KUALA LUMPUR: Halal Development Corporation Bhd (HDC) will introduce a waqf fund to assist micro, small and medium enterprises (MSMEs) in developing the halal economy in the country, tentatively scheduled for July.

       Chief executive officer Hairol Ariffein Sahari said this was one of HDC's new approaches in line with its objective to develop the Islamic economy as a whole.

       "I would like to highlight that HDC has explored the need for waqf (Islamic endowment) funds for the halal industry and we will work with Yayasan Wakaf Malaysia and the banks that will be appointed.

       "We will disburse this fund to MSMEs to buy assets that can be endowed," he said when met at the breaking of fast with paralympic athletes here Tuesday.

       Hairol said HDC aims to develop the Islamic economy as a whole, as it is not confined to the halal industry alone but also encompasses banking, zakat (tithe), waqf, takaful, and Islamic bodies.

       "HDC will gradually incorporate these important elements of the Islamic economy and will become an enabler, where HDC can provide certain waqf funds for the development of the halal economy," he said.

       Besides, he said HDC will also work with takaful providers to assist small and medium industry (SMI) entrepreneurs.

       "For example, if their products are damaged and so forth, there are no Islamic insurances that can help takaful by reducing the risks in the business," he said.

       Hairol said HDC has allocated RM4 million for the waqf fund, bringing the total additional fund to RM 9.1 million to implement various programmes earmarked under its budget throughout the year. - Bernama