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.
The following Wakaf assets are examples of migrated properties.
Located at the junction of Seah Street and Beach Road, 11 Beach Road is a six-storey commercial property with a land area of 714 m² and a total lettable area of 3,202 m². The building was purchased from the collective sale proceeds of 43 Wakaf assets in the early 2000s.
11 Beach Road earns steady income through the rental of commercial spaces. The income is distributed to the 43 Wakaf based on their shareholdings.