1. Who are we?
Al Barakah is a member-based organisation formed on co-operative and Islamic finance ideals for the promotion of social development and economic betterment of the community.
2. Why Al Barakah MCSL?
Al Barakah provides an alternative to the interest-based financial institutions in Mauritius and provides halal investment opportunities and returns. With Al Barakah, you contribute in a halal way to the overall development of the economy.
3. Who can join Al Barakah MCSL?
- Individuals of 18 years old and over, of good character and residing in Mauritius and Rodrigues.
- Children of members below the age of 18 (Minor membership).
4. How can I join Al Barakah MCSL?
Fill the Membership Application Form (available on our website) or you can visit our Head Office or contact one of our Regional Representatives for the Membership Application Form and submit the required documents.
5. What are the documents required?
- Copy of ID Card / Passport
- Copy of Birth certificate
- Utility bill (not older than 3 months)
- Copy of Marriage / Nikah Certificate
- Copy of ID Card / Passport and Birth Certificate of Beneficiary/(ies)
- Bank Statement (if applicable)
For Minors (individuals below the age of 18): Copy of Birth Certificate; Copy of ID Card of guardian / parents; and Utility bill of guardian / parents (not older than 3 months)
Al Barakah MCSL reserves the right to request further documentation, if required.
6. How do I become a member?
You have to pay a one-time entrance fee, a one-time Takaful contribution and contribute a minimum number of shares to be eligible for membership.
Once your membership is approved by the Board of Directors, you will be notified accordingly and will be sent a Passbook.
You are required to maintain a monthly share contribution of minimum Rs. 200.00 (20 shares), that is, a minimum yearly contribution of Rs. 2400.00 (240 shares). You can also contribute any amount anytime, not exceeding 30% of the issued share capital of Al Barakah.
7. What are benefits of being a shareholder in Al Barakah MCSL?
- Opportunity of becoming a shareholder in the first Islamic financial institution in Mauritius
- Cooperate to implement Islamic finance
- Opportunities for savings, halal investments and dividends
- Enjoy halal financial services at reasonable profit rates
- Enjoy a satisfactory profit towards meeting Halal dividend payments to shareholders and halal returns to depositors
- Economic success (falah) in this world and in the hereafter
- Consolidate the Muslim Community by helping one another
- Be rewarded (thawaab) by Allah (PBTH) since you will help others avoid Riba (interest)
8. Can I withdraw my shares or resign from Al Barakah MCSL?
You can withdraw your shares or terminate your membership by giving 40 days’ notice.
Emergency cases are considered by the Board depending on the nature of urgency (medical purposes, travelling, etc).
9. How is Al Barakah MCSL organized, managed and controlled?
It is managed by a Board of Directors elected by the shareholders on a panel basis at the Annual General Meeting (AGM). The Internal Controller is also elected at the AGM.
The Board of Directors nominates various sub-committees, and auditing is carried out by both the Internal Controller and External Certified Auditors. The cooperative operates under the control and supervision of the Ministry of Cooperatives.
10. What is the legal framework of Al Barakah MCSL?
It is an independent financial institution which operates:
- Within the Co-operative Societies Act 2005;
- Within the framework of its Rules and Regulations; and
- In accordance with Islamic finance principles.
11. Who are the resource persons in Islamic finance in Al Barakah MCSL?
- Mr. M. Raffick Nabee Mohomed, Founder / Director / Secretary: B.Com, P.G.C.E (Business Studies / Accounting, P.G.Diploma in Islamic Banking & Insurance (London), Associate Fellow – IIBI, Student at International Institute of Islamic Business & Finance (Level 11).
- Mr. A. Rajack Jugoo, Treasurer / Director: B.Com (Hons), P.G.C.E, ACCA (I), P.G.Diploma in Islamic Banking & Insurance (London), Associate Fellow – IIBI, P.G.Diploma in Islamic Banking & Finance at Al Huda CIBE (Pakistan).
12. Who are our Shari’ah Advisors?
- Prof. Dr. Monzer Kahf – Islamic Economist, Consultant / Trainer in Islamic Finance, Banking & Economics (USA).
- Mr. Imtiaz Ali – Consultant in Islamic Finance & Islamic Co-operatives (Trinidad & Tobago).
13. What are we asking you?
- Involvement and commitment - the first step to the success of Al Barakah MCSL.
- Join Al Barakah MCSL so that we can together provide for the financial needs of the Ummah.
- Participate in increasing our membership and capital.