Islamic Finance

Singapore Islamic authority to disburse $3.5 mln in awqaf income, up 1% from 2019

The Islamic Religious Council of Singapore (MUIS) is disbursing 4,917,943 Singapore dollars (around $3.53 million) from the income of its managed awqaf assets to beneficiaries. The sum is about 1% up from last year.

MUIS said on Saturday (June 6) that 3,646,178 Singapore dollars will be disbursed to local beneficiaries.

1,810,477 will be disbursed to the mosque sector and 535,158 Singapore dollars will go to 29 Muslim organisations to support them amid the COVID-19 crisis. Six full-time and 38 part-time Islamic schools will receive 476,193 Singapore dollars, including from the Wakaf Ilmu scheme that was created to benefit Islamic religious education in Singapore.

MUIS also said it will establish the Singapore Community Wakaf (Wakaf Masyarakat Singapura) to financially support religious institutions, development for religious teachers and community programmes.

“Wakaf Masyarakat Singapura will be a new initiative that aims to increase the value of the community’s assets which in turn, will provide greater financial support for the Muslim community in Singapore,” said MUIS.

“MUIS is currently working out the details and more information will be provided in due course,” said the statutory board under the Ministry of Culture, Community and Youth.

MUIS overlooked awqaf valued at 940.19 million Singapore dollars in 2018, according to its most recently-available annual report.

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