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Notice of EGM - Sunday 29 April 2018
News

29th March 2018

Dear Members,

Salaamun Alaykum

In line with clause 8 of the Constitution, notice is hereby given by the Executive Committee of an Extraordinary General Meeting (EGM) to be held on Sunday 29th April 2018 at 6:15pm at the Husaini Shia Islamic Centre, Stanmore, HA7 4LQ, to transact the following:

1) Recitation of the Holy Qur'an and the English translation thereof

2) Consideration and adoption of the following resolutions relating to the Hujjat Housing Scheme:

A. The General Body of The KSIMC of London hereby resolve to grant the Executive Committee (the “EC”) the mandate to enter into such contracts, incur such obligations and generally to do such acts as may be appropriate or necessary to establish, fund and administer a security deposit scheme to be known as the Hujjat Housing Scheme (the “Scheme”), subject to the following:

(i) The purpose of the Scheme shall be to provide an eligible beneficiary with a security deposit to enable purchase of a residential property;

(ii) Participation in the Scheme shall be restricted to first-time homeowners for their own occupation;

(iii) The EC shall at its discretion allocate up to £400,000 of Jamaat funds to be used in order support the Scheme (in addition to any funds raised to specifically support the Scheme);

(iv) The maximum security deposit provided by the Jamaat to each qualifying member shall be £50,000;

(v) The EC may, at its discretion, provide soft commitments to persons directly providing a security deposit to a qualifying member, subject to a maximum of £50,000 per qualifying member; and

(vi) Jamaat funds to be used for the Scheme shall be held in an account either (a) in the name of the Jamaat; or (b) in the name of one or more nominated individuals (for the benefit of the Jamaat) as selected by the EC.

B. In accordance with clause 6.12 of the Constitution, the General Body of The KSIMC of London hereby resolve to grant the Executive Committee the mandate to borrow money for the purposes of funding the Hujjat Housing Scheme, provided that the amount of Jamaat general funds to be used in relation to the Hujjat Housing Scheme shall not exceed £400,000.

C. In accordance with clause 18 of the Constitution, the General Body of The KSIMC of London hereby resolve that:

a. Notwithstanding clause 15 of the Constitution, where necessary to facilitate the Hujjat Housing Scheme, Jamaat funds may be held in the name of one or more nominated individuals (for the benefit of the Jamaat) as selected by the Executive Committee; and

b. Clause 6.12 of the Constitution shall be deleted and replaced with the following:

“Any proposal by the Executive Committee to borrow money shall require the prior approval of the members passed by a two-thirds majority of the members present in person at a general meeting or an AGM.

In line with clause 8 of the Constitution, the Executive Committee feel it is in the community’s interest to hold this discussion before the AGM in June so that the Hujjat Housing Scheme can be launched without unnecessary delay.

In line with clause 18.2 of the Constitution, the Executive Committee have proposed the constitutional changes set out above to facilitate the Hujjat Housing Scheme.

Registration will commence at 6:00pm. Both male and female members are encouraged to attend.

With Salaams and Duas

Musafir Somani
Hon Secretary
The KSIMC of London