In terms of language: stop, restrain, hinder.
In terms of Terminology: Any property to which the endower retains the right to such property from any dealings of sale, inheritance, hibah and will while maintaining its physical resources, for welfare with the intention of bringing the wakaf closer to Allah S.W.T.
Wakaf ASNB is a platform for ASNB unit holders to contribute their ASNB unit trust investments through the concept of investments and wakaf to ensure that their contribution remains continuous.
Unit holder’s wakaf fund will be retained as the principal investment and only the returns from this investment will be channeled to identified national wakaf projects that aim towards the development of community and ummah.
Income Tax Relief
Wakaf donors are eligible to receive an income tax deduction for the Wakaf amount in the year, subject to 10% of the Annual Aggregate Income. The effective period of approval from the Minister of Finance starts from 1 January 2021 to 31 December 2025.
Wakaf fund that lasts forever
A combination of investments and wakaf concepts where the wakaf fund will continuously generate investment returns which will be channeled to wakaf projects.
Recognition as a Mutawalli
AWSB is a wakaf management institution recognised as a Mutawalli by MAIWP which functions as a corporate wakaf company. AWSB manages and administers the wakaf fund end-to-end, starting from collecting, managing and governing the wakaf fund, identifying and distributing to wakaf projects.
Transparent governance and informative
Wakaf donors will receive annual reports containing information on the accumulated wakaf fund, investment returns from the wakaf fund and distribution of wakaf to charitable projects. Wakaf donors will also receive annual statements containing information on their own wakaf fund and its investment returns. All wakaf contribution projects are transparent and undergo a due diligence process.
Updates on wakaf will continue to be provided to their next of kin/appointed notice recipient
Wakaf donors can appoint their next of kin/notice recipient who will receive regular updates on their wakaf contributions upon their death.
Easy application
ASNB provides online channels on the myASNB portal & mobile app as well as at all branches nationwide for the registration of Wakaf ASNB.
Projects related to the health sectors such as purchases of hospital equipments for the treatments of the needy, as well as assistance for chronic patients with cancer, kidney diseases, heart diseases or other illnesses.
The community empowerment sector such as building houses or providing other necessities for the needy like single mothers, the poor and homeless.
Humanitarian missions especially for the needy, victims of flood or other natural disasters.
