Funeral Savings Plan
We have had several requests over the years for a Funeral fund from members of our community, into which members may pre-pay for their funeral expenses or make regular contributions via a debit order into the fund.
Most of these requests were from the elderly or people living on their own who expressed the initial interest, but as younger members realise the costs of a funeral it becomes apparent that we all have to make appropriate plans for the inevitable.
After consultation it was decided to establish a Funeral Savings Fund, and Alhamdulillah our constitution was approved by ASIC to manage such a fund.
Alhamdu-lillah in addition to individuals we now have communities who have also come together to establish a "Community Savings Plan" through MFS.
One example of this is the Somalian community elders who have taken the initiative on behalf of their community to establish a communal fund. They have a group of 100 members who have contributed $100 each to and have raised an initial amount to cover the cost of at least 2 funeral within their community. As this is used they re-contribute to top up the fund. This has reduced the burden on their individual members significantly and they have done excellent work in this regard. May Allah SWT reward their effort.
This is exclusively a saving fund and not an insurance plan of any sort.
The details are in the online link below.
Kindly contact us should you you any more information or clarification of the fund.
Muslim Funeral Services Ltd (MFS) has established and manages a Funeral Savings Fund.
The fund has been established as a savings fund for members of the Muslim community. Anyone applying to join the Funeral Savings Fund will also become a member of MFS and will make a contribution in the form of a subscription into the fund, towards the payment of the cost of their funeral either in part or in full, depending on the amount contributed into the fund and the cost of the funeral at the time of death.
Members may make a lump sum contribution or quarterly contributions as arranged.
Under all circumstance the financial liability of the company and its directors will be limited to the total amount contributed into the fund by the member.
The cost of the funeral in South East Queensland will change periodically depending on the fees and charges from the local councils and those of the funeral director. These council fees also differ between the various local councils. Members may contact MFS from time to time to get an estimate of these fees and any changes periodically.
The average fees quoted will at all times be based on the Mt Gravatt Cemetery fees as levied by the Brisbane City council.
Any deficit between the cost of the funeral and contribution made into the fund at the time of death will have to be paid to MFS at the time of the funeral by the next of kin of the deceased.
The member may also nominate a family member as a beneficiary of the fund if the death of the nominated beneficiary precedes that of the principal member.
There will be no fees and charges for the management of the fund.
In the event of the death of the member occurring outside of the South East Queensland area, then the amount of the subscriptions contributed into the fund will be paid to the nominated next of kin or into the estate of the deceased, with appropriate proof.
It is the responsibility of the member to advise MFS of any changes to the details provided. The member agrees to be contacted by MFS Ltd or its nominated representative using the details provided.
It is also the responsibility of the member to ensure that there adequate funds available in the nominated bank account, in the case of the quarterly debit orders.
The suggested lump sum in 2020 would be $6000 - $ 7000 for burials taking place at the Mt Gravatt cemetery.
Most of these requests were from the elderly or people living on their own who expressed the initial interest, but as younger members realise the costs of a funeral it becomes apparent that we all have to make appropriate plans for the inevitable.
After consultation it was decided to establish a Funeral Savings Fund, and Alhamdulillah our constitution was approved by ASIC to manage such a fund.
Alhamdu-lillah in addition to individuals we now have communities who have also come together to establish a "Community Savings Plan" through MFS.
One example of this is the Somalian community elders who have taken the initiative on behalf of their community to establish a communal fund. They have a group of 100 members who have contributed $100 each to and have raised an initial amount to cover the cost of at least 2 funeral within their community. As this is used they re-contribute to top up the fund. This has reduced the burden on their individual members significantly and they have done excellent work in this regard. May Allah SWT reward their effort.
This is exclusively a saving fund and not an insurance plan of any sort.
The details are in the online link below.
Kindly contact us should you you any more information or clarification of the fund.
Muslim Funeral Services Ltd (MFS) has established and manages a Funeral Savings Fund.
The fund has been established as a savings fund for members of the Muslim community. Anyone applying to join the Funeral Savings Fund will also become a member of MFS and will make a contribution in the form of a subscription into the fund, towards the payment of the cost of their funeral either in part or in full, depending on the amount contributed into the fund and the cost of the funeral at the time of death.
Members may make a lump sum contribution or quarterly contributions as arranged.
Under all circumstance the financial liability of the company and its directors will be limited to the total amount contributed into the fund by the member.
The cost of the funeral in South East Queensland will change periodically depending on the fees and charges from the local councils and those of the funeral director. These council fees also differ between the various local councils. Members may contact MFS from time to time to get an estimate of these fees and any changes periodically.
The average fees quoted will at all times be based on the Mt Gravatt Cemetery fees as levied by the Brisbane City council.
Any deficit between the cost of the funeral and contribution made into the fund at the time of death will have to be paid to MFS at the time of the funeral by the next of kin of the deceased.
The member may also nominate a family member as a beneficiary of the fund if the death of the nominated beneficiary precedes that of the principal member.
There will be no fees and charges for the management of the fund.
In the event of the death of the member occurring outside of the South East Queensland area, then the amount of the subscriptions contributed into the fund will be paid to the nominated next of kin or into the estate of the deceased, with appropriate proof.
It is the responsibility of the member to advise MFS of any changes to the details provided. The member agrees to be contacted by MFS Ltd or its nominated representative using the details provided.
It is also the responsibility of the member to ensure that there adequate funds available in the nominated bank account, in the case of the quarterly debit orders.
The suggested lump sum in 2020 would be $6000 - $ 7000 for burials taking place at the Mt Gravatt cemetery.
Quarterly payments will occur via a direct debit order, setup by the member through your banking institution.
Any remaining funds in the members account after payment of funeral expenses incurred at death will be reimbursed to the nominated next of kin of the deceased.
The member may opt to donate these remaining funds to MFS to be used charitably to pay for the funeral of a Muslim who is financially disadvantaged and cannot afford to pay for their funeral.
At any point should the quarterly contributions made by the member into their account have significantly exceeded the estimate of the funeral at that point in time, then the member may if he/she so wishes discuss this with MFS and mutually agree to suspend contributions for a specified period of time, whilst at all times understanding that the liability of MFS or its directors will be limited to funds available in the members account when necessary.
MFS Ltd is a public company limited by guarantee, established to operate as a funeral director and to manage a Funeral Savings Fund.
Your next of kin will make decisions regarding the Ghusl facility and Cemetery when necessary.
The Fund is a Savings Fund and it is not an Insurance plan of any sort.
Any changes to this agreement will only be effective if made in writing.
Please note that you are responsible to pay any Zakaat applicable on funds in your savings account.
Any remaining funds in the members account after payment of funeral expenses incurred at death will be reimbursed to the nominated next of kin of the deceased.
The member may opt to donate these remaining funds to MFS to be used charitably to pay for the funeral of a Muslim who is financially disadvantaged and cannot afford to pay for their funeral.
At any point should the quarterly contributions made by the member into their account have significantly exceeded the estimate of the funeral at that point in time, then the member may if he/she so wishes discuss this with MFS and mutually agree to suspend contributions for a specified period of time, whilst at all times understanding that the liability of MFS or its directors will be limited to funds available in the members account when necessary.
MFS Ltd is a public company limited by guarantee, established to operate as a funeral director and to manage a Funeral Savings Fund.
Your next of kin will make decisions regarding the Ghusl facility and Cemetery when necessary.
The Fund is a Savings Fund and it is not an Insurance plan of any sort.
Any changes to this agreement will only be effective if made in writing.
Please note that you are responsible to pay any Zakaat applicable on funds in your savings account.
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