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FBS Policy 2017

 INTRODUCTION

Rewarding members in a variety of ways based on varying criteria can be an effective tool for attracting new members, retaining them within the Society, increasing their level of participation in the Society and stimulating them to be ambassadors of the Society. In an effort to institutionalize rewarding loyalty in the Society the Board of Management (BOM) has restructured the supplemental grants to the FBS Benefit.

THE CURRENT FBS POLICY

The FBS was launched at the inception of the Society in 1999. As of January 2014, participation in the FBS was made mandatory to all members, the system of dependents was removed and the annual FBS contribution was reduced to $30 per member without changing the Death Benefit of $2,500. This was achieved by amending the byelaws of the Society.

There are two additional grants given to the nominee of the deceased member:

  1. $1,000 from the General Fund of the Society and
  2. From the Waqf Fund- based on the length of membership of the deceased member- under three years $1,000 and over three years $1,500.

THREE FBS VERSIONS

As a result of this current restructuring there will now be three versions of the FBS. New members, however, will have a choice of two versions- the FBS Basic and the FBS+. All versions comprise the annual contribution of $30 and the FBS Benefit of $2,500 in accordance with the Byelaws of the Society. 

  1. FBS Basic

    The member’s FBS nominee will be entitled to only the FBS Benefit of $2,500. This will apply only to new members of the Society from June 1st, 2017.

  2. FBS 2016
    The additional grant to the nominee of the deceased member will continue to be offered to members who joined the Society before June 1st, 2017.i.e. based on the length of membership of the deceased member- under three years $1,000 and over three years $1,500.

  3. FBS+

    The member will be required to maintain a minimum total balance of $2,500 in investments in any of the Funds managed by the Society upon which he will receive dividends and from which his annual fees and contributions will be automatically deducted.

    The member’s FBS nominee will be entitled to an additional grant of $100 per year of financial membership of the member.  

    The member’s Funds’ nominee will be entitled to whatever funds that are in the member’s account at the time of his demise.

    All members who already have the minimum $2,500 in investments will have to request to be upgraded to FBS+.

    Any member who joins the FBS+ before the end of 2017 will be entitled to this offer based on the time he joined the Society. (e.g. If a member joined the Society in 2010 and decided in 2018 to be upgraded to FBS+, the grant to his nominee will be calculated from 2018 and not 2010. If, however, he upgraded to FBS+ in 2017, the grant will be calculated from 2010)

    Any participant of the FBS+ whose investment balance falls below the minimum $2,500 for a period less than six months will be treated as a participant for that year.

    Any participant of the FBS+ whose investment balance falls below the minimum $2,500 for a period more than six months will no longer be a participant in the FBS+ but the nominee will be entitled to the additional grant for every year the member participated in the FBS+.

    A new member who does not have the $2,500 will be accepted under FBS Basic. He may save towards achieving the sum upon which he will be upgraded to the FBS+. 

 

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