AWQAF Forms Consortium to Obtain Digital Banking License to Provide Easy Access to Waqf

Malaysia-based AWQAF Holdings (AWQAF) has formed a consortium together with Halim Mazmin and Karangkraf Magazine Group, with the intention of applying for a digital banking license to facilitate and provide easy access to Waqf. The consortium and its shareholders will be raising MYR 100 million as initial capital and is hoping to obtain one of the five licenses for digital banks issued by Bank Negara Malaysia (BNM) to qualified applicants by the first quarter of 2022, according to an interview conducted by a local news source.

Why it Matters?

The objective of this initiative is to effectively implement a corporate Waqf model with the establishment of a digital Waqf bank, and to achieve the full potential of Waqf as the third economy in the Islamic ec...