ENACTMENT NO. 13 OF 1992 ADMINISTRATION OF ISLAMIC LAW ENACTMENT 1992
PART III - FINANCIAL PROVISIONS CHARITABLE TRUSTS
Section 43. Establishment of Baitulmal.
(1) A fund to be known as " Baitulmal Fund" is hereby established. The Baitulmal Fund shall consist of all moneys an property, movable or immovable, which by Islamic Law or under the provisions of this Enactment or rules made thereunder accrue, or which are contributed by any person, to the Baitulmal Fund.
(2) All moneys and property in the Baitulmal Fund shall be vested in the Majlis which shall administer all such moneys and property is accordance with rules made under this Enactment and any officer written law for the time being in force relating to baitulmal.
(3) The Majlis may from time to time invest any of its asset for moneys which is not immediately the needed in the carrying out of is obligations or for implementing the duties of the Majlis, in securities approved for investment of trust money by any written law in force and my deposit them in any bank or banks licensed under the provisions of Banking and Financial Institution Act 1989 or Islamic Banking Act 1983 or in any enterprise or investment approved by the Majlis:
Provided that any investment of assets and funds vested in the Majlis may be sold, converted or disposed off, and the proceeds therefrom may from time to time be invested in any investment approved by any written law in force for the investment of trust funds.
(4) The Majlis may, from time to time for the purpose of this Enactment, obtain temporary loan or long-term loan or overdraft from a bank licenced under the provisions of Banking and Financial Institution Act, 1989 or Islamic Banking Act, 1983 or in other manner.
(5) The majlis may guarantee the repayment of any money borrowed by way of mortgage or cahrge, in accordance with the law or equity, of any property vested in the Majlis, or any proceed receivable by the Majlis under this Enactment or any other written law.
(6) Suibject to the provisions of this Enactment, the Majlis may, with the approval of the Yang-di-Pertua Negeri, make rules for the collection, administration and distribution of all property of the Baitumal Fund.