Wakaf4

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Institusi wakaf di Singapura Case study 1

Development by Muis as Trustees

Wakaf Masjid Kassimcreated in 1921

wakaf consisted of a mosque,adjoininghouses and burial ground

objective: maintenance of the mosques andburial ground from rental of the houses.

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Institusi wakaf di Singapura Wakaf Kassim was transferred to Muis

from the Mohammedan and Hindu

Endowment Board in 1968 togetherwith 5 other wakaf.

Habib Noh

Arab Street Educational Trust

Wakaf Jamae

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Institusi wakaf di Singapura Dunlop Street Mosque

Coronation Road Mosque (Majid AlHuda)

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Institusi wakaf di Singapura In 1991 the income from the rental can

hardly cover the expenses

Muis decided to develop the property tomake them more profitable

In 1993 Muis launched to build three

blocks consisting forty maisonettes,mosques and commercial complexcosting $25 million dollars.

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Institusi wakaf di Singapura The development was funded by

Baitulmal.

Muis also bought adjacent land usingbaitulmal funds for the development tobe more profitable

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Institusi wakaf di Singapura The Maisonettes are leased for 99 years

to generate funds to pay back baitulmal

and for the development of the mosqueand the commercial complex.

Why building a commercial complex whenwakaf has no fund?

Is it legal to leased wakaf property for 99years

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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 thedevelopment of future wakaf.

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Institusi wakaf di Singapura Case study 2

Development by trustees

Wakaf S.M.A Alsagoff

created in 1902

One third of his properties to becreated as wakaf

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Institusi wakaf di Singapura Deeds stated that:

to pay expenses for his funeral and several

other individualsTo purchase property worth S$7,000 forbuilding madrasah

Balance of the fund to purchase propertyfreehold or leasehold property not less than100 years.

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Institusi wakaf di Singapura Objectives:

one third for poor relatives in Singapore and

Hydramout, mosques and education for poorchildren, maintenance of Mats and zamzamwater for the benefit of people visiting Mecca

one third to person whose names arementioned as beneficiaries

one third to Muslim Trust Fund Association

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Institusi wakaf di Singapura Wakif indicates the amount to be spent

on management and maintenance of

wakaf propertiesTrustees was not allowed toaccumulate funds in their not exceeding

S$5,000Trustees receive 5% for the duties

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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 onthe leasehold properties

In 1974 trustees obtain approval from

Muis to sell one of its property situatedin the City area for an amount of$430,378 as part payment

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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 WakafDevelopment Committee approval wasgiven to the trustees to redevelop the

apartment into seven units of terracehouse (cost of development 6 million)

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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

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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 propertiesincreases although the number of wakafproperties decreases.

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Institusi wakaf di Singapura

Case study 3

Development by MUIS

Wakaf Jabbar

created in 1947

Freehold property at Duku Roadconsisting of 4 houses

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Objectives

For the expenses and management of

Mosque situated at the corner of JalanLapang and Jalan Sayang.

At any time if the Mosque shall cease to

exist or closed benefit transfer to SultanMosque.

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Istibdal

Wakif permits trustees to sell the trust

property as he thinks fit, and use themoney to replaced with anotherproperty with not less than 800 years to

run.

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In 1991 Muis developed the propertyand completed in 1993.

The development consists of 4 units 3storey terrace house,

Cost $1.6 million

Finance by selling two units of thehouse.

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Income from rental

1991 $68 , 1999 $51,849

And

From deficit of $255,534 to surplus of$35,705

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Case study 4

Joint Venture between Muis and Tenant

Property situated at Upper Dickson

(previously under rent control act)

Tenant will pay all the cost of repair andrenovation

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Muis on the other hand allow thetenants to occupy the premises for 12

years with discounted monthly rental. But the lease agreement will have to be

renew every 2 years.

The renewal will base on the marketrental rate less agreed discount.

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By this Joint Venture Agreement:

the Beneficiary will still receive funds

every year

AND

The two year renewal allow the rentalto be determine by market.

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This is similar to the system in Turkeywhich is known as icareteyn under the

Ottoman. But unlike Singapore, the system in

Turkey had led to the dilution of wakaf

property.

Wakaf4

Documents

Transcript of Wakaf4