Section 60
of Administration of Islamic Law (Federal Territories) Act 1993
Section 60
A Fund to be known as Baitulmal is hereby established. The
Fund shall consist of all moneys and properties, movable or immovable, which by Islamic Law or under the provisions of this Act or rules made thereunder, accrue, or which are contributed by any person, to the Fund.
(2)
All moneys and properties in the Fund shall be vested in the
Majlis which shall administer all such moneys and properties in accordance with rules made under this Act:
Provided that any investments of assets and funds vested in the
Majlis may be sold, realized and disposed of, and the proceeds thereof may be invested from time to time in any investments authorized by any written law for the time being in force for the investment of trust funds.
Administration of Islamic Law (Federal Territories) 41
(3)
Subject to the provisions of this Act, the Majlis, with the approval of the Yang di-Pertuan Agong, may make rules for the collection, administration and distribution of all properties of the Fund.