Presentation on theme: "MOBILISING CAPITAL FROM WAQF-The Singapore Experience"— Presentation transcript:
1 MOBILISING CAPITAL FROM WAQF-The Singapore Experience Dr. Shamsiah Abdul KarimDeputy Director Asset DevelopmentIslamic Religious Council of Singapore29th October 2014
2 Asset Rich Cash Poor $614M Sukuk musyarakah Istibdal- sukuk Ijarah 11 Beach Rd – Istibdal of 44 waqf to one single bldg . Sukuk financingStructure of waqf shareholders like an internal reits structure.Istibdal- sukuk IjarahWakaf S. Ali Omar AljuniedSomerset BencoolenBencoolen Mosque3-storey commercial space12 storey tower with 107-unitof serviced apartmentsmanaged by Ascott LimitedFinancing concept:Sukuk musyarakahAn-Nahdhah MosqueCash waqf- mthly contributionCASH WAQFWakaf Kassim40 masionette apartment,commercial complexKassim mosqueFunding conceptMusyarakah withBaitulmal participation$614MWakafNet AssetsFY 2013
3 Red House @Katong Community Funding Wakaf Sh. Zain Alsharoff AlsagoffFinancing Structure; joint venture and community funding – share ownership concept.42 residential units5 commercial units1 Bakery2013$65.9 mil35,710 sqf(Commercial GFA = 5,479 sqf)RentalApprox. $556K
4 Everybody can become a waqif Cash Waqf Fund Mgt –Sukuk portfolioProperty investment – 2 units in Red HouseObjective: to benefit the Islamic Education in SingaporeMore than 2000 contributorsPromotion basis
5 Vehicle For financing the Muslim community locally and globally 15%85%$ 3,082,160.00$ 2,220,410.00$ 2,270,035.00$ 1,698,709.00Total: $ 9,271,314.00
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