(December 24, 2009) – Olive Tree Foundation is pleased to announce the launch of the Ansar Healthcare Fund.
Ansar Financial Group had long desired setting up a fund to perpetually focus on the growing healthcare needs of the aging population. After extensive consideration, it has selected Olive Tree Foundation to fulfill this desire because of Olive Tree Foundation’s community based approached and attention to the long term needs of the community.
A donor-advised fund called the ‘Ansar Healthcare Fund’ was established with Ansar Financial Group as the initial contributors. Returns from the fund will be used to improve the quality of life in the community by supporting initiatives in the health care services area.
”We are pleased that Ansar Financial Group has shown the vision to establish the healthcare endowment fund,” said Muneeb Nasir, President of Olive Tree Foundation. “With an aging community, this fund will provide much needed support in the healthcare area.”
Donor Advised Funds are a specific type of endowment fund which enables the donor to have ongoing participation in the grant-making process. A donor-advised fund can be established with the Olive Tree Foundation with a minimum contribution of $50,000.
The Olive Tree Foundation is a philanthropic foundation that promotes community development through the collection of endowed funds and charitable contributions to fund services for the long-term benefit of the community. The foundation maintains a broad range of interest, reflecting the diverse needs of the community, but remains focused on services within Canada. Established in 2004, the foundation has been designated as a registered charity by the Canada Revenue Agency.
Ansar Financial Group is a Muslim community organization consisting of several companies that provide investment opportunities that abide by Islamic values, business ethics and rules related to interest. First established in 1986 as Ansarco Inc., it provided opportunities for Canadian Muslims to invest their RRSP funds and in interest-free business ventures. Over a period of 30 years, Ansarco has evolved into a conglomerate of interest-free investment companies called Ansar Financial Group.