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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

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

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%