Pages Navigation Menu

Almost Half of Masjids Do Not Invest Their Saved Money

Almost Half of Masjids Do Not Invest Their Saved Money

The 2013 Needs Assessment of ISNA/NAIT Mosques* found that almost half (43%) of masjids did not invest the money that they had set aside as a building fund or as a contingency fund. In other words almost half of masjids saved money and then kept it in a checking account—benefiting the bank but not benefiting themselves.

There is no reason to keep saved money in a checking account and not invest it in recognized Islamic institutions that have a track record of securing the investments of Muslims. One-third of masjids, according to the Needs Assessment did invest their money: 41% of these masjids invested in the Islamic Center Cooperative Fund of NAIT (North American Islamic Trust) and 34% invested in AMANA. The other 25% invested in more large-term investments like real estate, typically houses around the masjid.  Both NAIT and AMANA follow Islamic guidelines in all investments.

The main argument that masjid leaders give for not investing their money is that they do not feel comfortable in taking a risk in investing the money. This is understandable but it is not a reasonable argument. Both NAIT’s Islamic Center Cooperative Fund and AMANA have very secure and very conservative investment possibilities, and to date no masjid has lost their money with these institutions—even during the recent disastrous recession. If any masjid was to lose their money, it would have been at the time of the recession—but it didn’t happen. Al-hamdulillah.

Some masjid leaders think that they will not be able to withdraw their money when they need the money. Again this is a misconception. Both NAIT and AMANA will insure that your money can be withdrawn in a timely fashion.

For more information on NAIT, go to www.nait.net. NAIT has a very conservative investment fund, Islamic Center Cooperative Fund, which was designed especially for masjids who are concerned about risk, but it also has a more traditional investment fund, IMAN Fund, which has larger returns on investments.

For information on AMANA go to www.amanafunds.com where they also have more conservative funds and other funds that are not as conservative in their investment strategy.

For a copy of the Needs Assessment download a copy at:

http://www.isna.net/uploads/1/5/7/4/15744382/needs_assessment_report.pdf

Leave a Comment

Your email address will not be published. Required fields are marked *