Waqf Foundations – A Unique Shariah-Compliant Wealth Management Solution

Global Islamic funds are forecasted to grow to at least USD77 billion by 2019 and the industry is already hitting its USD60 billion mark, according to a report released by Thomson Reuters on Global Islamic Asset Management Outlook in 2015.

With substantial growth opportunities, the market continues to see its silver lining, in addition to the rising number of high-net-worth individuals (HNWIs) in the Asia Pacific region – with private wealth having risen by 13% to USD37 trillion in 2014.

Malaysia has always played an important innovative role in Islamic financial services, boasting a comprehensive regulatory framework for Islamic banking, finance, takaful and asset management. As an extension and in support to this, Labuan International Business and Financial Centre (Labuan IBFC), has evolved into a test bed for Islamic financial products innovation. A case in point would be the introduction of waqf in a private foundation through the Labuan International Waqf