WIEF-IDB AWQAF ROUNDTABLE

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Presentation transcript:

WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia “Beyond Charity: Harnessing Waqf for Economic Prosperity” 5 JUNE 2014 LE MERIDIEN JAKARTA, INDONESIA

WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia Traditional and Contemporary Financing and Investment in Waqf Assets Role Players: Mr. Mohamed Azam bin Abdul Aziz, Director, Finance & Asset Development, Singapore Islamic Religious Authority, Engr. Syed Muhammed Asim Raza, Senior Project Specialist, Islamic Financial Services Department, Islamic Development Bank, Moderator: Mr. Tanri Abeng, Founder & Chairman, Executive Centre for Global Leadership, Indonesia

WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia Mr. Mohamed Azam bin Abdul Aziz Director, Finance & Asset Development, Singapore Islamic Religious Authority

Traditional and Contemporary Financing and Investment in Waqf Assets WIEF-IDB AWQAF ROUNDTABLE 5th June 2014

Financing & Investment of Waqf Assets Traditional modes of financing New ideas & innovation in financing Transparency & Strategic Practices for higher returns

Profile of Wakaf Properties vested in Muis Total no. of properties Land Area 406, 910 sqft Nett Lettable Area 447, 233 sqft Valuation S$635million 157 1 Commercial Bldg 10 30 Shophouse 2 Commercial Units Residential Institution 114

Modes of Financing Utilised Limited funding available Baitulmal’s cash is tied-up for long periods (not sustainable) Baitulmal Financing/ Investment More suited for minor upgrading works Limited application More passive – lower risk Tenant Financing Shariah Compliant Bonds/ Sukuk Suitable for bigger projects Relatively higher risk

A lesson from the Mosque Building Fund 23 mosques Built through Mosque Building Fund The Power of : Democratization of Philanthropy Crowdfunding / Collaborative Funding / Collective Giving

Wakaf Ilmu – a ‘Cash’ Wakaf An Inclusive, Collective Wakaf: No minimum sum Open ended Managed by Muis: Governance and Oversight framework of a statutory board Beneficiary: Full-time and Part-time Islamic Education Trust Deed: Flexibility to invest beyond holding properties

Application of the financing model The Red House Project

Red House Project S$65mil 20,000sqft 42,000sqft S$20mil Create more floor areas for wakaf to generate revenue. Unlocking value of land. 20,000sqft 42,000sqft 6 shophouses 6 shophouses + 42 residential units Initial value. Future value. S$65mil S$20mil

Financing the Red House Project Warees Investment Pte Ltd Wakaf Sheriffa Zain Individual Contributors Individual Contributors Wakaf ILMU WRH Pte Ltd Institutional Contributors 5 Mosques 1 Madrasah 1 Wakaf (reinvesting proceeds from its ‘sale’ of 99 year lease)

Governance & Good Management Financing & Investment Structures and Mechanisms can be developed (relatively easy) Financing, Support & Success dependent on Trust/Confidence, a Good Plan and Solid Management Transparency & Good Governance Proactive Mgmt, Strategic Planning & Reviews Critical success factor

Wakaf Revitalisation Scheme 4.Community- centric and embrace sustainability 3.Optimise space productivity for income accretion 1.Proactive portfolio management 5.Prudent investment management 2.Innovative asset creation concepts

WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia Engr. Syed Muhammed Asim Raza Senior Project Specialist Islamic Financial Services Department Islamic Development Bank

WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia Session End

Thank You, See you in Dubai! 10th World Islamic Economic Forum 28 - 30 October 2014 Madinat Jumeirah Conference Centre, Dubai Thank You, See you in Dubai!