Wakaf: Generating Development Seminar

His Royal Highness the Raja Muda (Crown Prince) of Perak, Raja Dr. Nazrin Shah ibni Sultan Azlan Shah consent to attend the seminar of 'Wakaf: Generating Development' held at Bank Negara Malaysia (Central Bank). In the seminar, The Raja Muda criticised individuals who were untrustworthy in implementing the New Economic Policy (NEP), causing the failure of the good policy to meet its goal of helping the country's Malay-Muslim community. Raja Nazrin said due to their bad attitude, the goal of equitable distribution of wealth among the ummah (Muslim community) could not be reached while the blame went to the noble policy introduced by the government.

He said the people should realise that it was no fault of the NEP but those who committed various malpractices at the implementation level, resulting in depleted wealth ownership and businesses among Malay individuals, and economic leakages. Speaking at a seminar on 'Wakaf: Generating Development", at Bank Negara Malaysia here, Raja Nazrin said studies showed that only six per cent of the wealth owned by Malay individuals could reach their third generation and only two per cent, the generation thereafter.

He also expressed regret over treacherous individuals who caused several institutions created by the government in looking after the welfare of the ummah to face problems including bankruptcy or forced to be saved by the government. The idea for the corporate wakaf concept emerged in the last few years and in the olden days, such a concept was a source of economic strength for the ummah that they did not have to depend on government funds but it later disappeared due to manipulation by the colonialists, he said.

The concept was proven to be successful in this country through the setting up of Waqaf An Nur Corporation on Oct 3, 2006 which could be adapted for a more expansive application. Raja Nazrin said for the concept's bigger success, the idea could be put forward to the Conference of Rulers for consideration, and through support from the ulama, understanding between the federal and state governments, no involvement of politics and individuals selected as trustees comprising those imbibing the fisabilillah spirit.

picture from Bernama