DDHK News, Singapore - The property business wing of the Islamic Religious Council of Singapore (MUIS), Warees Investment, officially released an Islamic concept villa, Saturday (31/1/2015). The project, titled Alias Villas, is the first Islamic property to be developed in a neighboring country.
Alias Villas occupies a waqf area along Jalan Haji Alias, Singapore. MUIS is offering this project with a lease term of 99 years. While the construction itself is scheduled to be completed in 2017.
The launch of Alias Villas is part of an ongoing revitalization scheme to increase the value of waqf property assets. The waqf system in Islamic treasures means the use of land and property that has been inherited by a Muslim for the benefit of many people.
The Alias Villas land was inherited in 1905, along with the mosque next to it, Al Huda, which is 110 years old. MUIS is currently carrying out repair and renovation work on the Al Huda mosque in June 2013 and completed in March 2015. The repairs and renovations will cost US $ 1,1 million which will be replaced by the proceeds from the sale of Alias Villas villas.
“This whole concept is really to unlock our waqf value. So this is a good example of how a mosque that has been inherited, with a small plot of land next to it is utilized to the fullest. We use this to generate income for the mosque and the beneficiaries of the donated land, ”said Singapore's Minister of Muslim Affairs, Yaacob Ibrahim.
He added that it is MUIS 'job to increase the value of waqf assets and maximize its potential which can eventually be reused by the community. The reason is, in addition to being able to support the surrounding community, maximizing waqf assets can also generate income to maintain the Al Huda mosque and religious activities in it. (straitstimes. com/kompas.com). *
