Ummah Futures Halal Investment Cooperative

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Southern New Hampshire University
"Ummah Futures" is an equity-based community investment cooperative that will collect fixed monthly investments from up to 20 members of the Nur-Ul-Islam Center's Ummah (community), located in Cooper City, Florida, towards the goals of wealth creation, asset accumulation and economic brotherhood by stimulating cooperative business activities and investments according to Islamic economic and social principles. Muslims are forbidden to engage in interest or support investing in haram (Islamically unlawful) business activities (i.e. the sale of alcohol). There will be two levels of monthly investment over a 36-months period, they are: 1) $10 per month and, 2) $300 per month. Future funding will be derived from the increase of new memberships and the success (or lack thereof) of equity investments made by the co-op. The co-op's initial 20 members, investing at the higher tier, will invest $216,000 over the 36 months period and the return on the investment that the co-op will target is 5% plus the member's principle investment. Moreover, participants in the plan will be encouraged to reinvest their earnings back into the plan. The success of the project will be evaluated by determining (a) how many participants complete the investment program; (b) the number of new participants enrolling in the program; (c) the increase in earnings; (d) the number of new employment or contracted opportunities created for members, (e) the number of members trained in cooperative structure and Islamic economic principles, and; (f) the effect of that training in the social and economic relations of the investors. (Author abstract)