Wang hibah sah, pendeposit tak tahu realiti kewangan TH

The Malaysian Federal Mufti's office has commended the changeover by The Trusteeship (TH) to the Wakalah contract as of December 2019, with payouts based on net real profits rather than voluntary charity. PETALING JAYA: The financial aid disbursed by The Trusteeship (TH) during the deficit years of 2014 to 2020 is deemed legitimate to the depositor's account since depositors are unaware of the internal financial status of the institution.

The Federal Mufti's office in a statement said all issues of mismanagement of accounts, non-compliance with statutes, and creative reporting of accounts became a burden to the management at that time, not to the depositors or the public. The office clarified that the funds received from depositors are not categorized as forbidden wealth or obligatory charity as their receipt is based on a complete conditions of gift surrender.

"Furthermore, any pilgrimage that has been performed using the charitable aid during the respective period, their pilgrimage is valid and not tainted," he said. The office informed that during that period, the contract that prevailed between the depositor and TH was a Wadi ah Yad Dhamanah (Deposited Savings) contract or TH was considered lending money from the depositor to invest and other purposes.

"Therefore, TH cannot promise any profits, instead the payout given to the depositor is a voluntary charitable contribution. Thus, when the declared aid has been inserted into the depositor's account, it is considered to have taken place automatically and its law is valid as a right of the depositor. "Failure to adhere to accounting standards or breaches of law by the management do not invalidate the validity of the charitable aid contract on the side of Sharia," he added.

Further discussing, the office classified TH's transition to a Wakalah contract from December 2019 as a very appropriate action, that the institution is acting as an investment agent with payouts based on net real profits from the investment, not as voluntary charity. "Therefore, if there is no profit or deficit in the future, TH cannot automatically pay any payout. This closes the room for unwise practice, increases prudence, and ensures full integrity."