The Islamic Religious Council of Singapore (MUIS) will be creating a new Muslim endowment fund beginning with a capital sum of $3 million for the benefit of Islamic education. This was announced in Parliament by Minister-in-charge of Muslim Affairs Yaacob Ibrahim.
Over the last two centuries, Muslim pioneer philanthropists have created wakaf, or Muslim endowment. The annual income from these wakaf supports the funding of religious and charitable programmes in perpetuity………………………………………..Full Article: Source