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Free Malaysia Today
07-05-2025
- Business
- Free Malaysia Today
Diversifying funding sources through myWaqafPTPTN
PTPTN chairman Norliza Abdul Rahim distributing scholarships under the myWaqafPTPTN initiative to eligible students at a recent event in Kuala Lumpur. PETALING JAYA : Waqf is one of the Islamic financial instruments that play a role in socio- economic development, including education, to help improve the living standards of those in need. Contributions can be made in the form of cash, land, buildings, equipment or dedicated funds to enhance living standards. In Malaysia, the concept is growing, and the inter-agency National Higher Education Fund Corporation (PTPTN) has taken steps through the establishment of myWaqafPTPTN as one of the initiatives to diversify sources of funding for higher education other than through existing loans. The National Higher Education Fund Corporation (PTPTN) and Yayasan Waqaf Malaysia (YWM) launched myWaqafPTPTN on 11 March 2024. The three main objectives of myWaqafPTPTN are: 1. To diversify funding sources for higher education financing beyond PTPTN's existing student loan scheme; 2. To utilise waqf as a wealth redistribution instrument to support national education development through alternative scholarship-based financial aid, known as Wakaf Tunai PTPTN ; and 3. To reduce societal dependence on education loans and lessen the burden of loan repayment or debt accumulation. The initiative allows contributions from individuals, corporate entities, and legally recognised organisations, both domestic and international, to assist students by providing higher education scholarships and reducing the burden of loan repayment or student debt. myWaqafPTPTN is open to PTPTN loan-eligible students from the B40, M40, and asnaf categories, including registered aid recipients under state Islamic councils. The initiative is not limited to Muslim students. A key advantage is that all myWaqafPTPTN donations qualify for a 10% tax deduction under Subsection 44(11C) of the Income Tax Act 1967. As of February, over RM1.18 million had been collected, benefiting 82 students through scholarships worth over RM984,000. Prime Minister Anwar Ibrahim also announced an extra RM30 million allocation for the programme at the National Waqf Month 2025 launch last month. Scholarship recipients have expressed gratitude for the financial relief provided by myWaqafPTPTN. Fatin Nur Humaira Abd Rahman. Fatin Nur Humaira Abd Rahman, a diploma in logistics management student at the National Defence University (UPNM), said the scholarship has significantly eased the financial burden of her and her family. 'It reduces the burden of repaying my student loan. This assistance is especially helpful for underprivileged B40 students,' she said. M Harshavardhan. Another recipient from UPNM, M Harshavardhan, agreed, saying the scholarship had helped reduce his family's financial strain. 'Nowadays, many students have to work part-time to cover the high cost of education. This PTPTN assistance helps ease that burden,' he said. Muhamad Rida Hafeez Mohamad Johari Abdul Rahman. For Muhamad Rida Hafeez Mohamad Johari Abdul Rahman, a diploma in engineering student, the programme has had a significant impact as it allows students to complete their studies without the worry of debt after graduation. 'I am truly grateful for this scholarship. Thank you to PTPTN for helping students continue their studies without needing to worry about money,' said the Universiti Malaysia Pahang Al- Sultan Abdullah student. How to contribute to myWaqafPTPTN Individuals or organisations can donate through three methods: 1. Via YWM's official website by selecting 'myWaqafPTPTN' under 'Wakaf Khas / Projek' 2. Direct transfer to Yayasan Waqaf Malaysia's bank account at RHB Islamic Bank (2- 12457-6006259-1) 3. Scanning the QR code below. Contribute to myWaqafPTPTN to ensure higher education funding for future generations. PTPTN hopes that myWaqafPTPTN will become the preferred waqf initiative, helping more students while ensuring the long-term sustainability of higher education, aligning with its slogan, 'Higher Education for All'.
Free Malaysia Today
30-04-2025
- Business
- Free Malaysia Today
PTPTN declares 4.05% dividend for Simpan SSPN scheme, highest in a decade
Higher education minister Zambry Abdul Kadir (second from left) and PTPTN CEO Norliza Abdul Rahim (left) holding up the placards announcing the Simpan SSPN dividends. (PTPTN pic) PUTRAJAYA : The National Higher Education Fund Corporation (PTPTN) has declared a 4.05% dividend for Simpan SSPN for 2024, the highest rate recorded in the last 10 years. Higher education minister Zambry Abdul Kadir said the dividend, which involves a total distribution of RM439.87 million, would benefit some 6.77 million depositors. He said since the scheme was introduced in 2004, the total dividends distributed came up to RM2.12 billion. In 2023, PTPTN declared a dividend of 3.60%. Zambry said the dividend declared in 2024 highlighted PTPTN's efficiency in managing funds to ensure optimum returns for its clients. He said the increase in dividends was also due to long and short-term shariah-compliant investment strategies which not only ensure higher returns but were inline with its principles. 'The declaration of a 4.05% dividend also highlights a positive return of investment when compared with the 3.0% overnight policy rate set by Bank Negara Malaysia,' he said when announcing Simpan SSPN dividends for 2024 and launching the Ganjaran Kesetiaan Simpan SSPN Prime 2025, here. Also present were deputy minister of higher education Mustapha Sakmud, PTPTN chairman Norliza Abdul Rahim and the fund's CEO Ahmad Dasuki Abdul Majid. According to PTPTN, the dividends will be banked directly into the Simpan SSPN accounts and depositors can check their statements via the myPTPTN app from May 2 onwards. Last year, Simpan SSPN received total deposits of RM3.17 billion, while over 500,000 new accounts were opened. 'The figure represents an increase of RM24.37 million or 0.77% compared to the RM3.15 billion declared in 2023. 'The total deposits collected as of Dec 31, 2024 was RM20.56 billion involving some 6.77 million accounts. It is an achievement to be proud of as well as proof that the public support for the SSPN scheme remains strong.'
