Unfortunately I missed ISNA, some of you may have noticed I was on the program (those of you who were at the conference, know me and reviewed the program).  However because of the birth of my child (my second daughter) that weekend I was unable to attend.  I always find ISNA beneficial and look forward to next year insha Allah.

• Endowments are not especially common among US charities.  While everyone has heard of the giant Harvard and Yale endowments, they are more the exception then the rule.  Furthermore, and this is obvious to many, Endowments have taken massive hits recently.  

• Endowments may have many, sometimes thousands of seperate special use funds associated with them.  The purposes of donors in such accounts are governed by state law.  Most states have adopted the Uniform Prudent Management of Institutional Funds Act (UPMIFA). Here is a link to a PDF of the act.  

• The Act uses a "total return" approach to investing, rather then the traditional way, which was looking at income alone.  In developing a trust based Waqf, I have looked at removing some of the "default" UPMIFA rules, particularly on investment returns so as to make them more conservative.  However the Uniform Act has a good approach and does much to protect endowments.   Of particular interest for many in the Muslim community is the difference between they way Trusts and Corporations are treated.  For historic reasons, as well as the continued inclination to to develop Islamic Rules of Awqaf by contract, I continue to favor the use of Trusts when developing endowments.

 

March 12, after Maghrib I will be at the Islamic Center of South Bay in Lomita.  You can check out their website here.  

March 15, I am going to be co-presenting at an one day seminar on Probate law for Attorneys through the National Business Institute in San Bernardino, CA.  You can learn more by clicking here.  

On March 26, at the Islamic Center of Conejo Valley, 2700 Borchard Road Newbury Park, CA 91320-3860.  I would send you a link to their website but it appears to be down at the moment.  

SBIA Family Night @ Evergreen Islamic Center

“My Family is At the Masjid”, “South Bay Islamic Association”

Location: 2486 Ruby Ave., San Jose, CA 95148 (Ruby & Tully), (Ph: 408-239-6668) Date: Sunday, February21, 2010

AGENDA

Dinner: 5:15pm, Maghrib prayer: 6:00pm, Program @ 6:30pm, Isha prayer: 7:45pm

· The program will start with the recitation of the holy Quran by Mohammed Faraz Rahman.

· This will be followed by a presentation by Yousuf Kaleem.

GUESTESPEAKER: Ahmed Shaikh (from L.A). Ahmed Shaikh is an attorney in southern California who focuses on Islamic inheritance and Sadqa Jaaria. He has spoken at Masjid, community organizations and conventions throughout the country, including the Muslim American Society and ISNA. He serves on the ISNA Endowment and Investment Committee.

You are cordially invited to attend this monthly community gathering, educational and social program and dinner with your whole family and friends.

You do not have to purchase any tickets to attend this program.

Dinner is complimentary. Donations are welcome.

This “SBIA Family Night” program is held on the:

1^st Friday evening of every month @ Downtown location,

3^rd Sunday evening of every month @ Evergreen location.

So, please mark your calendar ahead of time, and please plan to attend these programs.

Contact: Hafiz Salim Molla (408) 207-5053; Yakoob Jaka (408) 238-4190;

Najib Azhar (408) 674-7683.

Estate Planning Flyer WA 2.pdf (1150 KB)

Estate Planning Flyer WA.pdf (1154 KB)

 

On Saturday, we had a program called "Islamic Inheritance: Step-by-step."  This is a brand new program I plan on doing at other Islamic Centers around the country.  It includes a 38 page outline, which I plan to continualy improve and for some programs, expand on.  The entire contents of the outline will be adopted for this website in the comming days and weeks.  Its an intense program that goes over every major issue that individuals need to tackle when planning based on the Islamic Rules of Inheritance for American Muslims. 

Unlike other programs, the Saturday program is not an "argument" for Islamic Inheritance and assumes everyone thinks this is a vital step for their families.  In the future, that "argument" may well also be included.  It would just have to be a longer program.