The Prophet, upon be peace, said: “When a man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him.” (Sahih Muslim)
Your Masjid is funded, in part, by an endowment. The endowment includes thousands of philanthropic gifts donated since 2010, many of which were given to support specific aspects of IAR’s community work. Together, these gifts form a permanent source of funding that connects community members and learners from many diverse backgrounds with opportunities at IAR, now and into the future.
IAR’s Endowment belongs to the current and future generations of our community – our children, our parents, our leaders, our Imams and our volunteers. It supports almost every aspect of IAR’s work.
your Masjid’s annual operating expenses in the 2022 fiscal year.
revenue on investments in 2022 fiscal year.
size of IAR’s Endowment in 2022 Fiscal Year
The combination of Sharia-compliant investing principles and wise investment decisions has propelled the IAR (Islamic Association of Raleigh) endowment to achieve an impressive annualized growth rate of 11.62%. By adhering to the principles of Sharia law, which prohibit investments in certain sectors such as alcohol, gambling, and pork-related industries, the endowment has maintained ethical and socially responsible investment practices. Additionally, the IAR’s commitment to making wise investment decisions has ensured a well-diversified portfolio, strategic asset allocation, and diligent risk management. These factors, combined with the expertise of skilled investment managers, have enabled the IAR endowment to generate consistent growth while upholding its Islamic values.
In Islam, an endowment is known as “waqf” or “awqaf” in Arabic. It refers to a charitable act of dedicating a property, land, or assets for the benefit of a specific cause or purpose, usually of a religious, educational, or social nature. The endowment becomes permanently dedicated to the intended purpose and the principal amount is preserved, while its profits or benefits are utilized for the designated beneficiaries or the ongoing maintenance and development of the endowment.
Waqf holds significant importance in Islamic history and society, as it serves as a means to support various communal needs. It has been used traditionally to establish and maintain mosques, schools, hospitals, orphanages, libraries, and other public facilities. The endowment ensures the continuous flow of resources and benefits to the designated beneficiaries, while the original capital remains intact.
Waqf can be established by individuals during their lifetime or through testamentary provisions in their wills. It is seen as a form of ongoing charity (sadaqah jariyah) that continues to benefit people long after the benefactor’s passing. The administration and management of waqf properties are typically overseen by appointed trustees or religious authorities who ensure its proper functioning and adherence to the intentions of the endower.
Overall, endowments or waqf in Islam provide a mechanism for individuals to support philanthropic causes and contribute to the betterment of society by creating lasting charitable legacies.
Many endowments, including IAR’s, are structured to exist in perpetuity, meaning that the institution must continue to rely on the endowment’s earnings forever.
Because of this, our endowment is not only for today’s generation, but is for all future generations of IAR’s community. Guided by this principle of intergenerational equity, IAR’s endowment is carefully managed in order to ensure that future generations will enjoy its benefits just as much as the current one.
Mosque Operations and Maintenance: The endowment can contribute to the ongoing operational expenses of the mosque, such as utilities, staff salaries, security, and general maintenance. This ensures that the mosque remains functional and well-maintained, providing a welcoming and comfortable space for worshipers.
Educational Programs: IAR may offer various educational programs to community members of all ages, including Quranic studies, Islamic classes, Arabic language courses, and youth programs. The endowment can support the development and sustainability of these educational initiatives, covering expenses such as curriculum development, teacher salaries, classroom resources, and technology.
Community Services: The endowment can be used to fund community services and social welfare programs, such as financial assistance for those in need, counseling services, health clinics, and support for refugees and new immigrants. These services aim to address the practical needs of community members and promote their overall well-being.
Youth and Family Programs: IAR may organize activities and programs specifically tailored to youth and families, fostering a sense of community, providing mentorship, and promoting positive values and behaviors. The endowment can support these initiatives by covering expenses related to event planning, guest speakers, workshops, recreational activities, and counseling services.
Interfaith and Outreach Initiatives: The endowment may contribute to interfaith dialogues, partnerships with other religious and community organizations, and outreach programs aimed at promoting understanding, cooperation, and positive engagement with the broader society. This may involve hosting events, sponsoring community projects, or supporting initiatives that promote mutual respect and social harmony.
IAR’s endowment offers our community the ability to create “restricted” funds. This means that donors have specified that their gift must support a particular aspect of our masjid’s work, from specific recurring bills to named committees and dedicated scholarships for tarbiya and hifz. These philanthropic gifts are critical to many areas of our work, each with a unique person and story behind it.
Endowment Board of Trustees
Term: 5 years (2022-2027)
Advisor: Farooq Cheema
Fundraising Manager: Kashif Osamn
Consultants: Don Kandel, Yaser Ali