The RM151 million project is a milestone achievement, being the first large-scale commercial development project on a waqf land in the country. Another important aspect in professionalising waqf management is instilling good governance. It is unfortunate that management of waqf has had some governance challenges. Efforts must be directed at strengthening its governance and management. Adequate internal controls have to be put in place, including risk management, internal and external audits, and compliance systems. Its standards of disclosure and transparency need to be at par with those of modern finance or of endowments in advanced economies. For a start, waqf authorities should provide high-quality disclosure and reporting of waqf activities to instil trust and confidence among the contributors and wider stakeholders. Contributors want to know where their contributions are going and how they are being spent. In this regard, the Waqf Fund collaboration between Islamic banks and the State Islamic Religious Councils provides a good mechanism for the financial sector to lend its expertise and share best practices on good governance and transparency practices in managing fund. Under the initiative, the Code of Governance and Transparency of Waqf Fund will be issued by AIBIM. This will act as guidance for more efficient and effective management of waqf and with higher governance and transparency practices, thus bringing waqf to the next level. Conclusion Waqf has played a significant socioeconomic role throughout history. Exciting potential lies within waqf, even today.
One of the biggest misconceptions is on its usage. Waqf is to benefit all. While waqf land has traditionally been used to build mosques, cemeteries or tahfiz schools, nothing in the Quran or 1/4  BIS central bankers' speeches  Hadith prohibits wider use of waqf to meet the needs of the community. In fact, there is no requirement for a waqif or donor and beneficiary of waqf to be a Muslim. There are instances from past Islamic civilisation where the use of waqf extended beyond those that were directly related to the religion and specific needs of the Muslims. Waqf land and buildings were used to build schools, hospitals and infrastructure to benefit both Muslims and non-Muslims alike. The Al-Azhar University is an excellent example of a waqf asset. This makes a lot of sense. It is obvious that waqf should be prioritised to improve education and health, critical ingredients for social mobility and a productive workforce. There are an estimated 300 square kilometres of waqf land – the size of the main island of Langkawi – in the country, and unfortunately, most of this land remains undeveloped. Think about all the needs that can be met by developing this land – affordable housing, schools and universities, hospitals, sports facilities, research centres and industrial complexes. While I acknowledge the challenges in developing this land, including ownership and registration issues, as well as limitations in financial resources, these are surmountable.