Corporate Social Responsibility Statement
Pursuant to its Corporate Social Responsibility, the Bank established a Waqf (donations and endowments from donor community) and Zakat (custodian of obligatory contributions of earning Muslims intended to deliver charitable assistance and also the default and penalty charges on Islamic finances goes thereto), both are separate trust funds administered by the Bank to deliver humanitarian and charitable services in accordance to Islamic tenets and Shari’ah jurisprudence. Humanitarian assistance shall come in the form of financial assistance for livelihood programs that shall address poverty alleviation. Charitable assistance shall directly serve for the benefit of the poorest sector in the society.
The Waqf shall start to operate in this year (2018) as soon as funds start coming in. Aside from its humanitarian and charitable purpose, the Waqf shall also administer donation and endowments earmarked for the purpose of building and rebuilding of mosques, madrasah (schools), hospital or hospital wards for the poor, homes for the homeless children and the aged, scholarships for advance learning beneficial to Muslim communities, and other human welfare facilities.
Likewise, the utilization or disbursement of Zakat shall be strictly Shari’ah compliant.