Annual Members' Conference 2008

14th Annual Members' Conference
Sunday 22nd June 2008
4pm – 7pm
Maxwell Hall, The University of Salford, Greater Manchester, M5 4WT

The event is designed to enhance your understanding of Islamic Finance, there will be interesting talks by key individuals, including international speakers.

1. Baba Ali: A brand new video sketch, especially designed for afg on Riba.
2. Dr Mahbub Zaman: A Senior Lecturer in Accounting at Manchester Business School at The University of Manchester, presenting an academic's thought on Islamic Finance in UK.
3. Shaykh Haitham al Haddad: Chief Guest.

For directions or a map to Maxwell Hall ask us for a printed copy or please visit:
http://www.salford.ac.uk/travel/maps/campus_map.pdf

IMPORTANT! Please read:

Booking process:

With the growth of our membership the organisation of events with large attendance becomes a complicated and costly task. Health and Safety issues have also to be considered. As such, we have to give consideration to numerous issues whilst planning these events. To help us organise this event successfully and to ensure that we can guarantee a place to you at the Annual Members Conference please ensure that you book in advance.

Please follow the booking process explained shortly to avoid any confusion and disappointment.

Silver Members: “The Annual Members Seminar” is free to you, only if you book in advance.

Standard Members, Guests, Students can attend this conference at an admission fee of £5.00, which covers the cost of the snacks provided.

Admittance Confirmation:

1. Please book /confirm your attendance in advance and as early as possible to avoid disappointment. The numbers are limited and first come first served basis will apply
2. Last date for Confirmation of attendance to reach the afg office by Wednesday 11/06/2008.

Guests (friends / family who are non members)

1. Members must confirm the number of guests they will be bringing with them at the time of confirmation
2. The fee of £5 per head for each guest attending must be forwarded to the afg office by no later than 11/06/2007.

Attending without prior confirmation:

1. Not recommended, we cannot guarantee admission unless booked in advance.
2. Space permitting, a £5 fee will apply.

Crèche
Sorry, not available on this occasion.
 
Contact:
Kadeer Amjad
T: 0161 225 8900
M: 0777 1927770
k.amjad@ansarfinance.com

Book your place at the next Wills clinic on 27 Nov

The next Wills clinic is to be held at the afg office on Tuesday 27 November from 4pm onwards Inshallah.
Anyone wishing to obtain free advice, please call us on 0161-225 8900 to book your place.

afg attend Global Peace & Unity event

Ansar Finance Group will (inshallah) be attending the Global Peace and Unity event on November 24th & 25th at the Excel Exhibition Centre in London.
Please come and show us your support, our stall location is G12. For further information, please visit the official website www.theglobalunity.com.

Annual Members' Dinner 2007

The Annual Members’ Dinner was held on the evening of the 30th June at the Eastern Pearl in Manchester. The evening was chaired by Iftikhar Awan (one of our directors). With Sheikh M. Al-Yacoubi as the chief speaker the event attracted quite a number of guests and attendees.

The Sheikh was impressed and supportive of Ansar’s vision and direction in providing riba free products. Tarek el-Diwany, a specialist adviser on Islamic finance, was the first speaker and gave an accurate and interesting insight to the ‘Problems with Interest’. Both speeches were very well presented and greatly received by all attendees. A detailed review of the evening will be posted shortly.”

Free Islamic Wills advice

Ansar Finance Group, in conjunction with I Will Solicitors Limited, would like to give you an opportunity to fulfil your Islamic obligation and save money at the same time!

http://members.aol.com/IslamicSoftware/irthie.html

The above link will take you to an online calculator which shows how the inheritance should be distributed according to Sharia. To ensure this distribution may be upheld in a UK court of law and to make sensible tax related judgements, the services of a solicitor are needed.

As Muslims, we have to ask ourselves a number of pertinent questions such as:

• Do I Have a Will?

• Do I need to follow the Sunnah?

• Do I know when I will die?

• Can I make a Will after I die?

We do not have to go very far down the list of questions to arrive at the obvious conclusion and we are all aware that anyone with fixed or liquid assets needs to have a Will. We delude ourselves by saying we will make one later or "I don’t need a Will as I don’t own much". At afg, we are offering you the opportunity to obtain cost free advice from a qualified lawyer, giving you peace of mind on whether you require a Will or not. If you do, then you will be given a quote and you can decide whether to proceed or not with having a Will drawn up.

Please contact us if you wish to make an appointment.

12th Annual Members' Dinner 2006

On the eve of Saturday 17th June, Ansar Finance Group hosted its 12th Annual Members’ Dinner, at the renowned Nawab Restaurant in Manchester.  The event has gone from strength to strength each year, with a record attendance of 475 individuals this time. The evening gave both Members and non-Members alike the chance to see the latest developments being made by the Group and what it had to offer.  Apart from the fine cuisine to tantalise the taste buds, the evening also included an array of distinguished international speakers, who were compeered by Manchester’s first Muslim Lord Mayor, Councillor Mohammed Afzal Khan. Speakers included:

Oscar Kjellberg, CEO of JAK Bank, Sweden
Sultan Choudhury, Director of Sales, Islamic Bank of Britain
Dato Dr. Shamshudeen Yunus, Executive Chairman, Islamic Gold Dinar, Malaysia
Sheikh Haitham Al-Haddad, Islamic Scholar, London
Lord Nazir Ahmed, Patron of afg, Rotherham
Abu Sondoss , Muslim Community Worker

All speakers highlighted the huge strides being made in the world of interest-free finance and reiterated the importance of having an interest-free financial system. The showpiece of the evening was the beginning of the reintroduction and sale of the Islamic Gold Dinar which was brought back into circulation after years in the wilderness.  The evening also allowed afg to honour those Members who have been supporting the group for a decade, ensuring afg’s rise to prominence. 

All-in-all, the evening proved to be a success on all fronts, not least the fact that afg had 70 new members sign up to support the admirable cause.

Ansar Finance Group move office

Please note that Ansar Finance Group have moved premises. The new address is:

Ansar Finance Group
Ansar House
61 Kingsway
Manchester
M19 2LL

All other contact details remain the same.
Please ensure you use this new address in all further correspondence to us. Jazakallah.

afg on the Box: Islamic Mortgages - Fact or Fiction?

Ansar Finance Group was invited by Islam Channel to join a live panel discussion on Islamic Housing Finance on Thursday 23 February on the 10-11pm show at their London studio.

The panellist members were Ali Akbar (Ansar Finance Group), Amjad Ali (HSBC Amanah Finance) and Nizam Patel (Halal Mortgage Adviser, 1st Ethical) and the host for the show was Imran Azam of 1st Ethical.

The programme started by gauging the awareness of halal mortgages and what the current perception of such products is among the general public. It became apparent that the public view these halal offerings by the banks as nothing but interest camouflaged as profit and rent. People think interest is still involved if the overall cost of the halal product is the same as an interest based mortgage and they consider rent being linked to LIBOR (London Inter Bank Offer Rate - an interest bench mark) as proof of this fact.

The panellists attempted, and to some extent managed, to clear some of the apprehensions and misconceptions. However, it became apparent that the banks had a long way to go before convincing people of the “halalness” of their products. In this respect, Ansar Finance Group had no problems because it was offering a product which was independent of LIBOR and the housing contract that it has developed is unique in its approach to the sharing of risks and rewards of buying a house in joint ownership with the finance provider. This means that with Ansar Finance Group the homebuyer will never find him or herself in a situation of negative equity if the house prices slump. Ansar Finance Group will take its share of loss of the drop in house price if this occurs. It was mentioned that the banks are sometimes constrained with the fact they are tied in with the Bank of England and LIBOR.

Even the panel had to agree that Ansar Finance Group had the ideal product offering which is maintaining a fair and balanced position between the homebuyer and the providers of funds (i.e. the investors) which in turn should bring about economic equity and justice for all members of society instead of favouring one or the other.

By the end of the programme it became clear that there is a growing concern, awareness and indeed a demand for halal housing finance and other halal products.

afg Speak at Muslim Professional Network Meeting

The North West Muslim Professional Network (NWMPN) recently held their second dinner event at a Rusholme restaurant. The NWMPN was set up in November 2005 to establish links within the region's Muslim corporate professional community, in particular accountants, lawyers and those in related industries. A major objective of the Network is to improve career prospects both for existing professionals and students about to embark in these fields.

The Dinner provided an opportunity for one of afg's Executive Directors, Saeed Siddique, who runs his own accountancy practice, to speak about afg. Saeed explained that even he did not fully appreciate the evils of interest when he first started as an accountant and that many Muslim financial professionals resign themselves to working in this system. Saeed eloquently warned the audience, which on that particular evening comprised mainly of accountants, that they were in a very important and influential position when advising their clients regarding finance, especially in terms of paying off loans to minimise interest. Saeed went on to explain how afg had successfully established Ansar Personal Loans and that they had given loans totalling nearly £1 Million. Saeed added that this initiative was set up by the community to help the community - the substantial interest that had been saved was retained for Muslims to use as they wished.

A good number of the audience had not heard about afg and many expressed a willingness to learn more and to join.

It is early days for the Network but this second dinner was a success and the forum has the potential to be of real benefit to local Muslim professionals.

Download the afg Zakat Calculator

Having trouble keeping track of what you need to pay Zakat on? No problem, just download the afg Zakaat Calculator here.

Home Finance Contract Briefing

The Conference Room was packed with over 60 people representing a Who's Who of the finance world. Attendees were seated in the plush London office building of Lovell's, one of the globe's leading business law firms.

The event, held on 6th September, was a briefing regarding the new Diminishing Musharaka Home Finance Contract devised by Ansar which is seen as the most Shariah-compliant in the world. Lovell's is the prestigious law firm chosen by Ansar who is ensuring that the contract fulfills all legislative requirements in this country. Ansar was represented on the day by Ali Akbar, Ajmal Saleem Ramzan, Kadeer Amjad, Javed Akhter, Ahmed Sadiq and Abid Satwilkar.

The pogramme was chaired by Shabbir Ahmed, Senior Partner at Lovell's, who commenced proceedings by welcoming everyone and introducing the speakers. First to the podium was Ansar's Chairman, Ali Akbar. Ali briefly introduced Ansar, explaining that is was a community-based organisation open to all. Ali said that nowadays, money and profit had become a god for many people but for Ansar, the pleasure of God is what Ansar seeks. Ansar did want to profit from its products and services but only in a fair manner which could mean making a loss in certain instances if necessary. Ali went on to say that this was a proud moment where Ansar had devised a methodology for implementing a shared ownership model which met with Shariah principles within the framework of this country's law and one that was fair to both parties.

The second speaker was Tarek El-Diwany of Zest Advisory and Ansar's consultant. Tarek spoke about the technical details of the contract but also mentioned that the link between the finance world and the real world is sometimes lost. This contract that Ansar had devised was a reality check insofar that it recognised the needs of both the investor and the house purchaser and aimed to strike a fair balance.

Francis Giacon of Lovell's was next to speak and elucidated about the legal aspects of the contract. Francis was followed by his colleague John Condliffewho spoke about other aspects of the contract including Repairs and Improvements and Defaults.

Shabbir Ahmed followed the formal presentations by opening the floor to questions. The significance and importance of the Ansar contract being unleased was evident by the number and depth of the questions that were asked. The audience, made up of the High Street banks, investors, financial advisors and private mortgage providers were keen to learn more about the contract and how it would work. Tarek answered the final question by saying that it would be wonderful if lenders would be prepared to share in any potential losses in the value of a property as well as any gains.

The question and answers session was followed by a buffet lunch which provided an opportunity for networking and to ask further questions. Discussions continued for nearly 2 hours after the presentation had ended!

In review, the event was seen as very successful with even Lovell's being surprised with the turnout and the obvoius interest generated. This is further indication, that with the help of Allah (SWT) and the support of its members, Ansar is making a real impact in the arena of ethical finance in Britain.

11th Annual Ansar Members’ Dinner.

The 11th Annual Members Dinner (AMD) was held at the Eastern Pearl Restaurant in Manchester on 11th June.

The event started promptly at 6pm and was hosted by Iftikhar Awan. The first speaker was Mr Peter Challen, Chair for the Christian Council for Monetary Justice. Mr Challen elucidated about the Christian standpoint on Finance and Usury and illustrated the many similar concepts and beliefs we share.

Second to the podium was Daud Musa Pidcock, Chair of the Islamic Party of Britain. Brother Daud spoke about the world bank and the IMF along with its implications on the poor third world countries.

Abid Satwilkar (an afg Executive) then gave a brief update about our achievements so far and the plans for the future. Abid explained that afg was expanding and improving all the time with the blessings of Almighty Allah (SWT) and the hard work and dedication of afg volunteers and supporters.

The formal speeches then gave way to a presentation commemorating Members who had been with Ansar for 10 years. There were also gifts awarded to Usman Daud, Amir Rashid and Riffat Azad for the hard work they had done recently for afg. Brother Mohammed Rafiq was awarded an Umrah ticket for introducing more than 15 new Members.

The talks continued with Sheikh Haitham al-Hadaad (Member of the UK Fatwa Committee) speaking about the ideology of conventional banking and that it was incompatible with Shariah-complaint finance. He went on to encourage the audience to pledge their support to any organisation, regardless of their background, that is striving to establish ethical finance initiatives.

The final speaker was the patron of afg, Lord Nazir of Rotherham. Lord Nazir spoke in his usual forthright manner, celebrating the work of Ansar along with an explanation of its importance and encouraging non-Members to sign up.

Over 340 people attended on the day, with 45 new Members signing up. The concluding dinner provided an excellent opportunity for socialising and people stayed long after they had finished eating. 

Alhamdulillah, the AMD seems to be following the development of afg in general, insofar as the event is increasing in size, the level of awareness and knowledge of Islamic finance to the community is being increased, which in turn is producing a practical and positive impact.

Ansar Outward Bounds Society ventures to Mam Tor

It was bitterly cold and just a day after the Islamic Wills Seminar, but the brave Members of the Ansar Outward Bounds Society (just created) ventured to Mam Tor near Castleton in the High Peak.

Brothers Ajmal, Javed, Rauf, Naseer, Abid and young Usman wore enough thermals to tackle an Antarctic expedition, but Alhamdullilah, even though it was chilly, the weather was dry and it was exceptionally bright and clear. As usual, we got lost (twice), once ending up in a farmer's front garden, but we did eventually complete our walk. The regular samosa/kebab/Mars Bar breaks we had helped us to keep going.

These regular walks provide a wonderful opportunity to cement the bond of brotherhood as well as bringing us closer to Allah ta'ala's breathtaking natural creations. We are aiming to walk every six weeks or so. We have plans, insha'Allah, to have a family day out as well as a weekend trip to the Lake District in the Summer. If you want to join us, just contact the Ansar office. Alternatively, why don't you organise a walking group in your locality? We can advise about suitable destinations and routes to visit. One thing we notice is the conspicuous absence of Muslim faces when we are out and about in the country. Why not join in the fun?

'The Importance of an Islamic Will' - A Free Seminar hosted by Ansar

"It is not permissible for any Muslim who has something to bequeath to stay for two nights without having his last will and testament written and kept ready with him."" (Bukhari)

It was with the knowledge of this authentic Hadith in mind that Ansar decided to organise a seminar about writing a will. Over 200 people squeezed into the hall at the KD Grammar School in Whalley Range on Saturday 6th March.  Ansar organised the event and invited 1st Ethical who are a leading Muslim financial company that specialise in the mitigation of tax and inheritance planing through the use of Inland Revenue sanctioned, shariah compliant Trusts, to deliver the main talk.

It was surprising to find out that less than 5% of Muslims have got a will - a fact that was graphically illustrated by a show of hands when the audience was questioned. Imran elaborated on both Shari'ah requirements as well as Inland Revenue legislation. The talk was detailed, understandably so considering the nature of the topic, but it was delivered clearly.

The overwhelming consensus was that the seminar was informative and enjoyable and a number of the attendees admitted that their 'eyes had been opened'.  1st Ethical were offering a free, no-obligation written summary by post of an individual's inheritance situation to anyone who completed a short questionnaire on the night. The finger buffet at the end provided further opportunity to discuss the evening's presentation. The anticipated demand for more information was such that Ansar organised a free, 3-hour clinic at our offices on Kingsway on the Sunday after the talk where 1st Ethical's team was on hand to clarify issues and provide additional guidance.  The clinic was well attended.

If you would like more information about writing a Shari'ah-compliant, tax efficient will then please contact the Ansar office. This talk has demonstrated that Ansar is at the forefront of enlightening and empowering individuals about important aspects of Islamic finance and bringing awareness and information directly to the community.  Make sure you look out for more talks coming your way soon."

Ansar School Talks Continue

Following the recent success of the 'Interest' talk given at a Grammar school, Ansar delivered a similar presentation at a local Girl's school.
The importance of these talks is becoming increasingly apparent and the excellent feedback and enthusiasm being shown underlines their impact. You can never be too young to learn about Islamic Finance!

Remember to contact us if you want a similar presentation done at a school near you. Please click here to contact the Ansar office.

Ansar Delivers a Teacher's Seminar

Following our recent well-received talk to Grammar school children about the perils of interest, Ansar delivered a similar session to a group of teachers. Teachers have a vital role to play in the frontline, educating and influencing the society of the future.
The teachers, who recognise the significance of this topic, invited Ansar to their school to deliver the seminar. This talk, too, was found to be interesting and informative, highlighting the important issues of interest and finance from a perspective not commonly seen.

Another reminder that if a school you know would benefit from such a talk, please click here to contact the Ansar office.

Ansar and the Next Generation

One of the vital missions of Ansar is to educate and enlighten children about the perils and implications of interest and provide information about alternative, Shari'ah-complaint financial products that they may wish to use as they enter adult life.

On Friday 4th February 2005, Ajmal Ramzan and Umair Farooq of Ansar visited a Grammar School in Manchester to give a short presentation. The pupils enjoyed the friendly, down-to-earth approach of Umair and benefited from the knowledge that was imparted. The interactive session helped to reinforce just how important and serious these issues are, especially given that perhaps the older generation has not always placed interest in the same category as alcohol and gambling. This talk is the first of a series of talks planned to be delivered to local schools and Ansar is hopeful it can help to educate the next generation.

If you know of any school that may be interested in an Ansar presentation, please click here to contact the Office.

JAK Bank of Sweden Visits Ansar

You may think that Ansar is a mainly Manchester-based organisation known only to a small group of people. The reality, however, is quite different. The considerable achievements of Ansar to date and its well-regarded reputation reach far beyond the malls of the Trafford Centre.

A meeting recently took place with Oscar Kjellberg, CEO of the JAK Bank of Sweden at the Ansar Office in Manchester. Oscar felt it necessary to travel specially to England to discover first hand what Ansar is about and how we work. JAK Bank’s ethos is to strive for another world which is just and fair and incorporates an interest-free financial system. Oscar said, “We regard payment for labour and risk-taking as legitimate but not for mere ownership. In our opinion it is unethical to lend money against interest when there is no risk and no labour involved.”

The JAK Bank provides interest-free loans to its Members, which number around 28,000, and have outstanding loans of about € 67 million. This is a great achievement by the JAK Bank especially when the main source of recruitment is by word of mouth through its Members. Models of operation and procedural good practice examples were shared by the two organisations in the meeting and both parties found the discussions informative and useful.

The issue of an interest-free financial system is not the concern of Muslims only, but of all fair minded people who want a just financial system. Ansar is talking to other organisations and individuals nationally and internationally whether they are financial service providers, educational or political organisations and we intend to create a forum where we can stand together, learn from each other and also be heard in the conventional financial markets.

Ansar is steadily growing and evolving into an organisation that can make a significant contribution to having ethical finance available to all. Watch this space!

Election of Chairman and Vice Chairman

During the Ansar Director's Meeting convened on Sunday 9th January 2005, Ali Akbar Mohammed and Javed Akhter were elected to the posts of Chair and Vice Chair respectively.

New Admin Worker for Ansar

Akbar Iqbal, who has worked tirelessly in the Ansar Office, will be leaving on 7th January. He will be replaced by Kadeer Amjad who will be starting on 4th January.

This is what Akbar had to say as he prepares to embark on a new career:

"Sadly I will be leaving. My employment at Ansar has made me realise that unless we as Muslims find or establish a real alternative to the unjust Interest-based systems, we will never be able to carry the true message of Islam.

I believe it is our duty not only as Muslims, but to our Creator as well, to create a fair and just system of interest-free finance for everyone.

The success of Ansar Finance as a real alternative to interest-based banking will be achieved insha’Allah. I believe the time has come to make a difference for the benefit not only of Muslims, but all of mankind."

We would like to thank Akbar for all his hard work and wish him the best for the future. We look forward to working with Kadeer as Ansar strives forward.

Government interested in learning about alternative finance.

Stephen Timms MP, Treasury Minister responsible for the financial services sector, is currently researching aspects of alternative finance.

Afzal Khan, Deputy Lord Mayor of Manchester and a Director of Ansar Finance Group (“afg”), pointed out to Mr Timms the importance of community projects like Ansar Personal Loans and AHL.’s Diminishing Musharakah (Shared Ownership) scheme. It has been ten years since Ansar Finance set up a ground-breaking scheme which enables people to borrow money without having to pay interest.

Following the usual briefings on the logistics of the two current “afg” schemes, and having learned the need for these products and also the fact that there is a ready-made market for them in the UK, Mr. Timms asked whether there were any difficulties faced by these projects arising from government legislation.

Javed Akhter, one of afg’s executives, pointed out that although the double stamp duty law has been removed for Islamic home finance, it is still only benefiting the larger financial organisations such as banks, building societies and FSA-registered commercial lenders. Small community projects based on the ethical or biblical faiths (Jewish, Christian or Muslim) still face difficulties when attempting to pilot their own projects.

Ajmal Ramzan, CEO of afg, highlighted the second area of difficulty where council tenants are willing to buy under the “right to buy” scheme. They are unable to take advantage of AHL.’s home finance scheme. In order to comply with Islamic laws, the house has to be registered in joint names rather than that of the buyer only, which then poses a problem from the council’s perspective because of the requirements of the right to buy legislation.

Mr Timms carefully listened to all comments and suggested that procedures are implemented to raise these issues to the government in order to bring changes in legislation, and that as the review was currently underway, Afzal Khan should bring it to the attention of the Review Board.

Ansar Finance Group takes satisfaction from these meetings insofar as it has been involved in encouraging the legislative changes that will support community projects such as our own.

10th Annual Ansar Members’ Dinner .

The 10th Ansar Annual Members’ Dinner (AMD) was held on 1st August 2004 at the Eastern Pearl Restaurant. Ansar Members were joined by guests, representatives from Islamic organisations and also imams from local mosques. This year’s packed programme, chaired by one of Ansar’s Executives, Saeed Mahmood, not only disseminated the usual updates and information to the Membership but also provided three inspirational and thought-provoking talks together with a gift presentation to those loyal Members who have supported Ansar for the last 10 years.

The first speaker was Mohammed Paracha, an Islamic Finance Specialist, who described the present state of Islamic Finance in the UK. Brother Mohammed explained that Islamic finance has come a long way since its active re-introduction about 25 years ago. Presently, it is estimated that Islamic banks and financial institutions manage some US$250 billion of funds all over the world. England is the most active country in Europe developing Islamic finance products for its Muslim community.

Ahmed Thomson, the eminent Barrister and acclaimed author, was the second speaker. Brother Ahmed said that the Muslim world has found a novel way to strike back at the Western bankers who rule the world's currencies – introduce a gold coin! Malaysia expects to use gold dinars to trade only between Islamic countries beginning in 2003. The gold dinar, which is 4.25 grams of 24-carat gold, would unite Muslim nations who blame "greedy" currency traders for Asia's downfall in the economic crisis of 1997–98.

Tarek El Diwany, the third eminent speaker, is an Islamic Finance Consultant. Brother Tarek highlighted the fact that AHL is a unique project. The funds for the project do not come from interest-based borrowing and Ansar is the only financing organisation in the UK that accepts capital risk on property prices. This reduces the risk of negative equity, where the borrower may find him or herself with an outstanding loan that exceeds the value of the property on which the loan is secured. From a Shari’ah perspective, Brother Tarek said that Ansar provides the least controversial model of home financing currently available. It is a community-based organisation and hence more willing and able than banking institutions to help clients through cash-flow problems, driven by both commercial and Islamic motivations. In addition, Ansar is a Muslim-controlled institution that is assisting the development of the Muslim community in the UK by providing charitable and commercial facilities to its Members, as well as employment opportunities in the longer term. Mutual organisations such as Ansar are run for the benefit of Members, not for the benefit of shareholders, and therefore help to retain wealth within the member community.

Brother Tarek brought a very favourable, supportive and independent view of the organisation to the assembled Members who appreciated his insights and observations.

The Ansar briefing update was provided by Javed Akhter, another member of the Ansar Executive, whose anticipated stage fright did not materialise. In fact, by many accounts, his talk was ‘out of this world’! Ansar’s CEO, Ajmal Ramzan, concluded the programme with a short reminder about the importance and vision of the Ansar project and also thanked special guests, speakers and Members for attending.

The lunch, thankfully, lived up to the ‘culinary delights’ ambitiously extolled in the invitation to the AMD and provided an opportunity for informal discussion and debate that was generated by the aforementioned speakers. Many people commented that this year’s AMD was more dynamic and informative than before. Those that could not make it, expressed their disappointment as they had heard such good things about the event from their friends.

The programme did run later than had been planned due to unforeseen transport difficulties for some of the speakers but overall the consensus was that the AMD was an enjoyable, educational and, indeed, inspirational event that has created a springboard for enhancing and expanding this essential project. May Almighty Allah (SWT) reward all the brothers and sisters who helped make the programme such a success. Ameen.

No More Double Stamp Duty for Islamic Mortgages

Whilst it is usual that only one stamp duty is paid when you take out a conventional mortgage, as the law stood until recently, Islamic mortgages were caught with double stamp duty. Title to the house first went into the name of the lender and only then passed to the client upon payment of the final purchase instalment, giving rise to two stamp duty charges.

he various organisations providing Islamic mortgages lobbied Mr. Paul Boateng, the Chief Secretary to the Treasury, about a year ago and the law was changed in the last budget to accommodate the registered lenders.

Last month when Mr. Boateng visited Manchester, we had a further meeting in which we thanked him for helping to drive through this change in the law. Islamic mortgages are now no longer disadvantaged through the double stamp duty rule. The Labour Government does listen … sometimes!

During September 2002, the Labour Party hosted an exhibition in Blackpool called ‘Faith in Action’. Ansar had the opportunity to set up a stall at the exhibition where the Prime Minister, Tony Blair, visited the Ansar Finance stall and was informed about our project.

"Ansar Finance has the potential to reach places where other organisations may struggle! What is important though is to make sure that we all put our positions and influences to good use for the benefit of the community in general whenever possible"

Afzal Khan

New Information Booklets added for House Investment and House Purchase.

New Information Booklets added for House Investment and House Purchase.

Please click here for the information booklet on House Purchase.

Please be patient as these files may take a little time to download.

Day Out at Fairholm & Derwent Valley

Another trip was arranged by various Members of the Ansar Team to the picturesque setting of Fairholm & Derwent Valley near Glossop. Please login to the Members pages to see a description of the event and to view the photographs.

New Personal Loan Forms Posted to Member Downloads Area

Two forms relating to Personal Loans have now been posted to the Members Area. These are :-

"Personal Loan Agreement and Standing Order Mandate"
"Personal Loan Terms and Conditions"

Members need to login to be able to view and download these forms. Jazak Allah Khair.