Strengthening Wakaf

Wakaf Revitalisation Scheme

Past projects

Alias Villas

Since 2012, MUIS has developed the Wakaf Revitalisation Scheme (WRS) to actively identify endowment assets that have potential to be enhanced or redeveloped for better economic returns for beneficiaries. These are usually commercial, residential, or institutional properties.

WRS is administered by MUIS’ wholly owned subsidiary, Warees Investments Pte Ltd. When redeveloping Wakaf properties, Warees Investments is mindful of conserving the unique heritage of each property while considering prevailing real estate market conditions and the urban development scene.

In this scheme, Warees Investments jointly redevelops Wakaf properties together with their mutawallis. Warees Investments provides professional expertise in planning and invests into the properties to maximise the capital growth. The MUIS subsidiary also undertakes full management of the redevelopment from feasibility studies, conceptualisation, real estate investment analysis, and strategic engagement with stakeholders to marketing communications.

Jamae Development

Jamae Chulia Heritage is the fourth and latest project under WRS to develop the land under Wakaf Jamae.

Jamae Chulia Heritage is expected to be completed by mid-2026. More details on leasing of the commercial spaces will be available closer to its completion.

Asset migration

11 Beach Road

Asset migration or istibdal is a strategy where all or parts of a Wakaf land that are no longer able to serve the wakif’s intended objectives are sold. Proceeds are then used to buy other assets dedicated to the same objectives. In October 1985, the Fatwa Committee gave guidance on the permissibility of asset migration, as observed in other Muslim countries. This helps Wakaf properties to remain viable and optimised to maximise returns for their intended beneficiaries.