Beginnings
Founding Members and Name
Progress
Ansar Housing
Organisation Restructure
Executive Committee
Founding Members

Beginnings

It was a cold autumn evening, much like any other autumn evening in Manchester, when the foundation stone for the first ever UK interest-free organisation was laid. The date was Wednesday 19th October 1994 when the founding members of Ansar Finance met in a popular Rusholme restaurant to inaugurate the beginning of a viable alternative to the interest infested monetary system prevalent in the society at large.

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Founding Members and Name

What had started as a dream many years before in the mind of one of the founding members was finally being realised with the help of 24 other founding members. The founding members came from various backgrounds, they were all respectable members of the community and had a good standing in their respective professional fields (see founding members profile below). What brought them together was one common desire, to help themselves and others in the community to rid the Muslim Ummah in the UK of the shackles of interest and to comply fully with the injunctions of the Quran and Sunnah.

Hence the name 'Ansar' was chosen for the new organisation, which means to help or to be a helper. This new organisation would be based on the Islamic principles of Justice, Fairness and Equality. It would serve the best interests of the community and its members and would provide an alternative (halal) finance system to the interest-based finance system that has a monopoly on today's society.

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Progress

Ansar Finance has come a long way since its inception. From an initial membership of just 25 in 1994, the Ansar Finance Group has grown to over 800 members to date. New members are joining all the time and the organisation is continuously striving to expand. This has all come about due to the commitment of all the members and in particular due to the hard work and dedication of the Executive Committee.

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Ansar Housing

In February 2000 Ansar Housing Ltd, was launched under the umbrella organisation of Ansar Finance. Ansar Housing Ltd. provides a mechanism to Ansar members to purchase their own homes under a halal interest-free system. So far, Ansar Housing Ltd. has purchased 14 properties under the scheme with a total value £500,000. Members are encouraged to purchase shares in Ansar Housing upon which they receive a yearly dividend.

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Organisation Restructure

In 2004, an umbrella organisation of Ansar Finance Group (afg) was created within which the separate companies of Ansar Personal Loans Ltd (APL) and Ansar Housing Ltd (AHL) were established.

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Executive Committee

The Executive Committee have worked conscientiously for the past ten years on a voluntary basis without any material or financial reward. It should be noted that the Directors of Ansar Finance are forbidden to receive any benefits in kind or financial reward. They are also excluded from the normal benefits that are on offer to other Ansar members, such as interest-free loans. The stringent rules governing the position of Director are in place in order to preserve the integrity of Ansar Finance.

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