Bank Islam to channel funds to flood victims

Cleaning up: Restaurant owner Sawiyah Jusof (right), 57, and daughter Siti Munirah Mohd Zulkafli, 25, cleaning the premises of their eatery after floods receded in Tumpat, Kelantan while a motorcyclist rides along a road damaged by floods in Kemaman. — Bernama

KUALA LUMPUR: Bank Islam Malaysia Bhd will channel funds amounting to RM400,000 from its Islamic crowdfunding platform, Sadaqa House, as a humanitarian and disaster relief in several flood-affected states.

Chief executive officer Mohd Muazzam Mohamed said besides offering moratorium to flood-hit customers, the bank is doubling its effort by allocating contributions from its Islamic social finance initiative, Sadaqa House, to ensure significant support and assistance are channelled to the affected victims.

“This effort indirectly reflects that Islamic banking institutions have always practised the concept of wealth sharing and the Islamic social finance instruments such as sadaqah (charity), zakat (tithe), and waqf (endowment) have the advantage of playing a pivotal role in supporting the socio-economic welfare of the communities, ” he said in a statement.