Main Objective: Pooling of fund by family members for future financing of children's education
Concept of 3F Source of Fund Management of Fund Disbursement of Fund
Income disparity is common. When you’re that far behind, it’s hard to get ahead. That’s why we facilitate savings groups to improve life by focussing both soft skill (education) and hard skill (Vocational education) for the family members.
1. Education
I would like to reiterate agian that this 3F is mainly, or rather strictly for Education ONLY as Education is extremely important as it is the main determinant to one future. Education gives people the skills and tools they need to navigate the world and after-world. Simply put, education is the key to lifting families out of poverty.The amount disbursed to pay the ACTUAL SCHOOL FEES subject to the availability of fund.
2. Insurance Policies
- Education Insurance Plan - The child education policy is a life insurance specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college (18 years and above). The funds can be used to pay for your child's higher education expenses.
- Health Insurance policy is mandatory in case of absent of medical benefit by employer. This policy must include benefits like hospitalization and operation.
3. Payment of Zakat
Or whatever payment required by Islam/under syariah. Refer the ruling from Baitulmal the quantum of payment. (May refer here too)4. Emergency/Hardship (Unless otherwise the Fund is larger in size and Purpose 1,2 and 3 has been fully satisfied, the purposes of the fund can be extended)
Economic DevelopmentMortgage DepositsHajj OnlyCar Loan DepositsOther Investment
