North American Islamic Trust
From Wikipedia, the free encyclopedia
The North American Islamic Trust (NAIT) is an organization based in Indiana seeking to own and promote waqf (Islamic endowment) of Muslims in North America.
NAIT is a not-for-profit entity that qualifies as a tax-exempt organization under Section 501(c) (3) of the Internal Revenue Code. NAIT was established in 1973 in Indiana by the Muslim Students Association (MSA) of the United States and Canada, the predecessor of the Islamic Society of North America (ISNA). NAIT supports and provides services to ISNA, MSA, their affiliates, and other Islamic centers and institutions. The President of ISNA is an ex-officio member of the Board of Trustees of NAIT.[1]
NAIT holds titles to mosques, Islamic centers, schools, and other real estate to safeguard and pool the assets of the American Muslim community, develops financial vehicles and products that are compatible with both the Shari'ah and the American law, publishes and distributes credible Islamic literature, and facilitates and coordinates community projects.
A sister organization under the same name is registered in the province of Ontario in Canada.
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[edit] Islamic Centers, Mosques and Schools
NAIT offers waqf protection to properties of Islamic centers, safeguards these community assets, and ensures conformity to the Islamic purposes for which their founders established them. NAIT holds titles of approximately 300 properties. About one in four mosques in the United States are entrusted to NAIT.[2] NAIT does not administer these institutions or interfere in their daily management, but is available to support and advise them regarding their operation in conformity with the Shari'ah.
NAIT facilitates the establishment of Islamic centers, mosques and schools by extending limited interest-free loans from its Islamic Centers Cooperative Fund (ICCF) to needy communities.
[edit] Financial Services
NAIT develops Islamic financial products that address the investment and financial needs of Muslim organizations, individuals and their businesses, within the boundaries of the Shari'ah. Over the last two decades, NAIT has established and sponsored mutual funds that invest in companies which meet the universal ethical principles of Islam.
[edit] The Dow Jones Islamic Fund
The Dow Jones Islamic Fund (IMANX) is a no-load mutual fund offered by Allied Asset Advisors, a subsidiary of NAIT. It invests in Shari'ah-compliant companies. It includes, among others, shares of stocks from the Dow Jones Islamic Market Indexes, which consist solely of common stocks that meet universal Islamic principles, as advised by a Shari'ah Supervisory Board of six prominent Islamic scholars from six countries.
[edit] Islamic Literature
The ever-increasing and diverse Muslim population in the United States demands a variety of Islamic literature. Some publishers of certain Islamic literature believe that the media and others misrepresent Islam and Muslims. These publishers believe that this alleged misrepresentation necessitates the development of authentic Islamic literature. NAIT believes it meets this need by publishing and distributing credible Islamic literature.
[edit] American Trust Publications
American Trust Publications (ATP), established by NAIT in 1976, has published over 100 books on a wide variety of topics of interest to Muslims and non-Muslims.
[edit] Islamic Book Service
Islamic Book Service (IBS), established in 1965, offers a comprehensive stock of books by reputable Muslim scholars, titles for children, and multi-media products. IBS sells over 1,000 titles of authentic books, primarily in English and Arabic, CDs, DVDs, and audio and video tapes about Islam.
[edit] References
- ^ North American Islamic Trust: About Us
- ^ STRUGGLE FOR THE SOUL OF ISLAM: Hard-liners won battle for Bridgeview mosque
