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18 September 2017 / 26. Zil-Hajj 1438

The World Federation Foundation Fund Update

Posted on Wed, 2017-05-10 14:53

The World Federation Foundation Fund – Total of £3.2m reached at Conference!

 

The World Federation Foundation Fund has been designed primarily to ensure the longevity and growth of The World Federation of KSIMC. At the current pace of development, we require a fund that can be used for assured organic growth, sustainability and for providing additional support to our member institutions and the community at large.

 

The principle of the Foundation Fund stems from the concept of "Waqf" which has been around for approximately 1,200 years since the time of our Imams (as).  Furthermore, the primary goal of the Foundation Fund is to generate sufficient income from capital invested to at least cover the indirect and infrastructure costs of the charity and, additionally, to contribute towards various community centred projects undertaken by The World Federation, benefitting our members around the world.

 

At the end of 2016, the total value of The World Federation Foundation Fund stood at £2.7m. This figure was made up of donations, sales of property previously gifted to The World Federation and WAQF funds provided for investment. The funds remained fully invested in 2016 following on from the investments made in 2015.

 

During our Fifteenth Ordinary Triennial Conference in Dar es Salaam, we received further pledges bringing our total to £3.2m! We would like to recognise the following donors and thank them for their pledges and continued support towards the Foundation Fund:

 

  1. Al Haj Mohamed Jaffer - $100k USD

 

  1. Al Haj Sajjad Rashid - $100K USD

 

  1. Al Haj Naushad Merali - $100k USD

 

  1. Al Haj Gulam Bhai Virjee - $100k USD

 

  1. Al Haj Mustafa Bhai Kassam - $100k USD

 

  1. Al Haj Sadique Jaffer (Jaffer Family Foundation ) - $50k USD

 

  1. Al Haj Shabbir Najafi - $25k USD

 

  1. Al Haj Shiraz Virji - $100k USD

 

  1. Leicester Jamaat, UK - £5k GBP

 

  1. Peterborough Jamaat President, Al Haj Salim Rehmtullah  - £10k GBP

 

  1. Birmingham Jamaat - £5k GBP

 

  1. Essex Jamaat - £5k GBP

 

  1. Pakistan Federation - £10k GBP

 

  1. India Federation - £10k GBP

 

  1. Africa Federation - £10k GBP

 

  1. NASIMCO - $20,000

 

  1. Toronto Jamaat - $20,000

 

A pledge was also made by Stanmore Jamaat to create a fundraising campaign for the Foundation Fund and then, subsequently, confirm their contribution.

In addition to the above it was agreed that the surplus of funds realised by the WF over the last 6 years amounting to £1.5million would also be transferred to the Foundation Fund for investment in order to generate a return to fully meet the organisations running costs and thereby allow all donations to be 100% used for charitable purposes. 

A full report on the Foundation Fund will inshAllah be shared in the near future.  In the meantime, if you have any questions or would like to contribute, please email secretariat@world-federation.org

 


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