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Thursday, 21 July 2022, Kuala Lumpur – Bank Pembangunan Malaysia Berhad (“BPMB”) signed a technical study agreement with Islamic Development Bank (“IsDB”) and Yayasan Waqaf Malaysia (“YWM”) for the establishment of an Awqaf Properties Investment Fund (“APIF”) in Malaysia.


Following the signing, a technical study will ensue to assess the feasibility of waqaf development in Malaysia followed by the establishment of APIF. Based on IsDB's experience as well as insights in waqaf asset development, this collaboration marks BPMB’s first step towards the financing of waqaf developments.


BPMB Chairman, Tan Sri Nazir Razak shared that “There are substantial waqaf real estate assets throughout the Muslim world that remain underutilised and Malaysia is no exception. It is estimated that only about 13% of waqaf lands have been deployed for development purposes. This is largely attributed to the lack of technical expertise and financial resources which hinder the development of these assets.”


“IsDB has undertaken many waqaf projects in countries like Saudi Arabia, Bangladesh and the United States and we want to draw on their experience and skill sets to do the same here. By exploring the untapped potential of waqaf assets, we believe this collaboration will have significant developmental impact for the nation and benefit lower income beneficiaries. The first step is this technical study to assess the market feasibility of waqaf development, in partnership also with YWM,” Nazir added.


“We are delighted to onboard BPMB on this initiative in support of the establishment of APIF-Malaysia. Together with BPMB, we hope this technical study will unlock the value and potential of the significantly large portion of waqaf land in Malaysia that remains idle and has yet to be developed. This will be the first APIF partnership in Southeast Asia,” shared H.E Dr. Muhammad Al Jasser, President and Chairman of IsDB Group.


Prof Dr Amir Shaharuddin, Chief Executive Officer of YWM said that, “This collaboration is timely as it helps enable access to land and credit market. It can be a potential developmental opportunity for Islamic financial institutions to explore. Waqaf development is a means of sustainable welfare and is integral in building the socio-economic for the masses. We look forward to unlocking the potential of these waqaf assets and regenerating wealth for the benefit of the underserved and endeavour to narrow the social and income disparity.”


The agreement was signed by Roni L. Abdulwahab, Group Chief Executive Officer of BPMB Group while IsDB and YWM were represented by Mohamed Abida, Head of the IsDB Centre of Excellence KL and Prof Dr Amir Shaharuddin, Chief Executive Officer of YWM respectively. Tan Sri Nazir Razak, Chairman of BPMB, and H.E. Dr. Muhammad Sulaiman Al Jasser, President of IsDB were present to witness the signing.


This technical study agreement is a unique collaboration initiated by the IsDB Centre of Excellence in Kuala Lumpur and is expected to benefit Malaysia’s development landscape. The IsDB Centre of Excellence in Kuala Lumpur is committed to support initiatives in line with Malaysia’s development priorities and experiences.

BPMB's potential venture into waqaf financing aligns with Bank Negara Malaysia's aspirations of Value-Based Intermediation by offering Islamic social finance in mainstream banking.






From left:

  1. Mr Mohamed Abida, Head of the IsDB Centre of Excellence KL, IsDB
  2. Encik Roni L. Abdulwahab, Group Chief Executive Officer, BPMB Group
  3. H.E. Dr. Muhammad Sulaiman Al Jasser, President, IsDB
  4. Tan Sri Nazir Razak, Chairman, BPMB
  5. Prof Dr Amir Shaharuddin, Chief Executive Officer, YWM



Bank Pembangunan Malaysia Berhad (BPMB) was incorporated on 28 November 1973 as a development financial institution. BPMB’s role includes the provision of various corporate financing facilities and training and advisory services, particularly to Bumiputera entrepreneurs. Today, BPMB is focused on medium to long-term financing in sectors deemed strategic to national economic development.


Owned by Minister of Finance (Incorporated), BPMB has been accorded the highest rating of ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.


With a Group Total Assets value of RM26.1 billion (as at 31 December 2021), the BPMB Group is well-positioned to meet the financing and business development needs of Malaysian businesses. 



YWM was established through the Jabatan Wakaf, Zakat dan Haji (JAWHAR) initiative on 23 July 2008 and registered under the Trustee (Incorporation) Act 1952 [Act 258], BHEUU, JPM (Legal Affairs Division, Prime Minister's Department). YWM main functions are:

  1. assisting SIRC in developing existing waqaf properties, creating new waqaf and developing the economy of the ummah through waqaf instruments;
  2. to be the main reference center on waqaf for local / foreign parties; and
  3. to be a liason with waqaf parties from local and abroad who want to implement waqaf in Malaysia


For more information on YWM please visit and follow our social media @YayasanWaqafMalaysia.



Rated AAA by the major rating agencies, the Islamic Development Bank is a multilateral development bank that has been working for over 47 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57-Member Countries across four continents, touching the lives of 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfill their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment, and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).


For more information, please contact: 


Bank Pembangunan Malaysia Berhad

Corporate Communications Department



Islamic Development Bank

Abdikadir Abdi

Regional Press Officer



Yayasan Waqaf Malaysia

Puan Hanim Idzura binti Mohd Kalyubi

Pengurus Bahagian Pemasaran dan Korporat


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