North American Islamic Trust
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| Company type | Private; not-for-profit; tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code |
|---|---|
| Founded | Plainfield, Indiana, US (1973) |
| Founder | Muslim Students Association |
| Headquarters | Oak Brook, IL , US |
Area served | US |
| Parent | Islamic Society of North America |
| Subsidiaries | Allied Asset Advisors; American Trust Publications; Islamic Book Service |
| Website | nait.net |
The North American Islamic Trust (NAIT) is based in Plainfield, Indiana, owns Islamic properties and promotes waqf (Islamic endowments) in North America. Founded by immigrants who arrived in the US during the 1960s, NAIT has roots in the Muslim Students Association.[1][2] In the 1970s and thereafter, NAIT helped provide college students with worship services.
Today, NAIT serves as the trustee of about 200 Islamic centers, mosques and schools. The properties of those mosques are estimated to be worth in the hundreds of millions of dollars.[3]
NAIT was established in 1973 in Indiana by the Muslim Students Association (MSA) of the United States and Canada, by some of the same Muslim Brotherhood members who started the MSA.[4][5] ISNA's President, Dr. Ingrid Mattson, is a former member of the NAIT board of directors.[6] A sister organization under the same name registered a few years later in the Canadian province of Ontario.[7]
Financial services
Financing mosques and Islamic schools
NAIT offers waqf protection to properties of mosques, safeguards these community assets, and ensures their conformity to Islamic purposes. According to a report by the Council on American-Islamic Relations (CAIR), in 2000 NAIT funded an estimated 27% of the 1,209 mosques in the US.[8] NAIT held title to over 320 properties as of June 2003. Title to about one in four mosques in the US are held by NAIT.[9] NAIT does not monitor, manage, or supervise any mosque, community center, school, or place of worship.
NAIT facilitates the establishment of mosques (such as the Dar Al Hijrah Islamic Center, the grounds of which were purchased on June 19, 1983, by NAIT)[10] and Islamic schools by extending limited interest-free loans to needy communities from its investment venture called the Islamic Centers Cooperative Fund (ICCF). About 8% of this fund goes annually to support local communities acquiring and improving mosques. The remainder is placed in real estate and other investments.
NAIT does not provide any financial or other monetary support to the Muslim Student Association.[according to whom?]