1. MOBILISING CAPITAL FROM WAQF-The Singapore Experience
Dr. Shamsiah Abdul Karim
Deputy Director Asset Development
Islamic Religious Council of Singapore
29th 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 financing
Structure of waqf shareholders like an internal reits structure.
Istibdal- sukuk Ijarah
Wakaf S. Ali Omar Aljunied
Somerset Bencoolen
Bencoolen Mosque
3-storey commercial space
12 storey tower with 107-unit
of serviced apartments
managed by Ascott Limited
Financing concept:
Sukuk musyarakah
An-Nahdhah Mosque
Cash waqf- mthly contribution
CASH WAQF
Wakaf Kassim
40 masionette apartment,
commercial complex
Kassim mosque
Funding concept
Musyarakah with
Baitulmal participation
$614M
Wakaf
Net Assets
FY 2013

3. Red House @Katong Community Funding
Wakaf Sh. Zain Alsharoff Alsagoff
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

4. Everybody can become a waqif Cash Waqf
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

5. Vehicle For financing the Muslim community locally and globally
15%
85%
$ 3,082,160.00
$ 2,220,410.00
$ 2,270,035.00
$ 1,698,709.00
Total: $ 9,271,314.00