MAJLIS ISLAM SARAWAK ORDINANCE 2001
PART V - ESTABLISHMENT OF LEMBAGA BAITULMAL DAN WAKAF, BAITULMAL, WAKAF AND NAZR
Lembaga Baitulmal dan Wakaf
Section 44. Investment in immovable property.
The Lembaga Baitulmal dan Wakaf shall, for and on behalf of the Majlis, have power-
(a) to invest from time to time the money or assets of the Baitulmal for the benefit of the Majlis in any of the following Investments:
(i) to purchase, exchange, sub-lease and hold land, buildings and other immovable property;
(ii) to build houses, flats, tenements, shops, shophouses or any other building;
(iii) to sell land, houses, flats, tenements, shops, shophouses or any other building;
(iv) to invest in any investments or securities for the time being authorized by any written law for the investment of trust funds and by Islamic Law; and
(v) to invest in such other investments or securities as may be authorized by the Majlis; and
(b) to vary, transpose or realize investments from time to time and employ the bankers of the Baitulmal or any other agency as may be approved by the Majlis to invest the money of the Baitulmal.
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