Islamic Scholars Fund: Growth, Clarifications, and Financials – June 2020
Assalamu alaikum,
Alhamdulillah, SeekersGuidance has been running the Islamic Scholars Fund–through which zakat and charity funds support eligible scholars and students, around the world.
Alhamdulillah, this Fund grew over 60% this Ramadan, through the active support of donors around the world.
Thus, we have felt it important to clarify and reiterate a number of issues:
Islamic Scholars Fund: 100% Disbursement Policy
This Fund has a 100% disbursement policy: all funds go to eligible scholars and students, as confirmed by our accountant, Faizan Rehman.
See: How Does SeekersGuidance Distribute Your Zakat and Charity Through the Islamic Scholars Fund
The criteria used by the Islamic Scholars Fund have been established in active consultation with senior Islamic scholars.
The Islamic Scholars Fund Committee
The Islamic Scholars Fund Committee is made up of (1) Shaykh Faraz Rabbani (Executive Director); (2) Dr. Padela (Chairman of the Board of Directors); (3) Faizan Rehman (Accountant). Their contact details can be found below.
This committee approves the allocation and disbursement of the zakat and charity collected by the Islamic Scholars Fund.
Draft and Finalized Mid-Year Financial Reports
We have released our draft 2020 Financial Statement for the year so far, compiled by our internal accountant, Faizan Rehman. You can access it here: Download Mid-Year Financial Report 2020 [Draft]
Our accountant will be releasing the finalized mid-year financial report for the Islamic Scholars Fund, and for SeekersGuidance by mid-July.
There, we will be releasing our Financial Reports twice a year–including annual audited reports.
Establishing an External Shariah Supervisory Board
We are in the process of establishing an external Shariah Supervisory Board for the Islamic Scholars Fund–comprised of qualified Islamic legal scholars, to certify Shariah compliance and proper oversight, according to the highest standards.
The Islamic Scholars Fund Grow Over 60% This Ramadan
These are major steps in the growth and consolidation of the Islamic Scholars Fund–which grew over 60% this Ramadan 2020 over last Ramadan, despite the global economic crisis. This is through the support of a wide network of donors around the world. May Allah bless them all.
This growth and responsibility makes it even more urgent to ensure there is clear governance, oversight, and disclosure of this Fund.
SeekersGuidance is committed to establishing the systems and processes to operate with excellence (ihsan), and to grow the Islamic Scholars Fund.
We hope to support even more scholars and students, and to help fund a revival of Islamic scholarship around the world through support of present and future scholars.
The Islamic Scholars Fund Prospectus
For more information about the Islamic Scholars Fund, see: Islamic Scholars Fund Prospectus (Ramadan 2020)
If you have any questions, please don’t hesitate to email any one of:
- Shaykh Faraz Rabbani (Executive Director) – faraz@seekers.flywheelstaging.com
- Dr. Asif Padela (Chairman, Board of Directors) – asif.padela@seekers.flywheelstaging.com
- Faizan Rehman (Accountant) – faizan@seekers.flywheelstaging.com
In Ramadan, we raised $550,000 of our $1 million goal to support scholars and students around the world during the current global pandemic. Help us reach our target: Support by giving zakat or charity at: www.seekers.flywheelstaging.com/donate
And Allah alone gives success.
