Despite global challenges, the Thai economy still carries on its recovery, with sound financial system and good macroeconomic stability. With fundamental strengths remaining in place, we expect a stronger and more resilient recovery going forward, especially through the legal reform initiatives that would ensure better governance, improve the distribution of income and economic opportunities, enhance productivity, and foster sustainability. Making all these happen will continue to be a challenging task and require continued efforts from all parties involved. We look forward to strengthening our business cooperation and partnership with our European friends and investors like yourselves in the years to come. Thank you for your kind attention. 8
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.