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about the fund

A Better future with hope

HOW IS THE FUND Structured?

The Orphans Endowment Fund was established in 2003 by Iqraa Trust, Islamic Relief SA and Albaraka Bank. Dr Mahmoud Youssef-Baker is the first Chairman of the fund.

 

The Endowment Fund is structured so that the capital is preserved and only the income that is generated on the capital is utilized to support the OVC Program.

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From every R500 invested in a Participating Share, an administration fee of R50 is deducted and the balance of R450 is invested.

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  • The largest proportion (approximately 80%) of the profits that are earned on the invested funds are used to address the basic needs and development of the orphans and vulnerable children.

  • A proportion (approximately 10%) is added to the original capital sum in order to increase and preserve its value.

  • A proportion (approximately 10%) is utilized for the administration of the Orphans Endowment Fund. 

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Corporate Governance
LEGAL STATUS AND REGISTRATIONS

The Orphans Endowment Fund is registered as a trust in terms of the legislation in South Africa. Therefore the policies, activities and delegation of authority comply with the provisions of the Trust Deed.

 

The Orphans Endowment Fund is a registered Public Benefit Organisation with the South African Revenue Services (SARS) in South Africa.

 

The Orphans Endowment Fund has been granted Section 18A status by SARS which would entitle a taxpayer (individual, company, close corporation or trust) to deduct annually donations to the Orphans Endowment Fund not exceeding 5% of taxable income.

BOARD OF TRUSTEES OF THE ORPHANS ENDOWMENT FUND

The Board of Trustees is the ultimate governing body of the Trust. The current Trustees are:

 

  • Dr. Mahmoud Youssef Baker  (Chairman)

  • Mr Yusuf Mohamed                 (Trustee)

  • Mr Shabir Ahmed Chohan      (Trustee)

  • Adv Mohamed Vahed             (Trustee)

  • Ms. Bilqees Omar                    (Trustee)

  • Dr. Riedwaan Kimmie              (Trustee)

AUDITORS

  • The auditors of the OEWF are Mazars.

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