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WAQF IN MALAYSIA (Waqf Sete Aishah (conditional waqf , based on certain…
WAQF IN MALAYSIA
Waqf Sete Aishah
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strategic land, junction of NorthSouth Highway Butterworth & Kulim, nearby supermarket (tesco extra carefour, giant etc)
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9.86 acres, offered for waqf by Setee Aishah bt Hj Mahmood on 30th September 1901
conditional waqf , based on certain condition in distribute benefit of e land
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after deduce, half of residue use for rmosque repairmenti (permtg pauh) / umrah prpose / charitable project
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develop land for construction housing project (9 units of 3 storey shop lots, 76 units of 2 storey house
2 phases, 24 months & 36 months
24 million, UDA Holdings appoint Kejuruteraan Seri Gemilang Private Sdn Bhd (KSG)
bcoz limited time frame, UDA appoint contarctor (KSG)
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methodology
- joint venture IRCPP - UDA Holding to develop land
- UDA appoint KSG (9 unit 3 storey shoplot, 76 units 2 storey house
- KSG do the job 1st phase (24months), 2nd phase (36 months)
4, complete, developer offer to sell to buyer with 99 leasehold agreement
- house price range rm281k to rm439k
- based agreement, IRCPP receive 9 unit 3 storey shoplot, entitled to receive 30% from housing estate
any amount excess of sold benfit/profit will be distributed to mawqug alaih in order to reduce financial burden
MUIS - Waqf Singapore
first waqf - a philanthropist, syed omar al junied, mosque near Kg Melaka (1826)
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more bigger after that, Telok Indah, land at area of Changi road
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first waqf commercial development, wakaf jabbar 1990 , Duku Road
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problem MUIS - poor mgmt, waqf property sold by trsutee without MUIS known
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Musharakah Bond
subscribers include mosque, statutory, banks
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Internal REITs
asset migration, purchase of 6-storeyy office building at 11, Beach Road
pool of waqf, in term of shareholding
return from yield of building, distributed to various waqf, in term of shareholding(investment contributed to whole asset)
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Cash waqf
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investment 50%- return - 25% (PWS), 75%(JMC)
JMC as trustee, joint mgmt committee, 3-PWS, 3-BMMB
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charity 50% - healthcare 50%, education 50%
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Awqaf Holding
AWQAF as mutawalli,(corporate waqf) under MAINS
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zuriatCare
waqf fund with an allocation of RM 132,500 on June 2016
supporting active non-Muslim NGOs in protecting the interests of the baby, especially among parents who are left behind or abandoned by their parents
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70% (return from investment), 30% (fisabilillah)
Waqf for Business, Business for Waqf
Waqf Annur WANCorp
(action) waqf share , waqf annur - JCorp
Larkin Sntral Project
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imposed an initial public offering (IPO) that provides shares value of RM 85 million or 850 million unit of share
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subscriber adv
tax deduction elegible - based agg income - up to 7%(indv), 10%(corp,bisnes)
pay reasonable rental for low-income n single mother for market's shop using dividend from waqf share
JCorp waqf rm200 million worth of shares to SRC Johor, put under WANCorp
founded by former CEO JCorp ,Allahyarham Tan Sri Ali Hashim (also founder Awqaf Holding)
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responsible to give JCorp 70% (reinvestment, human development) , 25%(WANCorp,waqf), 5% (JOHOR RC)
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