Islamic Banking in Malaysia has Great Potential in Zakat, Waqf and Alms: Minister

Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed has stated that Islamic banking in Malaysia has great potential to capitalise on Islamic social financial instruments such as Zakat, Waqf and alms, according to local media reports.

Speaking at a launch event by Bank Islam Malaysia, Mustapa noted that it was not only the Government of Malaysia’s responsibility to revive the economy, but also banking and financial institutions had a role to play in rebuilding the country, while adding that Islamic social finance was relevant to addressing challenges faced and reviving Malaysia’s economy following the COVID-19 pandemic.

Mustapa stated...