Singapore (2 May 2020) – For those seeking to add on to your hereafter investment portfolio, you now have an additional opportunity to invest in PERLU – an endowment, or awqaf, fund -aimed at preserving the leadership and capability of Singapore’s religious scholars (ulama) and teachers (asatizah).
The Singapore Islamic Scholars and Religious Teachers Association, Pergas, announced last week it is creating a SGD 20m pool of fund through public donations and its own internal resources – an initial SGD 1m cash injection and “some shares of its property 168 Changi Road,” said Dr Shamsiah Abdul Karim, who sits on PERGAS’ Board of Directors. Dr Shamsiah was formerly the CEO of Malaysia’s Albukhary Foundation and former Deputy Director of Asset Development of Singapore’s Islamic Religious Council, MUIS. She was pivotal in the creation of MUIS’ Wakaf Ilmu in 2012.
According to Dr Shamsiah, Pergas is looking to raise the pool of SGD 20m over a period of 7 years. An open fund, money raised will be locked as capital and invested in Shariah-compliant investments such as real estate, equities, venture capital and fixed deposits. Earnings from the investments will be used to fund the capability and leadership development of asatizah as “experts in all fields and realm.”
Fund-raising has commenced through crowd-funding platform “Global Sadaqah.” Pergas will also have other fund raising initiatives such as events and company tie-ups once the circuit-breaker measures are loosened up.
Pergas, however, isn’t going to wait for 7 years to invest. Dr Shamsiah said it is starting investing immediately with the initial injection of funds from Pergas, adding that the body is looking for returns “better than the fixed deposit rates.” An investment committee overseeing PERLU has yet to be formed but its subsidiary, Pergas Investment Holdings (PIH) will act as the Joint Trustee and administrator of PERLU. PIH will administer, manage, invest and distribute the fund in accordance with its mandate.
PIH in November 2019 bought Fragrance Building at 168 Changi Road for SGD 28.8m. The acquisition was close on the heels of its divestment in 2018 of 5 units shophouses with a cool profit of SGD 13m. The shophouses sold were among 7 units acquired in 2003.
“While the accumulation of wealth through physical assets play an important role to sustain the important activities that Pergas upholds, the more important assets are the Ulama and the asatizah in the community,” Pergas said on its website.
PERGAS said its members of scholars and religious teachers are faced with a myriad of challenges, not least because its role has evolved from traditional leadership roles that have gone beyond traditional madrasah classrooms and masjids.
Reserving Religious Teachers’ Legacy
Today, the Muslim society has increased expectations of their local Ulama and Asatizah. It is more pertinent for Pergas to develop the generation of asatizah who are experts in guiding the community in all fields and realm so that its legacy of leadership is preserved.
Self-Sustaining Pergas
Pergas also sees the importance of it being financially self-sustaining and less reliant on public funds. The purchase of 168 Changi Road is testimony to the religious body’s continuous efforts to build its asset base and create income streams to fund activities aimed at preserving the leadership of its Ulama and Asatizah. Islamic endowment funds, or waqf, such as PERLU have also historically played a very important role as important sources of funding across the Muslim world.-/-www.halaluniverse.net
