MOBILISING CAPITAL FROM WAQFThe Singapore Experience
Dr. Shamsiah Abdul Karim
Deputy Director Asset Development
Islamic Religious Council of Singapore
29th October 2014
1
Asset Rich Cash Poor
11 Beach Rd – Istibdal of 44 waqf to
one single bldg . Sukuk financing
Structure of waqf shareholders like
an internal reits structure.
Wakaf S. Ali Omar Aljunied
Somerset Bencoolen
An-Nahdhah Mosque
Cash waqf- mthly
contribution
CASH WAQF
•Bencoolen Mosque
• 3-storey commercial space
• 12 storey tower with 107-unit
of serviced apartments
managed by Ascott Limited
Financing concept:
Sukuk musyarakah
Istibdal- sukuk Ijarah
Wakaf Kassim
•40 masionette apartment,
• commercial complex
•Kassim mosque
•Funding concept
•Musyarakah with
•Baitulmal participation
$614M
Wakaf
Net Assets
FY 2013
Red House @Katong Community
Funding
Wakaf Sh. Zain Alsharoff Alsagoff
• 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
3
Everybody can become a waqif
Cash Waqf
Objective: to benefit
the Islamic Education
in Singapore
More than 2000
contributors
Promotion basis
$7.2M
Fund Mgt –Sukuk
portfolio
Property investment –
2 units in Red House
4
Vehicle For financing the Muslim community
locally and globally
Disbursement
15%
3%
5%
13%
5%
4%
9%
61%
85%
Foreign
Local
Mosques
Madrasahs
Needy Relatives
Organisations
Burial Services, Poor & FA
Others
Foreign