CLAUSE 1: REQUIREMENTS FOR MEMBERSHIP
For the sake of convenience, the Membership Form has been split into two separate form. New adult member please provide a copy of Driver License, Government issued/certify photo ID or passport with membership form. One is standard Adult (18+) membership (Membership Form-Standard) and the second one for Minors (Membership Form – Custodial).
To become a member of Ameen Housing Co-operative (AHC) the applicant must:
- Be of minimum age of 18 years. For minors (under 18), please use the custodial account membership form.
- Fill up an application and pay a non-refundable membership fee of $100 to the Co-operative
- Maintain a minimum of twenty (20) shares at all times. A share carries a fix value of $100. However, member accounts with balance less than $2000 will incur an overhead fee of $25 per quarter
- Comply with the ByLaws, regulations, and policies of the Co-operative
- The application for membership must be approved by the Board of Directors
CLAUSE 2: RIGHTS AND LIMITATIONS
- Each member has one vote in the General Body Meeting irrespective of the amount of funds he/she accumulates in his account provided that he/she is a member in good standing.
- Every member shall be eligible to seek elections and hold office in the Board of Directors of the Co-operative, provided that he/she has been member in good standing for one year.
- Every member has the right to be assigned a residence according to the policies and time schedule set forth in accordance with section (vii) described hereafter, provided he/she is a member in good standing.
- A member may transfer his/her housing unit to a non-member if no member of the Co-operative is willing to take it, provided it is approved by the Board of Directors.
Investment Disclosure and Important Legal Information
The investment information contained at this web site is NOT suitable for everyone. The investment plan is based on a shared gain and risk model permitted in Al Islam.
The United States regulatory and securities laws prohibit companies and financial institutions from soliciting and raising funds from the public without proper registration with the proper United States authorities. In some cases, unsolicited investments from non-US residents may be accepted with proper disclosures and a non-solicitation letter from the investor.
Accredited institutions and sophisticated investors who understand the risks involved and who own significant assets and derive significant income can invest directly.
Federal Depository Insurance Corp. (FDIC) does NOT insure your investments and deposits. You may be exposed to losing all your investments. Please order our free prospectus. Read the prospectus carefully before you invest or send money.
Investments may go down in value and the investor may not get back the full amount initially deposited. IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THIS PROJECT.
If you have any doubt as to whether this investment is suitable for you, you should seek independent, expert financial advice before participating in the plan.
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