‘Work for your life as though you will live forever, and work for the Hereafter as though you will die tomorrow.’ The Holy Prophet (S)
On the blessed occasion of the Wiladat of Sayyida Fatima (SA), The World Federation of KSIMC is pleased to announce the re-launch of the MULLA ASGHAR FOUNDATION FUND. This gift programme has been named after Marhum Mulla Asgharali M.M. Jaffer as a tribute to his dream which was to see the success of this fund benefitting the vision and mission of The World Federation of KSIMC.
The purpose of this fund is to invest the principal amount and allocate the income that is generated from this investment to help sustain the work of The World Federation of KSIMC for years to come. Charity in itself is a great act where the rewards will be reaped in the hereafter, Insha’Allah.
Islam emphasises the importance of planning. As Muslims, we are encouraged to reflect and plan out the various aspects of our lives. One of the most important things we should plan out today is the outcome of our journey in the hereafter. Where do we want to be and how do we want to get there?
In Nahjul Balagha, Khutba 208, Imam Ali says: When a man dies, people ask what he has left behind as a legacy, and angels want to know what he has sent forward, (good deeds and good words). May God have mercy upon you, send something in advance to the place where you will have to follow; it may be a sort of a loan on God to be repaid to you on your arrival. Do not leave all of yours behind; it will be a drag upon you.
By the Grace and Blessings of the Almighty, the MULLA ASGHAR FOUNDATION FUND has a starting balance of USD $1 million / GBP £650,000.
PHASING OUT THE 7% ADMINISTRATION FEE
At present, The World Federation of KSIMC charges a 7% administration fee on donations received to help cover its administrative and operational expenses. The World Federation continues to be a vigorous and dynamic institution serving our global community in a number of different ways. The administration fee charged helps the organisation to fund the infrastructure needed to carry out its work more efficiently and effectively.
Currently part of our administration cost includes grants totalling USD $750,000 / GBP £500,000 per annum to The Council of European Jamaats and NASIMCO.
In an effort to eliminate this 7% administration fee, The World Federation of KSIMC will focus on building the MULLA ASGHAR FOUNDATION FUND as an alternative means of raising the funds required to cover the organisation’s day to day expense.
HOW THE FUND WILL WORK
The target of the MULLA ASGHAR FOUNDATION FUND is to raise USD $10 million over 5 years. The funds will then be invested into properties which will yield a minimum return of 8% per annum. The World Federation plans to reduce the administration fee by 1% each year and reach 0% by 2015, Insha’Allah:
|
Year |
Administration Fee adjustment |
|
2010 |
7% |
|
2011 |
6% |
|
2012 |
5% |
|
2013 |
4% |
|
2014 |
3% |
|
2015 |
0% |
Meeting the Fund target of USD $10 million will be critical to the success of this programme and The World Federation hopes to raise the balance of the donations from the following regions:
- Africa and UAE – USD $3 million
- North America – USD $3 million
- Europe – USD $3 million
HOW THE FUND WILL BE MANAGED
The Mulla Asghar Foundation Fund will be managed by a sub committee which will include The World Federation Office Bearers and investment professionals who will work on devising portfolios and plans which will maximise the yield. This team will report to Executive Council who will be responsible for making the key purchase and sale decisions. The World Federation Office Bearers will manage the day to day functions of the initiative.
BUILDING OUR FUTURE – TOGETHER
The future of The World Federation of KSIMC is in your hands. When you give, you are making a gift that builds for the future and works for today. As a donor, you can make your contribution all at once or in instalments. Let us work together to find a suitable plan for you.
The Treasurer of The World Federation of KSIMC, Sajjad Tejani expressed: ‘Foresight and visioning are two qualities that Marhum Mulla Asghar was well-known for. It was one of his many dreams to eliminate the administration charge of 7% and with the support of our community members from around the world, and through the Wasila of Sayyida Fatimah (SA) and the Ahlul Bayt (AS) we will Insha’Allah realise this dream collectively.’
For more information or to discuss the MULLA ASGHAR FOUNDATION FUND one to one, please contact The World Federation of KSIMC Honorary Treasurer, Sajjad Tejani by emailing accounts@world-federation.org
Donate via The World Federation of KSIMC
Donate via CoEJ
Donate via NASIMCO