New "people's wakaf" launched
A new Islamic endowment fund to be used specifically to finance Islamic education was launched on Tuesday, the first to accept cash donations with no minimum amount.
This collection of donations or properties willed by Muslims towards religious or charitable purposes, called a wakaf, was launched by Minister-in-charge of Muslim Affairs Yaacob Ibrahim.
It will be named Wakaf Ilmu, which means "knowledge".
While wakafs in the past were bequeathed in the form of property, the new fund will be the first to allow any individual to donate cash, no matter how small an amount.