FatwaPenangEndowment (Waqf) & Religious Property
CADANGAN MAYBANK ISLAMIC BERHAD (MIB) UNTUK MENGAMBIL HAK MANFAAT YANG DIMILIKI OLEH PENERIMA PAJAKAN DALAM ASET WAKAF SEBAGAI CAGARAN KE ATAS PEMBIAYAAN PERUMAHAN YANG DIPOHON
Is it permissible for a bank to take a lessee's usufruct rights in waqf assets as security for a housing financing facility?
Short answer
The Penang State Fatwa Committee agreed to Maybank Islamic Berhad's proposal to take the usufruct rights held by a lessee in waqf assets as security for housing financing, and ruled it permissible.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Penang State Mufti Department
- Date
- Status
- Fatwa committee decision
- Series
- Keputusan Fatwa Negeri Pulau Pinang (e-Fatwa)
- Topic
- Endowment (Waqf) & Religious Property
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Penang State Fatwa Committee agreed to Maybank Islamic Berhad's proposal to take the usufruct rights held by a lessee in waqf assets as security for housing financing, and ruled it permissible. The decision takes into account the Maliki school's view that allows leasing of usufruct in a transaction for the purpose of public interest. The ruling was made at Meeting No. 5/2022, held on 26 to 28 October 2022.
Written in our own words from the original fatwa — check the source before acting on it.
Mesyuarat bersetuju dengan Cadangan Maybank Islamic Berhad (MIB) Untuk Mengambil Hak Manfaat Yang Dimiliki Oleh Penerima Pajakan Dalam Aset Wakaf Sebagai Cagaran Ke Atas Pembiayaan Perumahan Yang Dipohon dan hukumnya adalah harus.
Read the full fatwa on the Penang website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Penang State Mufti Department. “CADANGAN MAYBANK ISLAMIC BERHAD (MIB) UNTUK MENGAMBIL HAK MANFAAT YANG DIMILIKI OLEH PENERIMA PAJAKAN DALAM ASET WAKAF SEBAGAI CAGARAN KE ATAS PEMBIAYAAN PERUMAHAN YANG DIPOHON”, 26 October 2022. http://efatwa.penang.gov.my/fatwa_details.php?fatwaid=1539. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/lessee-usufruct-waqf-asset-housing-financing-security/