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Farooq Draft

The big question – What happened to the Superannuation project?

Alhamdulillah, the Superannuation project was successful, with committed superannuation transfers totaling $ 4,195,930. However, the issue is that the transfer of the funds from the current Superannuation funds to the Madinah Next fund is taking much longer than expected and will not be complete by the required due date of 30th January 2017. Hence why we urgently need to raise the gap amount so we can meet the settlement date.

Madinah Next facts:

  • Purchase price: $4.5 million
  • Deposit paid: $675,000
  • Committed Superannuation Funds: $4,195,930
  • Target funds required: $5 million ($500,000 additional to purchase price for contingency)

Madinah Next funds progress (as of 23 Jan 2017):

  • Superannuation  funds received: $750,000
  • Short term interest free loans received: $1.5 million
  • Donations received to date: $ 17073.70
  • Balance amount that urgently needs to be raised by 30 January 2017: $2.05 million

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