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WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia

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:

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WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia

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

  2. 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. TanriAbeng,Founder & Chairman, Executive Centre for Global Leadership, Indonesia

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

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

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

  6. 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 10 Commercial Bldg 1 30 Shophouse 2 Commercial Units Residential Institution 114

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

  8. 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

  9. WakafIlmu – 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

  10. Application of the financing model The Red House Project

  11. Red House Project 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$20mil S$65mil

  12. Financing the Red House Project Warees Investment Pte Ltd WakafSheriffa 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)

  13. 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

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

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

  16. WIEF-IDB AWQAF ROUNDTABLE Jakarta, Indonesia Session End

  17. 10th World Islamic Economic Forum 28- 30 October 2014 MadinatJumeirah Conference Centre, Dubai Thank You, See you in Dubai!

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