Koperasi Amal Madinah Berhad Is FORMED

Today....Saturday, 28th January 2012 ( 5 Rabiul Awal, 1433 Hijrah ), the KOPERASI AMAL MADINAH BERHAD is "formed".

More than 77 individuals attended the Inaugural AGM at Bukit Damansara, Kuala Lumpur...some even from Perak and Pahang.

12 were elected to be the Board Member or, " Ahli Lembaga Koperasi - ALK " of the Co-operative.

Amongst matters resolved during the Inaugural AGM:-
1) Application Fee = RM25 ( Individual / Businesses / Co-operatives )
2) Registration Fees = RM 100 ( Individuals ) / RM 500 ( Businesses ) / RM 2,000 ( Co-operatives )
3) Minimum Shareholding = RM 100 ( Individual ) / RM 500 ( Businesses ) / RM 1,000 ( Co-operatives )
4) Max. Limit per Project. = RM 30 million
5) Max. Liability Limit. = RM 3 million

What was interesting during the AGM was the reluctance of members to "take on" debt. This matter was highlighted by the Lady Official from the Co-operatives Commission or, " SURUHANJAYA KOPERASI" in her parting speech.

I wish all the best to Koperasi Amal Madinah Berhad as well as it's members. May your intention to follow the traditions of Muamalah in Madinah during Prophet's Muhammad receives Allah's full blessings and guidance.