PM Anwar: KWAP’s wakaf land project to boost elderly welfare

Malay Mail

JOHOR BARU, Nov 30 — The Retirement Fund Incorporated (KWAP) is working with stakeholders to identify potential land for its Wakaf Land Development initiative, Prime Minister Datuk Seri Anwar Ibrahim announced.

He said that the initiative involves various state Islamic religious councils, the Wakaf, Zakat and Haji Department (Jawhar), and the Malaysian Wakaf Foundation.

“With strategic collaboration from stakeholders, I am confident that this project will continue to support the social and economic security of the elderly, while optimising the use of existing wakaf land.

“This initiative aligns with the Finance Ministry’s GEAR-uP economic growth programme, which aims to raise living standards, and with the Madani government’s commitment to supporting the well-being of retirees,” he added.

The prime minister’s speech was read by Finance Minister II Datuk Seri Amir Hamzah Azizan, who represented him at KWAP’s MyPesara Carnival 2024 at Angsana Johor Baru today.

Anwar, who also holds the position of finance minister, stressed that the government fully supports KWAP’s efforts in bridging the gap between the government, retirees, and stakeholders.

“Through close cooperation with the Public Service Department (JPA), we can continue to maintain the well-being of retirees and ensure their welfare is prioritised.

“This effort not only protects their rights and interests but also strengthens long-term relationships between all parties,” he added.

Finance Minister II Datuk Seri Amir Hamzah Azizan (centre) launches the Retirement Fund Incorporated’s (KWAP) MyPesara Carnival 2024 at Angsana Johor Baru November 30, 2024. — Picture by Ben Tan

Earlier, the prime minister commended KWAP for its success in managing its funds, which have grown significantly in the past two years.

“This growth will help support the government in managing future pension liabilities and positively impact the country’s long-term economy.

“In 2023, KWAP’s fund size increased to RM169.8 billion, more than four times the RM41.9 billion it was initially established with in 2007.

“Last year alone, KWAP recorded a growth of 7.4 per cent, an encouraging achievement despite current economic challenges,” he noted.

Anwar highlighted that, in addition to managing the civil service pension scheme, KWAP has introduced other initiatives to ensure retirees, prospective retirees, and stakeholders can enjoy a more sustainable and productive post-retirement life.

“This initiative aims to empower key sectors for the welfare of the elderly, boosting investment inflows that will positively impact the country’s well-being,” he said.

In October, KWAP announced it would allocate RM300 million to develop wakaf land as part of the Wakaf Madani initiative, which was introduced in the 2025 Budget. The funds will also be used to build independent retirement homes to improve the quality of life for pensioners.

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