SADAQA HOUSE – MESSAGE FROM BANK ISLAM’S CHIEF EXECUTIVE OFFICER, MOHD MUAZZAM MOHAMED
Assalamualaikum and Greetings,
Since its inception in 1983, Bank Islam has always geared towards becoming the leading Islamic finance institution, delivering comprehensive Shariah-compliant financial services, solutions and offerings to every segment in the market. Islamic finance, should not focus only on profit-making aspects of the business but include Islamic Social Finance agenda with great emphasis on its effectiveness and efficiency on matters relating to social welfare.
Driven by Value-Based Intermediation (VBI) principle, Bank Islam is set to redefine the Islamic financial landscape by offering a first-of-its-kind Islamic crowdfunding platform – aptly named as Sadaqa House – to further intensify our social finance agenda. It was created as a new narrative where a participatory funding platform work together with traditional banking to create a positive impact on society.
Launched in January 2018, Sadaqa House serves to expand our reach to the beneficiaries in need of financial assistance. It is part of our strategic plan to encourage community ethical investment for causes supporting economic development for communities in need. The crowdfunding platform represents a step forward for the Bank and it complements our existing banking and financial offerings.
Utilising the online digital platform, Sadaqa House offers a readily-accessible and convenient means for just about everyone, transcending all geographical boundaries, to contribute to noble causes or social projects. With proper governance, policies and frameworks, contributors can rest assure that the funds donated are channeled accordingly, with reports on the progress of each project made public. We hope that this would then provide a multiplier effect and sustainable economic benefit.
The notion of giving and helping those in need is entrenched in every religion. Sharing the fruits of one’s labour with sincerity is among the best acts one could do. Focusing on healthcare, education, community empowerment and environment, as at 31st March 2020, there are eight Changemakers benefiting from Sadaqa House funds. They are IJN Foundation, Yayasan Sultanah Bahiyah, Buku Jalanan Chow Kit, Brain for Future, myVista, Mercy Mission Malaysia, Universiti Teknologi Malaysia and Pertubuhan Kegiatan Dakwah Islamiah Sekolah-Sekolah Malaysia (PEKDIS).
These Changemakers have been working hard to touch the lives of underserved communities with almost RM800,000 that has been channeled to projects under them from 2018 and 2019. The projects include funding of heart surgeries for children from lowincome families and asnaf at the National Heart Institute; business support in terms of equipment and tools for B40 women-owned micro-enterprises; financial assistance to produce 3D-printed prosthetics for disabled children; and funding for the installation of PV solar panels at the Orang Asli village in Kampung Woh Intake, Tapah, Perak.
Charity serves as a way to bring equality and spread kindness to every society and community. Therefore, the integration of waqf, sadaqah and zakat into Islamic financial services is another platform that encourages wealth distribution to achieve greater balance between wealth creation and wealth sharing.
I am optimistic to having strong support from customers and the surrounding community towards Bank Islam through Sadaqa House. Together, we can further develop Islamic social finance initiatives for the benefit of all. Insya-Allah.