What are the different kinds of funds ICFAL operates for which member can purchase ICFAL nominal shares?

A number of registered funds are available for the benefits of the memberships as follows:

1. Hajj Fund:

• This fund is designed for facilitating its joining members purchasing units of shares to perform pilgrimage to the holy city Makka.
• Each member is limited to purchase share units of only up to $10000, and invest with ICFAL for longer term. Members are not encouraged to redeem shares from this account unless urgently required.
• The shares invested from this fund may attract higher dividends than the general fund amount as decided at the AGM.

2. Zakat fund: ICFA has this provision by rule but it is not actively operating this fund at this moment.

3. Children Education Fund: Please see the Question 2 as a general guideline.

• This fund was created for the benefit of children willing to pursue higher education from the unit of shares purchased over the years plus anticipated profit earned to cover some cost of higher education. Due to the long term nature of the investment, this fund is similar to Hajj fund and a Self Managed Super Fund membership, and may also attract an extra incentive on top of the regular membership dividend as declared at the AGM.
• A joining member under this fund is encouraged to become informed on general Cooperative policies so that when they become adults, they may continue on as a general member of the Co-operative and become eligible to receive all rights and obligations due to the Co-operative.

4. Qard-e-Hasan fund: Qard-e-Hasan is a type of benevolent fund created to assist persons of need. This fund offers the opportunity to fulfill religious obligations of co-operative membership via charitable donations to the fund.

• A small amount of fund is currently available to assist a needy person. The dividend due to this fund is not distributed to membership, but rather reinvested in the fund so that it may grow further.

A member may purchase shares of ICFAL at anytime for any of the funds such as the membership general pooled fund, Hajj fund, Zakat fund, Children Education fund and Qard-e-Hassan fund.