SINGAPORE - Over $4.9 million of funds from the Muslim community will be distributed to mosques, Muslim organisations, madrasahs and other beneficiaries this year. The Islamic Religious Council of Singapore (Muis) said on Saturday (June 6) that it would be disbursing $4,917,943 from the income of Muis-managed wakafs, about 1 per cent more than last year. Of this amount, $3,646,178 will be channelled to local beneficiaries. Traditionally, a wakaf is defined as the permanent dedication by a Muslim of any property for any purpose defined by Muslim law as religious and charitable, but the concept has evolved to be similar to a trust fund, where money is invested and the returns are used to help the community. Muis currently looks after 91 wakafs, with a total asset value of more than $800 million. Mosques, madrasahs and Muslim organisations will be receiving more as compared to last year. Muis has also created a new Mosque Asatizah Development Fund that can be tapped by … [Read more...] about Over $4.9m to be disbursed to mosques, Muslim organisations, madrasahs and other beneficiaries