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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 • Wakaf Kassim was transferred to Muis from the Mohammedan and Hindu Endowment Board in 1968 together with 5 other wakaf. • Habib Noh • Arab Street Educational Trust • Wakaf Jamae
Institusi wakaf di Singapura • Dunlop Street Mosque • Coronation Road Mosque (Majid Al Huda)
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 on 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.
Institusi wakaf di Singapura • Case study 3 • Development by MUIS • Wakaf Jabbar created in 1947 Freehold property at Duku Road consisting of 4 houses
Institusi wakaf di Singapura • Objectives • For the expenses and management of Mosque situated at the corner of Jalan Lapang and Jalan Sayang. • At any time if the Mosque shall cease to exist or closed benefit transfer to Sultan Mosque.
Institusi wakaf di Singapura • Istibdal • Wakif permits trustees to sell the trust property as he thinks fit, and use the money to replaced with another property with not less than 800 years to run.
Institusi wakaf di Singapura • In 1991 Muis developed the property and completed in 1993. • The development consists of 4 units 3 storey terrace house, • Cost $1.6 million • Finance by selling two units of the house.
Institusi wakaf di Singapura • Income from rental • 1991 $68 , 1999 $51,849 • And • From deficit of $255,534 to surplus of $35,705
Institusi wakaf di Singapura • 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 and renovation
Institusi wakaf di Singapura • Muis on the other hand allow the tenants 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 market rental rate less agreed discount.
Institusi wakaf di Singapura • By this Joint Venture Agreement: • the Beneficiary will still receive funds every year • AND • The two year renewal allow the rental to be determine by market.
Institusi wakaf di Singapura • This is similar to the system in Turkey which is known as “icareteyn” under the Ottoman. • But unlike Singapore, the system in Turkey had led to the dilution of wakaf property.