MINUTES OF THE AGM HELD ON APRIL 01, 2007

 The Annual General Meeting of MFI was held at Masjid e Ali on Sunday April 01, ’07. Brother Mohammad Sarwat Ali chaired the meeting

The meeting was well attended and Sisters turned out in greater number this year.

The meeting commenced with a recitation of Ayats of Surah Teen from Quran by Brother Ahmad Virani.

 This was followed by a beautiful Nath extremely well rendered by Brother Badar Mehdi

May Allah reward both the Brothers and their families.

SPECIAL AWARDS

The Chairman announced that your Board has recently adopted a policy to give out Special Awards to the most distinguished volunteers for their performance above the call of their duty on the recommendation of the President and Vice president and invited the President to announce the names of Brothers and sister selected for this honor.

The president stated that it is always very difficult to select a few from a number of good performers particularly when the Board has limited the number of awards that can be given in a single year. He then announced the names of Brothers recognized for this year together with brief account of the extra ordinary services rendered by each recipient.

As the awards were given out the members present at the meeting welcomed each recipient with loud recitations of Salawat.

The following brothers received the award this year.

Brothers: Syed Ahmad

                Agha Afsar Abbas

                Syed Hashim Raza

                Majid Moosavi

ANNUAL AUDITED ACCOUNTS

The Chairman then presented audited Annual Accounts for the year 2006 and made the following points:

(1)   The Net worth of MFI as at the end of 2006 stands at $1.39 million having gone up by $619,180 compared to the previous year. Such a big increase in a single year is on account of $230,000 donated by Alavi Foundation in January 2006 and $260,000 raised in the groundbreaking ceremony held on September 09 2007. Donations from the Directors received to date exceeded $500,000.

(2)   The “Program Services” stated at over $72,000 have registered an increase of nearly $10,000 compared to the previous year. The Chairman explained that this account is not reflecting the correct financial picture as the cost of a number of activities other than Program Services (a few examples sighted by him) have been included in this account.

(3)   There has been an interest income of over $19,000 this year from cash deposited by us in Money Market Accounts as opposed to interest payment of over $20,000 paid last year as mortgage was paid off at the end of 2005.

(4)   The rental expenses at the Chinese Center have costed  $ 27,450 ($2287 per month). There will be a straight saving of this expense when we move back to our own premises

The facts and figures were well received by the audience judged by the repeated recitations of Salawat.

DIRECTORS REPORT.

 The Directors report (performance Report) for the year 2006 was then as required under MFI’s Constitution presented by the President and the Vice President (the chief Executive and his associate)

This presentation was also well received by the audience.

QUESTIONS AND ANSWERS.

The Chairman then opened the forum for questions, comments and answers. Only a few questions were raised and answered. The meeting then, on the Proposal of Brother Razi Husain seconded by Brother Asghar Kharazi, adopted the Accounts and the Directors Report.

AUDITORS APPOINTMENT

On the recommendation of the Board Khan and Abidi  LLC were reappointed auditors for the year 2007 on their existing fee and expenses of $1500 for the year.

ELECTION OF EXECUTIVE COMMITTEE OFFICE BEARERS.

Under the revised provisions of the MFI’s Constitution elections were held for the six positions of office bearers for a period of three years starting on April one and ending on March thirty one of the year 2010.

The following Brothers were elected:

Syed Hashim Raza as Secretary proposed by Brother Razi Husain seconded by Brother Jafar Zaidi

Nisar Karam Ali as Treasurer proposed by Brother Hashim Raza and seconded by Brother Mahboob Husain

Brother Nadeem Bilgrami as Program Manager, Proposed by Brother Salman Raza and seconded by Brother Majid Moosavi.

Brother Majid Moosavi as Building Manager, proposed by Brother Asghar Kharazi and seconded by Brother Mahboob Husain.

Brother Salman Raza as Joint Secretary proposed by Hashim Raza and seconded by Majid Moosavi.

Brother Urooj Aftab as Joint Treasurer proposed by Brother Razi Husain and seconded by Brother Mahboob Husain.

The President of the Executive Committee welcomed his new team comprising members elected by the members of MFI and those nominated by the Board and expressed the hope to Allah SWT that the new team may work together and produce best possible results in the coming term.

There being no other business the meeting closed with a vote of thanks to the chair and all the participants of the meeting by the President and a Quranic prayer recited by him.