ATG BY LAWS
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Operating Bylaws of Aqidah Takaful Group, LLC (ATG)
- Mission: Aqidah Takaful Group, LLC (“ATG”) is organized as a Limited Liability Company to provide mutual aid and assistance through the principles of takaful—shared risk, cooperation, and solidarity.
2. Profit Limitation: ATG is a for-profit LLC, but profits are limited to 20–30% of membership contributions, allocated strictly for operations, staffing, and administrative support.
3. Mutual Aid Pool: The remaining 70–80% of contributions shall be dedicated exclusively to members’ aid, assistance, reserves, and halal investments, never as profit to the company.
1. Eligibility: Membership is open to all individuals who agree to abide by these Bylaws and maintain contributions.
2. Immediate Family Memberships: For funeral/janazah aid, “immediate family” is defined as:
- Spouse and children up to age 25, covered under one household membership.
- Grandparents require separate memberships for coverage.
3. Member Obligations:
a. Pay contributions as set by ATG.
b. Maintain good standing with the LLC.
c. Abide by the principles of transparency and fairness inherent to takaful.
4. Transparency Guarantee: Members shall have the right to view financial reports and audits related to the aid pool and investments.
1. Contribution Allocation:
a. 20–30% of contributions may be retained by ATG as company revenue to cover operations, salaries, and administrative support.
b. 70–80% of contributions are strictly restricted to:
- Direct aid to members.
Reserve building for future assistance.
Halal investments to grow the pool for the sole benefit of members.
2. Aid Distribution Rules:
a. Aid is not guaranteed; it depends on the availability of funds in the designated pool.
b. Each service shall publish its own rules and guidelines. Some aid may be immediate, others conditional on eligibility and fund sufficiency.
3. Funeral/Janazah Aid Service:
a. Eligibility begins after 6 months of active membership.
b. Between 6–12 months, aid eligibility is capped at 50% of available funds, subject to pool sufficiency.
c. After 12 months, members are eligible for full coverage, subject to pool sufficiency.
d. Each membership covers one immediate family household (spouse + children up to 25). Additional coverage requires separate memberships (e.g., grandparents).
1. Transparency: ATG shall prepare quarterly financial reports, available to members, detailing contribution allocations, aid distributions, reserves, and investments.
2. Investment Standards:
a. Investments must be halal, ethical, and risk-conscious.
b. Any profits derived from investments shall accrue to the membership pool only, never to ATG as profit.
c. Investment objectives include capital preservation, sustainability, and growth of aid reserves.
3. Company Profit Restriction: ATG’s company profit shall be limited to 20–30% of membership contributions only, and no additional profits may be taken from the member aid pool.
1. Management Structure: ATG shall be managed by its designated Managing Members or Officers as identified in its LLC Operating Agreement.
2. Duties of Management:
a. Ensure compliance with these Bylaws.
b. Safeguard member funds dedicated to aid and reserves.
c. Provide transparent reporting to members.
d. Oversee daily operations and services.
3. Member Rights: Members have the right to review financial transparency documents and to raise concerns to management.
1.Internal Resolution: Disputes between members and ATG shall first be addressed internally through mediation with management.
2. Arbitration: If unresolved, disputes shall be referred to binding arbitration in accordance with Islamic principles and the laws of the state of incorporation.
Final Decision: Arbitration outcomes shall be binding on all parties.
1. LLC Compliance: ATG shall remain compliant with all local, state, and federal laws governing Limited Liability Companies.
2. Takaful Integrity: ATG shall operate in line with takaful principles, ensuring fairness, mutual cooperation, and shared benefit.
3. Amendments: Amendments to these Bylaws require approval by the Managing Members of ATG and notice to all contributing members.