Muis distributes more than $2 million in endowment fund payouts to 60 beneficiaries
Published on May 29, 2014 12:21 PM
SINGAPORE - The Islamic Religious Council of Singapore (Muis) paid out on Thursday morning $2.17 million to the 60 beneficiaries of its endowment funds.
Such an endowment fund, called wakaf, is a collection of donations or properties willed by Muslims toward religious or charitable purposes. Profits earned from investment of capital in these endowment funds are channelled back to beneficiaries.
On Thursday, 60 cheques were given to representatives of beneficiary organisations at Muis' annual disbursement ceremony. Minister-in-charge of Muslim Affairs Yaacob Ibrahim was guest-of-honour at the event, which was held at Muis' Braddell Road premises.
The number of recipients was 66 - 17 more organisations than last year, said Muis chief executive Abdul Razak Hassan Maricar.
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