Wakaf Masyarakat Singapura (WMS) or Singapore Community Wakaf (endowment) will be set up to fund the community’s long-term needs, particularly for religious institutions, asatizah development, and general community needs and initiatives.
WMS is a voluntary funding mechanism to complement other more established community funds such as the Mosque Building and MENDAKI Building Fund (MBMF) and
zakat (زكاة). It is not compulsory for all members of the community to
contribute to it. Those who have the financial means can opt to bequeath
their assets and funds to WMS, in hope of accumulating the community’s
reserves for future generations.
Waqf (وَقْف) creation is a familiar construct within the Muslim community in Singapore, where there are currently 91 wakaf with a combined value of more than S$800 million under the care of the Islamic Religious Council of Singapore (Muis).
Each year, Muis will disburse income from Muis-managed waqf to local beneficiaries such as mosques, madrasahs, Muslim charitable organisations, as well as the poor and needy. In the past three years, Muis has disbursed over S$2.5 million to local beneficiaries annually.
According to Muis, it is crucial to consider the long-term potential of waqf assets, and continue to build their value.
The key principles for WMS are: capital preservation*, maintaining a continuous and sustainable source of income, and ensuring ease of community participation and contribution.
Two advisory panels have been set up to put forth recommendations on how to galvanise community support and operationalise the implementation of WMS. Both advisory panels will be chaired by Abu Bakar Mohd Nor, Chairman of InfoFabrica Holdings and the Deputy President of The Singapore Malay Chamber of Commerce and Industry (SMCCI). He is also the Chairman of Small & Medium Enterprise Centre and sits on various boards including Muis.
Abu Bakar called for the community to participate and contribute to Wakaf Masyarakat Singapura. He said: “The act of giving and philanthropy through waqf is an age-old tradition that has historically supported many institutions and associations, including madrasah, mosques and various Muslim organisations. I strongly believe that if all of us take personal ownership on the WMS, through the collective work of the advisory panels and inputs from the community, we can take Singapore’s waqf culture to the next level for the benefit of the community and our future generations.”
The WMS Expert Advisory Panel will comprise professionals and experts in religious, legal, investments, finance, audit and property fields, while the WMS Community Advisory Panel will comprise community
members.
The WMS Expert Advisory Panel members will focus on critical aspects of asset creation, valuation and investment, to facilitate the growth of waqf, including possible enhancements to systems, structures and regulations.
The WMS Community Advisory Panel members will focus on the outreach and public engagement efforts to gain crucial ground perspectives and insights. The Panel will recommend a comprehensive strategy to solicit feedback, and communicate the objectives and long-term outcomes of WMS to the Muslim community in Singapore, to encourage voluntary participation from the community.
To ensure that the recommendations and plans provided are wholistic and robust, both advisory panels will engage key stakeholders such as asatizah, business communities, professionals, as well as the mosque and madrasah sectors.
The news was announced by the Singapore Minister-in-charge of Muslim Affairs, Masagos Zulkifli on 5 June 2020. The Chairman of the advisory panels will deliver the findings and recommendations to him in December 2020.
*Ensuring the wakaf funds collected retain their value.