By Cheryl Ong
THE Islamic Religious Council of Singapore (Muis) will give out some $2.22 million this year to Muslim organisations and charities.
The money comes from investment income on property donated by wealthy Muslims.
About $1.49 million of the income was distributed to mosques, madrasahs and other charity organisations, at a ceremony on Tuesday at the Singapore Islamic Hub in Braddell Road.
This yearly practice of wakaf disbursement is made possible through Muslims who donate their property for pious, religious and charitable reasons. Most of the money created comes from freehold properties in central areas like Beach Road and Geylang that collect rent from long-term tenants.
Muis president Mr Alami Musa said the profit earned is a result of prudent use of the property given to them.
'Some of our wakaf assets do not give good returns, so what we do is renovate, renew and even redevelop,' he said. 'So we make loans from the Muis treasury to fund renovations, then they can fetch higher rental, higher income, so the value goes up. Then, some of the income will be used to pay back to the treasury.'
