The North American Islamic Trust

An Islamic Waqf -- the North American Islamic Trust (NAIT) -- with a history and practices of note exists in the United States. Headquartered in Indianapolis, Indiana, the trust was formed in 1971 and currently has assets of $34 million. It was conceived out of the desire of some Muslim Student's Associations to form an organization that could undertake efforts in the cause of Islam. The NAIT at the moment has 124 properties under its trust. Muslim groups that had previously kept their funds in checking accounts or safe-deposit boxes to avoid riba were able to reap profits from their cash after NAIT produced an Islamic Center's Cooperative Fund (ICCF) in 1981. The ICCF also provides no-interest loans to Islamic centers. The trust has media divisions that produce Islamic products. The NAIT has a certain relationship with the Islamic Society of North America (ISNA).