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  • Writer's pictureAl Mabroor

December 2023 Newsletter



As Salaamu Alaykum


Dear Investor


As 2023 comes to an end, we remain humbled by the growth that Al Mabroor has shown over the 12 years since our establishment.


It remains an enormous honour to provide the Muslim community with high-quality, Shariah-compliant investment products. From our humble beginnings, when we launched under the guidance of the late Mufti Ebrahim Desai and Mufti advocate Emraan Vawda, we now serve more than 10 000 partners across our various projects.


This encouraging growth and the evolving scale of our investments has made it more important than ever that we communicate regularly and accurately to all of our partners.


 

At the recent Board of Directors meeting held in Durban on the 22nd of November 2023 the following was tabled and accepted by the Board of Directors:


We make a firm commitment to our investors that there will not be unnecessary delays in the normal exit procedures for capital withdrawal payments. Should delays occur that are beyond the control of Al Mabroor Agri, we commit to engage with clients effectively until all payments are honored in full. 


We commit to enhancing our communication protocols within the business so that clear and precise communication becomes an accepted practice within the organization.

 

We commit to enhancing our investor experience by appointing a Head of Business Development within the organization. This individual will be head-hunted specifically to fulfill a vital role in ensuring that the client service and client interaction components within the business are strengthened.

 

We commit to strengthening our Corporate Governance structure within the business.

 

We commit to becoming a business that is more client centric and customer focused. Our online Investor Portal will be upgraded to include all investment products and to streamline our onboarding process to ensure that all applications received are processed in a more efficient manner.




We transformed the historical ordinary partnership investment model into a formal and recognised En Commandite Partnership Fund structure. This change was made to enhance scalability, efficiency, longevity and benefiting our investors. 


To improve and strengthen corporate governance, we enlarged the Al Mabroor Agri Board from one director to seven. This included appointing an independent chairperson and four non-executive directors.  


We implemented various policies and procedures in line with best practices to enhance our oversight role within the regulatory environment set by the Financial Sector Conduct Authority (FSCA). 


To expand the resources available to support our business and investors, we recruited six more team members, including an internal compliance officer. 


We established a new and formal Shariah Advisory Committee comprising of experienced and qualified individuals who provide guidance to the Board of Al Mabroor Agri. 


We obtained our own Category 1 regulatory license from the FSCA for Al Mabroor Wealth (Pty) Ltd. This allows us to provide clients with investment advice. 


We successfully completed three combined investor and broker road trips. 


We purchased our own feedlot, Beefcor. Beefcor celebrated their 50th birthday this year and ranks as one of the 5 best feedlots in the country. Our highly successful Annual General Meeting took place at Beefcor, outside Pretoria. During this event, we displayed various assets and products that are part of the Agri Fund. 


We conducted two in-person broker training sessions in Durban and JHB, which received positive feedback from attendees. We plan to hold similar sessions regularly in the future. 





Al Mabroor, with the help of certain investors, developed the Saratoga Student Accommodation over the past 15 months. The property is now completed and will be ready for the new intake of students in February 2024.


Al Mabroor invites all our loyal investors to consider Saratoga as a property investment option, giving solid returns and providing for capital growth in the medium to longer term.





Al Mabroor Hospital Fund has recently concluded the acquisition of the Palms Renaissance property in Silverton, Pretoria. This property includes a frail care facility housing 21 simplex apartments.


Hospicare, a subsidiary of Al Mabroor Hospital Fund, will oversee the management of the facility, which holds promising potential for expansion to accommodate an extra 202 beds.


The property's assessed value independently stands at R 51 million. Al Mabroor Hospital Fund aims to secure an additional R 30 million to finalize the property purchase, undertake necessary property improvements and provide essential operational capital to Hospicare for the commencement of facility operations.





Beefcor operates a cattle feedlot located just outside Pretoria east on the R25. The company acquires weaner calves from selected and trusted farmers and prepares them for future growth. Beefcor aims to expand its herd of cattle and increase the overall number of cattle owned.


Currently, Beefcor has a capacity for around 30,000 feedlot cattle and 14,000 backgrounding weaner calves. With a total capacity of 44,000, Beefcor ranks among the top 5 feedlots in the country.


In order to support its operations and elevate cattle numbers by approximately 12,000, Beefcor is seeking funding amounting to R120 million.



 

To conclude, Al Mabroor remains committed to providing the Muslim community with high-quality investment products and above average returns. We firmly believe that nurturing trust and constant engagement with our investors are vital to creating strong relationships. We are enthusiastic about what 2024 holds and believes that it will be a very good year in the agricultural sector as well as in the medical space. Al Mabroor will focus strongly on these investment opportunities in 2024. 

 

Thank you once again for your continued support. 


Secure your investment, the Shariah Compliant Way.


Kind regards,

Al Mabroor Team


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