that are more focused and targeted, such as a strategic collaboration with the corporate sectors in increasing the Waqf fund at the national level.

Senator Datuk Dr. Zulkifli said, “Budget 2021 shows the government’s determination in empowering the management of Waqf by emphasises the role of Waqf as a part of the government’s inclusive agenda through collaborations between the Yayasan Waqaf Malaysia and Federal Government agencies, Government-Linked Companies (GLC) and Government-Linked Investment Companies (GLIC).

“In addition, Waqf leads to the creation of a third sector that complements the public and private sectors. In collaboration with the Maybank Assets Management, this Waqf initiatives provide a platform to the public or investors to contribute in the Waqf activities by allocating whole or part of their income distribution to the Waqf fund.”

He further explained, “The Waqf fund received from the Maybank Asset Management will be managed as a cash waqf account. Furthermore, the investors are also entitled to enjoy tax deduction for the Waqf contribution at 7% for individuals and 10% for the company under Section 44(11C) of the Income Tax Act, 1967 as projects of national interest”.

Senator Datuk Dr. Zulkifli added, the Waqf fund collected through the cash waqf account will be distributed to the identified Waqf projects across the country in collaboration with the SIRC as the Sole Trustee of the Waqf.

Subject to availability of income, the Maybank Mixed Assets-I Waqf Fund aims to distribute annual income distribution and depending on the distribution yield the Fund achieves, the first 2.50 per cent of the income distribution declared or 50 per cent of the income distribution declared, whichever is higher, will be channelled for Waqf activities.

The Fund is currently offered in MYR with an initial offer price of 0.50 sen per unit with a minimum initial investment of only RM100, making this Fund affordable to a wider spectrum of investors.

Investors can learn more about the Fund at www.maybank-am.com.my and invest through Maybank Asset Management’s authorised distributors, Maybank branches, and Maybank2u.

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