Bank Islam is the first Shariah based banking institution in Malaysia and SouthEast Asia; and has been playing the leading role in the development of the nation’s Islamic banking industry. In fact, it has provided technical assistance in the setting up of several Islamic institutions in the Asian region such as Indonesia, Thailand and Sri Lanka. Incorporated in 1983, it was originally established with the sole purpose of assisting with the financial needs of the Muslim population of Malaysia. Since then, Bank Islam has extended its services to the wider, non-Muslim, population fulfilling its “Banking-for-All” principle.
Islam focuses on the collective benefit of the Ummah. For Islamic banking and finance to serve the Muslim community, it should cover the different aspects of the economy, namely siasi (government), tijari (private) and ijtima’i (social welfare).
Bank Islam’s first Managing Director, Dato’ Dr. Abdul Halim Ismail, a Royal Award for Islamic Finance 2014 winner, found that there needs to be more effort focused on social welfare. He thus introduced the idea of Sadaqah House to better serve these social needs. Today, Bank Islam again, has proved their credibility and enormous effort to serve the Ummah with the establishment of Sadaqah House.
Sadaqa House is a donation platform operated by Bank Islam which enables funds to be channelled to the needy communities through Bank Islam partners. This is one of the efforts to create more sustainable economic development, community and environment.
Driving Factors of Sadaqah House Establishment
1- Perfecting the Islamic Economics system
2- Inequality and poverty in Malaysia
3- Zakah distribution in Malaysia
4- Rapid development of crowdfunding
5- Public trust and confidence in banking institutions.
Model and Structure
What we do