Wakaf ASNB is a service provided for ASNB unit holders to wakaf (endow) a portion of their ASNB trust unit investment where the wakaf unit will remain as principal while the income of the wakaf unit trust will be distributed to wakaf projects in the health, education, community empowerment and humanitarian mission sectors identified throughout Malaysia, which is managed by ASNB Wakalah Sdn. Bhd.
ASNB Wakalah Sdn Bhd (AWSB) is a wholly owned subsidiary of ASNB which has been appointed as a Mutawalli by MAIWP to collect, manage and administer the Wakaf ASNB fund.
Wakaf ASNB is open to all ASNB unit holders aged 18 and above.
Wakaf ASNB can only be performed by the unit holder himself through his own ASNB account and can intend wakaf for a third party.
Unit holders can perform Wakaf ASNB from their ASNB fixed price funds through myASNB portal and mobile apps or ASNB branches.
Currently, unit holders are unable to perform wakaf at ASNB agents. Any additional channels will be announced from time to time.
The unit trust fund that unit holder chooses to wakaf will be transferred from the unit holder's account to a special account owned by the Sole Trustee, Majlis Agama Islam Wilayah Persekutuan (MAIWP).
These wakaf units will be maintained as principal to generate income distribution, which is called as wakaf benefit fund.
The income distribution generated from the principal of the wakaf units will be paid and transferred to the Wakaf Distribution Account to be contributed to wakaf projects. The distribution will be implemented based on the approval received from the Board of Directors of ASNB Wakalah Sdn. Bhd. or the Joint Wakaf Distribution Committee ASNB-MAIWP.
The wakaf project selection process will go through screening and approval from the JWDC members to ensure the wakaf contribution be channeled to projects that can benefit the whole community in general.
For each Wakaf ASNB transaction made, the unit holders will be given a transaction receipt via email registered in the ASNB system. Besides that, Wakaf ASNB donors can view their previous wakaf transaction through myASNB portal or mobile app.
The notice recipient updates can also be made online via the myASNB portal or app and over the counter at ASNB branches.
Wakaf ASNB donors are eligible to receive tax deduction on income tax subject to 10% from their aggregate income for that year.
Illustration as per the table below:
| Transaction year 2021 | Total |
|---|---|
| Wakaf donor endowed ASB RM6,000. | RM6,000 |
| Aggregate income of wakaf donor from salary, rental income and other income (year assessment 2021) | RM50,000 |
| Tax deduction 10% from the aggregate income (10% x RM50,000) | RM5,000 |
There is no maximum limit for Wakaf ASNB.
The minimum amount of unit trusts for each wakaf transaction is as follows:
| Unit Trusts | Minimum limit |
|---|---|
| Fixed price | RM1,000 |
Only ASNB fixed price funds are allowed
You can endow all fully owned unit trusts for Wakaf ASNB except:
No. Wakaf ASNB is using the muabbad concept and so the units that have been transferred to Wakaf ASNB cannot be returned, revoked or amended.
The wakaf units will be transferred to the MAIWP account (as a trustee) immediately.
There is no fee charged to investors who wish to perform the Wakaf ASNB.
The annual fees include administration, service and Mutawalli fees are required to manage ASNB and to provide the best and most efficient services to Wakaf ASNB donors.
These fees are charged from the income distribution/bonus of the wakaf funds before being distributed to the approved wakaf projects
The wakaf units from funds ASB and ASB 2 will include the individual maximum limit.
Illustration as per the table below
| Investor | Before Wakaf | After Wakaf RM30,000 | ||
|---|---|---|---|---|
| Total Investment | Remaining maximum limit | Total Investment Balance | Remaining maximum limit | |
| Ali | RM150,000 | RM50,000 | RM120,000 | RM50,000 |
| Abu | RM200,000 | RM0 | RM170,000 | RM0 |
Zakat is compulsory for Muslims who met the conditions to Zakat. The recipients of zakat are subject to the 8 asnaf groups that have been identified.
Meanwhile, wakaf is sunnah and has no special condition, as long as it is sufficient and exceed the needs of oneself and one’s dependents. Non-Muslims can also perform wakaf. The recipients of wakaf contributions are also more extensive for the purpose of development and welfare throughout all group of people.
Yes, Wakaf ASNB Annual Statement is different from the Annual Income Distribution Statement because the Wakaf ASNB Annual Statement will show the amount of wakaf benefits resulting from the income distribution of the wakaf units.
A. Summary Wakaf transaction from 01/01/2022 - 31/12/2022:
| Fund | Wakaf Amount (RM) | Wakaf Units (Unit) |
|---|---|---|
| ASB | 1,000.00 | 1,000.00 |
| Total | 1,000.00 | 1,000.00 |
| Fund | Accumulated Wakaf Units (Unit) | Wakaf Units Income Distribution (RM) | Wakaf Units Bonus (RM) | Total Wakaf Income Distribution & Bonus (RM) |
|---|---|---|---|---|
| ASB | 2,000.00 | 50.25 | 18.75 | 69.00 |
| Total | 2,000.00 | 50.25 | 18.75 | 69.00 |
| Items | Total |
|---|---|
| Wakaf Income Distribution & Bonus for the year 2022 | 69.00 |
| LESS (-) | |
| Administration Fee (6.5%) | (4.49) |
| Mutawalli Fee (5.0%) | (3.45) |
| Total Wakaf Benefits | 61.07 |
A. Summary Wakaf transaction from 01/01/2022 - 31/12/2022:
| Fund | Wakaf Amount (RM) | Wakaf Units (Unit) |
|---|---|---|
| ASB 2 | 1,000.00 | 1,000.00 |
| Total | 1,000.00 | 1,000.00 |
| Fund | Accumulated Wakaf Units (Unit) | Wakaf Units Income Distribution (RM) | Wakaf Units Bonus (RM) | Total Wakaf Income Distribution & Bonus (RM) |
|---|---|---|---|---|
| Total | 0.00 | 0.00 | 0.00 | 0.00 |
| Items | Total |
|---|---|
| Wakaf Income Distribution & Bonus for the year 2022 | 0.00 |
| LESS (-) | |
| Administration Fee (6.5%) | (0.00) |
| Mutawalli Fee (5.0%) | (0.00) |
| Total Wakaf Benefits | 0.00 |
No, the Wakaf ASNB Annual Statement will be issued only once per year where all wakaf funds will be consolidated into a single statement. The Pewakaf will be provided with an individual Wakaf statement that display the amount and Wakaf units, as well as the Wakaf benefits generated from the Wakaf contributions. The individual Wakaf statement, along with the Wakaf ASNB Annual Report, will be sent to Pewakaf via email.
Pewakaf can obtained the Wakaf ASNB Annual Statement and Wakaf ASNB Annual Report online through their myASNB account. Additionally, Pewakaf can also visit ASNB branches to request the Wakaf ASNB Annual Statement without any application fee. As for the Wakaf ASNB Annual Report, it can be referred to and downloaded from the website https://www.asnb.com.my/wakaf.php.
Yes, your wakaf contribution has been accepted as an act of Wakaf once you have fulfilled the valid conditions and requirements of Wakaf.
In this context, you have fulfilled the essential conditions and requirements of Wakaf, even if the distribution of income (dividends) has not yet been obtained/generated for the current year. The transfer of assets (unit trusts) from the Pewakaf to MAIWP signifies the act of Wakaf. This is followed by verbal statement or documentation during the execution of Wakaf ASNB.
