AmMetLife Takaful Bhd and Yayasan Waqaf Malaysia have signed a Memorandum of Understanding (MoU) to establish a mutual understanding on waqaf tunai arrangement.
Through this arrangement, any claim that arises from waqaf benefit offered by AmMetLife Takaful will be channelled to YWM for waqaf activities, on behalf of the participant. In addition, both parties are committed to raise public awareness on waqaf and takaful protection through community engagement initiatives, including awareness campaign and charitable activities.
The MoU Signing Ceremony was attended by Noor Azam Bin Mohd Yusof, Chief Executive Officer of AmMetLife Takaful Berhad, Dato' Prof Dr Sudin Bin Haron, Chief Executive Officer of Yayasan Waqaf Malaysia, top management of YWM and AmMetLife Takaful. The ceremony was held at Bangunan AmBank Group in Jalan Raja Chulan, Kuala Lumpur.
This collaboration is in conjunction with the launch of Protect-i Budi by AmMetLife Takaful, a shariah-compliant regular contribution family takaful plan.
This plan provides basic benefits in the event of death or total permanent disability of the Participant, funeral benefit as well as double indemnity upon death or total and permanent disability while performing Haj or Umrah.
In addition to basic coverage, Protect-i Budi offers waqaf benefit rider which provides lump sum payment upon unfortunate events for waqaf purposes. This benefit is intended for the takaful participants to contribute to back society and earn rewards for the hereafter.
"As Muslims, we all believe that whatever we go through in this world will lead to the hereafter. As such, it is important for us at AmMetLife Takaful, to design a holistic takaful plan which considers the needs of Muslims, and not only benefits individuals but our community and religion too. The launch of Protect-i Budi and our collaboration with Yayasan Waqaf Malaysia shows AmMetLife Takaful’s commitment in finding innovative ways to make takaful protection to not only benefits your loved ones, but directly for yourself in the hereafter,” said Noor Azam.
It is noted that the waqf instruments can be used as one of the activities to enhance the Islamic economy. Therefore, Yayasan Waqaf Malaysia (YWM), a national wakaf entity that develops waqf asset throughout the country, in collaboration with AmMetLife Takaful aims to increase awareness of cash waqf to the society. Previously, people were made to understand that only fixed assets can be used in creating waqf.
According to Dr Sudin, "Cash waqf is becoming more popular among people whereby this method is more practical and user-friendly. Today, YWM and AmMetLife Takaful have agreed to collaborate in conjunction of the launch a takaful product which has combined the elements of waqf and protection namely Protect-i Budi. This product shows that Islamic financial instruments are meeting the needs of people while protecting and helping the less fortunate.
