The YMA has custodianship of several properties that are generating much-needed rental income.
1. Pangani Estate – Block of 9 flats
2. Mua Park Westlands – Two Maisonettes
3. Elite View Kileleshwa – One flat
4. YMA Waqf- Kirichwa – 20 flats
5. FCB Mihrab Hurlingham – 2 Commercial Offices
The rent from these properties combined is more than US$200,000 per year. This contributes to most of the YMA running costs and also to 70 full orphan sponsorships.
Notable amongst the above is the Kirichwa property of 20 flats, which on its own contributes US$150,000 annually to the YMA. This project cost US$1,200,000 to complete (land, taxes, rates and construction and fittings). In terms of money generated, this property can pay itself off in under 10 years.
Another notable example is the FCB Mihrab Building in Nairobi, where the YMA holds 2 Offices. This cost the YMA US$400,000 and contributes US$30,000 a year to the YMA. This property can pay itself off in less than 15 years.
From the US$200,000 generated annually, US$50,000 goes towards the orphan sponsorships. The remainder is spent on the running costs of all YMA activities.
The YMA has in its employ (in head office, orphanage, schools, dispensary and farm) a total of 151 full-time staff. Additionally, it has 50 Imams and teachers at each of the Masjids and Islamic Centres under its custodianship, who are employed under our Islamic, Religious Education and Dawah Programs.
A Waqf project similar to those above would be a huge contribution to the Muslims of Kenya. The YMA no longer has running costs due to the current Waqf properties. A new property’s income will be entirely for the poor.
Now a new block of 20 flats (costing US$1.2M and generating US$160,000 annually) can fund every year: 100 orphan sponsorships, a new large Islamic Centre with Imam and teaching staff, 25 wells (with handpump and concreting) capable of supplying a large town, 50 widow/elderly families full-year food sponsorship and $10,000 on Dawah events and publications.
All this will be repeated every year.