UDA group managing director, Ahmad Abu Bakar, said the group has identified about 120ha of wakaf? land to be developed over two to three years.
“Bank Muamalat is supporting us not only in financing. It can also venture as equity partner.
“We believe that with Bank Muamalat’s strength, coupled with our project management skill, we can jointly develop the wakaf land successfully,” he told reporters after the signing of the agreement between UDA Waqf and Bank Muamalat here today.
Bank Muamalat’s chief executive officer, Datuk Mohd Redza Shah Abdul Wahid, said the RM100 million fund was for this year.
“We will allocate further (additional fund) for the coming years,” he said.
Earlier, in his speech, Ahmad said, the development would be based on the Ijarah concept, or leasing, where the State Islamic Religious Council (SIRC) in various states will lease the property to the buyer at a certain rate and terms agreed upon during the lease period.
He said ownership of the property would remain with SIRCs and only the rights to occupy will be assigned.
“The development of wakaf land is part of the company’s ongoing effort to ensure the growth and diversification of wakaf assets, maximise its potentials and increase its value as well as ensuring continuous benefits to SIRCs.
“The comprehensive and progressive development of wakaf land will be UDA Waqf’s platform to improve the socio-economic status of Muslims by providing opportunities for them to participate in the economic activities resulting from the wakaf development process,” he said.