Institusi wakaf di Singapura Case study 1 Development by Muis as Trustees Wakaf Masjid Kassim created in 1921 wakaf consisted of a mosque, adjoining houses and burial ground objective: maintenance of the mosques and burial ground from rental of the houses.

Institusi wakaf di Singapura In 1991 the income from the rental can hardly cover the expenses Muis decided to develop the property to make them more profitable In 1993 Muis launched to build three blocks consisting forty maisonettes, mosques and commercial complex costing $25 million dollars.

Institusi wakaf di Singapura The development was funded by Baitulmal. Muis also bought adjacent land using baitulmal funds for the development to be more profitable

Institusi wakaf di Singapura The Maisonettes are leased for 99 years to generate funds to pay back baitulmal and for the development of the mosque and the commercial complex. Why building a commercial complex when wakaf has no fund? Is it legal to leased wakaf property for 99 years

Institusi wakaf di Singapura After the development the property net asset value was increased from S$31 in 1991 to S$ 15 million Increased in cash balance from deficits of S$ 60,000 to a surplus of S$1.6 million Question Should Singapore introduce cash wakaf (wakaf wang) so that the fund can assist the development of future wakaf.

Institusi wakaf di Singapura Case study 2 Development by trustees Wakaf S.M.A Alsagoff created in 1902 One third of his properties to be created as wakaf

Institusi wakaf di Singapura Deeds stated that: to pay expenses for his funeral and several other individuals To purchase property worth S$7,000 for building madrasah Balance of the fund to purchase property freehold or leasehold property not less than 100 years.

Institusi wakaf di Singapura Objectives: one third for poor relatives in Singapore and Hydramout, mosques and education for poor children, maintenance of Mats and zamzam water for the benefit of people visiting Mecca one third to person whose names are mentioned as beneficiaries one third to Muslim Trust Fund Association

Institusi wakaf di Singapura Wakif indicates the amount to be spent on management and maintenance of wakaf properties Trustees was not allowed to accumulate funds in their not exceeding S$5,000 Trustees receive 5% for the duties

Institusi wakaf di Singapura Plan for development started when the wakaf lost 66 units out of the 97 units due to the Land Acquisition Act 1967 r the leasehold properties In 1974 trustees obtain approval from Muis to sell one of its property situated in the City area for an amount of $430,378 as part payment

Institusi wakaf di Singapura Balance payment is in the form of four units apartment in a residential area In 1985 with the help of the Wakaf Development Committee approval was given to the trustees to redevelop the apartment into seven units of terrace house (cost of development 6 million)

Institusi wakaf di Singapura Financing of the project from selling one wakaf property situated in the City area. After development the annual income raised from S$3,600 to S$274,000

Institusi wakaf di Singapura With the first successful development the trustees then develop wakaf property situated at North Bridge Road With the development the income and total asset value of the wakaf properties increases although the number of wakaf properties decreases.