Methods of Financing Waqf Development in Singapore
DOI:
https://doi.org/10.51325/ijbeg.v3i1.28Abstract
The Waqf sector in the Muslim world is in general neglected. It lacks tactics and strategies due to various conflicting and overlapping factors. Remarkably, Singapore Waqf is a pioneer and successful endowment project in the Muslim world on organizational and investment scales. The sector has impressively expanded and embraced effective methods and advanced techniques. The study addresses Singapore’s experience by pinpointing the diversity of its Waqf funds: funds for mosques, funds for the disabled, memorization of the Quran, funds for education and for scientific and innovative research. Unlike the Waqf of immovable assets, the monetary Waqf has gained popularity in Singapore. It has contributed to social security and welfare through its ultimate and legitimate goal to serve the public interests. Its role consists of channeling social savings and turning them into social capital. The Waqf administration in Singapore has used Sukuk to develop some of its endowments (Waqfs). Therefore, the research aims to analyze this new funding technique and weigh its impact on funding important projects such as: The Beach Road 1- construction project and the Street Bencoolen-Waqf development and refurbishment project. The study relies on a case study and uses a descriptive-analytical approach.
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