Section 38A: Borrowing with authorisation of Board
consolidated text (as at 1992). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
38A. Borrowing with authorisation of Board
(1) Subject to subsection (2), where a mutawalli has been authorised in
the declaration of waqf to borrow money on mortgage or without mortgage,
or to sell or exchange waqf property, he shall only borrow money, or sell or
exchange the waqf, after obtaining the authorisation of the Board.
(2) The amount of any loan or mortgage or the proceeds of any sale of
waqf property shall be deposited in the name of the waqf at a bank designated by the Board and shall not be withdrawn in whole or in part except
with the written authorisation of the Board.