mobilising capital from waqf- the singapore experience dr. shamsiah abdul karim deputy director...
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MOBILISING CAPITAL FROM WAQF-The Singapore Experience
Dr. Shamsiah Abdul KarimDeputy Director Asset Development Islamic Religious Council of Singapore
29th October 2014
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Asset Rich Cash Poor
Wakaf S. Ali Omar AljuniedSomerset Bencoolen•Bencoolen Mosque• 3-storey commercial space• 12 storey tower with 107-unit of serviced apartments managed by Ascott LimitedFinancing concept:
Sukuk musyarakah
An-Nahdhah MosqueCash waqf- mthly contribution
CASH WAQF
Wakaf Kassim•40 masionette apartment,• commercial complex•Kassim mosque •Funding concept •Musyarakah with •Baitulmal participation
11 Beach Rd – Istibdal of 44 waqf to one single bldg . Sukuk financing Structure of waqf shareholders like an internal reits structure.
Istibdal- sukuk Ijarah
$614M Wakaf Net AssetsFY 2013
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Red House @Katong Community Funding
• Financing Structure; joint venture and community funding – share ownership concept.
• 42 residential units • 5 commercial units• 1 Bakery• 2013• $65.9 mil• 35,710 sqf(Commercial GFA = 5,479 sqf)• Rental• Approx. $556K
Wakaf Sh. Zain Alsharoff Alsagoff
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Everybody can become a waqif Cash Waqf
$7.2M
Fund Mgt –Sukuk portfolio
Property investment – 2 units in Red House
Objective: to benefit the Islamic Education in Singapore
More than 2000 contributors
Promotion basis
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Vehicle For financing the Muslim community locally and globally
62%9%
4%
5%
3%
5%13%
Mosques Madrasahs
Needy Relatives Organisations
Burial Services, Poor & FA Others
Foreign
Disbursement
ForeignLocal
15%
85%