Kuala Lumpur, Malaysia, 20 July 2022 – Islamic Development Bank (IsDB), Bank Pembangunan Malaysia Berhad (“BPMB”) and Yayasan Waqaf Malaysia (“YWM”) have jointly signed a technical study agreement for the Establishment of an Awqaf Properties Investment Fund (“APIF”) in Malaysia.
The agreement was signed – in the presence of IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, as well as BPMB chairman, Tan Sri Nazir Razak - by Mr. Mohamed Abida, Head of IsDB Center of Excellence in Kuala Lumpur; Roni L. Abdulwahab, Group Chief Executive Officer of BPMB Group, and YWM CEO, Prof. Dr. Amir Shaharuddin.
As a mechanism for operationalizing Awqaf to achieve its development impact, APIF has succeeded in providing proof of concept, which is now ready to be scaled up. With a total paid-up capital of over US$114 million supplemented by a US$100 million line of financing from IsDB, APIF's portfolio comprises 55 projects in 28 member countries and non-member countries with a total worth of US$1 billion.
This portfolio is steadily growing, and the demand for its solutions is enormous, not only in IsDB member countries but also in non-member countries. These projects have proven that Awqaf, in general, and the APIF model in particular, can play a significant developmental role. This unique fund has the strategic objective of supporting third-sector institutions worldwide to increase and sustain their impact.