Zakat and waqaf play a vital role in enhancing economic welfare, said Religious Teachers University College of Seri Begawan (KUPU SB) Ra’es Associate Professor Dr Abdul Nasir bin Haji Abdul Rani.
He said this in a keynote address during the ‘Developing the Ummah’s Economy Through Internalising Muamalah’ forum at The Rizqun International Hotel on Thursday.
Dr Abdul Nasir added that zakat recipients must be educated on utilising the financial assistance received as a means of generating income to improve economic standards rather than fulfilling daily needs.
He also underscored the potential of waqaf in initiatives such as educational advancement and skills development. Waqaf funds, he said, “can create opportunities for the economically disadvantaged to become self-reliant and contribute to the economy”. He emphasised that proper management of zakat and waqaf could significantly aid the nation in tackling poverty and encouraging economic dynamism.
The second panellist Professor Dr Haji Abdul Somad Batubara discussed the application of Syariah principles in Islamic financial institutions, emphasising honesty and fairness in all business dealings. He also elaborated on Syariah-compliant financial products such as Wadi’ah, Mudharabah, and Rahn, which align with the ethical and economic needs of the Muslim community.
The event, jointly organised by KUPU SB and partners, saw 600 participants and focused on exploring how Islamic principles, particularly Muamalah, can serve as the foundation for developing a competitive yet socially just and equitable economy for the ummah in line with Brunei Vision 2035.
Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid was the guest of honour. – Fadley Faisal
