SINGAPORE (The Straits Times/Asia News Network): Sixteen mosques in the western part of Singapore have signed up to participate in a pilot programme to invest their reserves in order for them to be financially resilient.
In a statement on Tuesday (Dec 27), the Islamic Religious Council of Singapore (Muis) said the mosques will invest their surplus funds in syariah-compliant investment products through the Mosque-Wakaf Investment Plan.
The returns will be used to ensure that the mosques can remain financially self-sustainable in the long run, with Muis acting as the administrator for the investments.
For example, the mosques will be able to use the income generated to pay for lease renewals, which are not covered under the Mosque Building and Mendaki Fund – a community fund all working Muslims in Singapore contribute to – Muis said.
It added that the initiative will be introduced to the 54 other mosques in Singapore in 2023.
A portion of the returns will also be channelled into the Wakaf Masyarakat Singapura, which is an endowment fund that caters to the Muslim community’s long-term needs.
These include supporting the operations of mosques and madrasahs, the training of the community’s future religious leaders, and community programmes.
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