In a groundbreaking visit aimed at fostering international collaboration and exploring innovative Islamic economic practices, Dr.KH Muhammad Hadi, M.HI, Dean of the Faculty of Islamic Economics and Business at IAIN Kendari, Indonesia, visited the historic Bencoolen Mosque in Singapore on October 10-11, 2024.
The two-day visit showcased the mosque’s unique approach to waqf (Islamic endowment) management, which aligns closely with Dr.KH Muhammad Hadi, M.HI research and publications on modernizing waqf practices. The Bencoolen Mosque has garnered attention for its forward-thinking strategy that combines traditional Islamic principles with modern business acumen.
One of the mosque’s most notable initiatives is the expansion of its premises through the construction of an apartment tower. The rental income from these apartments is channeled directly into the mosque’s operational costs and social outreach programs, creating a sustainable funding model that goes beyond conventional donations.
Additionally, the mosque has repurposed underutilized waqf properties, transforming them into a thriving Meetings and Events (M&E) service center. This innovative approach not only generates additional revenue but also provides valuable services to the local community.
Of particular interest was the waqf-managed property at 11 Beach Road, which has been successfully developed into a multi-purpose facility. Furthermore, the mosque has ventured into the food and beverage sector by establishing a halal restaurant as part of its waqf development strategy, further diversifying its revenue streams while serving the community’s needs.
Dr.KH Muhammad Hadi, M.HI expressed his admiration for the mosque’s initiatives, stating, “What we see here at Bencoolen Mosque is a perfect example of how Islamic principles can be applied in a modern context to create sustainable, community-driven economic models. This aligns perfectly with the concepts I’ve been advocating in my research on waqf management.”
The visit also included discussions on potential collaboration between IAIN Kendari and the Bencoolen Mosque. Both parties expressed interest in student exchange programs, joint research projects, and workshops focused on innovative waqf management practices.
The mosque’s management team commented, “We’re thrilled to share our experiences with Dr. Muhammad Hadi and the team from IAIN Kendari. This visit opens up exciting possibilities for knowledge exchange and collaboration between our institutions.”
As Indonesia houses the world’s largest Muslim population, the potential impact of implementing similar waqf management strategies could be significant. Dr. Muhammad Hadi plans to incorporate the insights gained from this visit into IAIN Kendari’s curriculum and research initiatives.
This visit marks a significant step towards international cooperation in Islamic economics and highlights the potential for traditional Islamic practices to adapt and thrive in the modern economic landscape. As both institutions look forward to future collaborations, the fusion of academic research and practical implementation promises to yield innovative solutions for sustainable community development within an Islamic framework. (Alw)
