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 program.