KUALA LUMPUR (May 18): Censof Holdings Bhd (KL:CENSOF) said on Monday that it has secured a contract worth RM17.8 million from the Federal Territory Islamic Religious Council.

The contract covers an integrated accounting and financial management system that will comply with the Standard Accounting System for Government Agencies and Islamic Accounting Standards for baitulmal, zakat, and waqaf, the software company said in a statement.

The contract will begin June 1 and end on May 31, 2031, with no option for extension or renewal.

“The project includes the modernisation of their existing financial management system,” said Censof chief revenue officer Zainul Ariffin Harun. The project will also incorporate artificial intelligence and automation-infused functionality, including a chatbat, he noted.

The council, also known as Majlis Agama Islam Wilayah Persekutuan (MAIWP), is the statutory government body responsible for administering Islamic affairs, managing waqaf, and overseeing welfare and zakat distribution across Malaysia's federal territories.

Shares of Censof were down by one sen or 5% to 19 sen ahead of the contract announcement during the trading lunch break on Monday. The company's market capitalisation stood at RM105 million.