Strengthening the financial base of your Masjid or Islamic school
One way to serve Muslims and
preserve Islam for our future generations is by strengthening the
financial base of your Masjid or Islamic school. Calamities and
opportunities do not necessarily wait for a series of fund-raisings.
Having significant funds in Islamic Centers Cooperative Fund (ICCF) is
one way to be prepared for such events.
Decades of experience of Muslim
and non-Muslim not-for-profit organizations in the United States has
confirmed that reliance on sporadic charitable contributions to meet
the communities’ needs is not advisable. Every institution must
have multiple sources of funding for a sustained, predictable and
substantive program of services and community-building projects for the
local community. Income-producing investments are an important
component of a desirable and diverse financial base. Further, set aside
funds come handy to deal with any unscheduled repair or renovation
expense or to take advantage of an unexpected opportunity to purchase
an appropriate property for your community.
NAIT established the ICCF to 1)
assist the communities limit dealings with Riba-laden banks to bare
necessities by keeping centers’ excess funds in the ICCF, 2) help
pool the funds of centers for investment by NAIT to provide for
Shari’ah-compliant growth in the centers’ funds, 3) support
completion of Islamic centers, masajid and schools by extending limited
interest-free loans from the ICCF to needy communities.
ICCF accepts funds either in
trust (Qard al-Hasan) or as loans for halal investments yielding a
potential gain for its participants. We encourage you to start saving
regularly into your ICCF account for the benefit of your community and
your future generations. Please contact NAIT to facilitate your saving