may 2010 edition insight may 2010 ... -...

INSIGHTMAY 2010 EDITION

“Members helping Members”

MUSLIMMEMBERS HELPING MEMBERS

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11011 WilcrestSuite KHouston, TX 77099

PRSRT STDU.S. POSTAGE

PAIDPERMIT NO. 600HOUSTON TEXAS

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Board of Directors 2010

Office Staff

Rahim MaknojiaChairman

Shaukat [email protected]

Shehzeen ManjiOffice [email protected]

Sarfaraz AliAssistant [email protected]

Swati PatelOperations [email protected]

Faiza AliHead Teller/[email protected]

Naeem CharoliaAdministrative [email protected]

Zahra AliAdministrative [email protected]

Gulbano MohammedSenior Loan [email protected]

Afrojaben DhukaCredit [email protected]

Nooruddin [email protected]

Anjum KarimAssistant [email protected]

Ambreen MaknojiaCollection [email protected]

Neelofar JafferAdministrative Officer -Austin [email protected]

Zaine KhawajaAdministrative Assistant-Austin [email protected]

Shenila A. MominVice Chairman

Shaukat AliPresident/CEO

Zulfiqar MohammedSecretary

Arif MaknojiaTreasurer

Zulfiqar A. MominChairman,

Supervisory Committee

Noordin KhojaMember,

Credit Committee

Asif B. AliMember,


Mehdi SonesraMember,

Credit Committee

Irfan K. AliChairman,

Credit Committee

Barkat Ali DhukkaMember,

Credit Committee

pioneer newsletter-3_Layout 1 5/18/10 5:07 PM

Now your family can grow with ours!

We Now Offer Mortgages

• Financing for New Purchases and Refinance

• Fixed Rate Mortgages

• Bilingual Support

• And Much More…

Our commitment to these responsible servicing principlesmeans that we continue to service our members’ loans ratherthan sell them.

As lender of integrity, we decided not to offer loan that is inconsistent with our responsible lending principles. Pioneerhas long lived by the commitment of keeping the members needs first.

Home Mortgage Loan

A new way to manage your world!

Today’s convenience store environment has more challenges than ever before.At Pioneer, we understand that you need more loan programs. At our creditunion, we will provide you with a convenient loan program with a competitivelow APR.

Up to $25,000* As Low as 6.99% APR* *For Limited Time Only, Some Restriction May Apply

Special Equipment Loan



Office Staff























Credit Committee

Asif B. AliMember,



Credit Committee


Credit Committee


Credit Committee










Home Mortgage Loan






Purchasing a new property at Sugar Land proved our significant andhistoric achievement since 1982. A Construction Committee was formedconsisting of Javaid Dhuka, Rahim Maknojia, Shenila Momin, ZulfiqarMohammed, Shaukat Ali, Iqbal Manji and Akbar K.P. to select theArchitects for our floor plan and elevation design. After meeting theArchitects, our Construction Committee chose Scott Clanton fromMcCleary German Architects.

He has designed well known banks and credit unions in Houston and thesurrounding areas. Mr. Clanton is diligently working on our project byincluding Islamic culture and design on the exterior and interior drawings. Various other contracts were also signed for Soil test-ing, Civil Engineering, Mechanical Electrical Plumbing and Landscaping.

Further on, our Construction Committee is also in process of signing contract with IT Cabling, and General Contractor. Once thedesign phase is achieved, and after obtaining the approval from the City of Sugar Land, the construction phase will begin. Weare anticipating our final project of our new Corporate Office by the end of first quarter of next year. Once the new office is start-ed, we will be able to accommodate all our members with new products and competitive rates.

New Facility Update

Purchasing a new property at Sugar Land proved our significant and historic achievement since 1982. A ConstructionCommittee was formed consisting of Javaid Dhuka, Rahim Maknojia, Shenila Momin, Zulfiqar Mohammed, Shaukat Ali, IqbalManji and Akbar K.P. to select the Architects for our floor plan and elevation design. After meeting the Architects, our ConstructionCommittee chose Scott Clanton from McCleary German Architects.

He has designed well known banks and credit unions in Houston and the surrounding areas. Mr. Clanton is diligently working onour project by including Islamic culture and design on the exterior and interior drawings. Various other contracts were also signedfor Soil testing, Civil Engineering, Mechanical Electrical Plumbing and Landscaping.


New Facility Update


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At Pioneer Muslim Federal Credit Union, (PMFCU) we believe in the credit union philosophy of ‘mem-bers helping members’. Every day we are working to help our members acquire financial solutions fortheir business and personal needs. From our unsecured loan portfolio to Real Estate Loan options everyproduct is tailored to cater the need of our members.

Along with serving the members, it is critically important that the credit union operates in its financialand economic capacity. We prioritize on keeping the financial weight of the institution healthy. All of ourinternal and external audits results/reports speak for the un-compromised policy practices and ouradherence to both state and federal regulations.

For PMFCU, 2009 was once again a year of many financial and strategic gains. In the fiscal year 2009,our finances ended stronger than expected and we reached with Net Profit of $1,042,221 as comparedto $631,226 of FY 2008.

The Net Worth for the year 2009 was $12,016,137 as compared to $10,973,916 of 2008. This repre-sents 26.66% of the Total Assets.

Also, total assets substantially grew and by the end of year 2009, the total Assets were $45,069,195showing an increase of $3,762,106 from fiscal year 2008.

Our dividends were significantly above the state and national averages. The average dividend paid on Share Savings accounts were 3.00% and4.00% on IRA saving accounts. We have also paid 1% dividend on Share Draft (Checking) accounts.

The loan portfolio reached $33,057,551 in year 2009 as compared to $25,860,058 for the year 2008; an increase of 27.83% over the FY2008. This marked Total Loans to Total Shares ratio of 100.22% in 2009.

From a strategic point of view we are more prepared to meet the needs of our members than ever. Our progress road map and project plansare carefully crafted to incorporate any economic turbulence. Our increased profits and growth in before the year 2009 speaks for the fact.

PMFCU has evolved over the years to serve its members with many financial products using the latest technology. The basic motto andfoundation.

SHAUKAT ALI – CEO’s Message

At Pioneer Muslim Federal Credit Union, (PMFCU) we believe in the credit union philosophy of ‘members helping members’. Every day weare working to help our members acquire financial solutions for their business and personal needs. From our unsecured loan portfolio to RealEstate Loan options every product is tailored to cater the need of our members.

Along with serving the members it is critically important that the credit union operates in its financial and economic capacity. We prioritize onkeeping the financial weight of the institution healthy. All of our internal and external audits results/reports speak for the un-compromised pol-icy practices and our adherence to both state and federal regulations.

For PMFCU, 2009 was once again a year of many financial and strategic gains. In the fiscal year 2009, our finances ended stronger than expect-ed and we reached with Net Profit of $1,042,221 as compared to $631,226 of FY 2008.

The Net Worth for the year 2009 was $12,016,137 as compared to $10,973,916 of 2008. This represents 26.66% of the Total Assets.

Also, total assets substantially grew and by the end of year 2009, the total Assets were $45,069,195 showing an increase of $3,762,106 fromfiscal year 2008.







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Our finances ended stronger in the year 2009 than expected and our Net Profit increased to39.43% as compared to last year. We also saw a growth in loan portfolio by 27.83% as comparedto 2008. The assets grew by 9.10% in comparison to last year. Our credit Union’s delinquency haddecreased by 39.48% in the last year which is one of the great achievements for us. Looking for-ward to FY 2010 progress in perspective, we intend to expand our loan portfolio, diversify ourinvestments to fetch higher yield, limit expenses and increase income growth to increase our finan-cial output.

Annual Report

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

2006 2007 2008 2009

$514,561

$966,923

$631,226

$1,042,221 Net Profit

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

2006 2007 2008 2009

$22,008,631 $25,087,544 $23,824,786

$31,090,789

Loans Outstanding amount

$0$5,000,000

$10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000

2006 2007 2008 2009

$36,506,469 $38,247,742 $41,307,089

$45,069,195 Assets

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2006 2007 2008 2009

$761,398

$515,499

$359,866

$217,786

Delinquency


We would like to show our heartiest gratitude to all our memberswho attended the Annual General Meeting held on March 13, 2010 atVillage Hall. Over two hundred members attended that evening. Theauspicious evening started with the welcome speech which was deliv-ered by the Chairman, Rahim Maknojia. Then Mr. Aftab Gessani,President of the Southwest Council as a key note speaker presented theaudience with the current economic information.

Members were later on presented with the information about HomeMortgage Loan by Leslie Thurman; Member Home Loan.

Election Committee Members Nooruddin Khawja, Ruknuddin Momin andRiyaz Maknojia presented the Election Report. Two Board of Directorsfilled two seats, leaving one empty to be filled by another Board of Directorto be selected within upcoming months. Shenila Momin; ViceChairperson concluded the meeting by the closing remarks which wasthen followed by a raffle.

The Board of Directors and the staff would like to thank you all for thecontinuous support and trust. In the end, Pioneer Muslim Federal CreditUnion would like to encourage all its members to take advantage of allthe products that it offers.

Annual General Meeting News

We would like to show our heartiest gratitude to all our memberswho attended the Annual General Meeting held on March 13, 2010 atVillage Hall. Over two hundred members attended that evening. Theauspicious evening started with the welcome speech which was deliv-ered by the Chairman, Rahim Maknojia. Then Mr. Aftab Gessani,President of the Southwest Council as a key note speaker presentedthe audience with the current economic information.

The members were later on presented with the information aboutHome Mortgage Loan by Leslie Thurman; Member Home Loan.

Election Committee Members Nooruddin Khawja, Ruknuddin Momin andRiyaz Maknojia presented the Election Report. Two Board of Directorsfilled two seats, leaving one empty to be filled by another Board ofDirector to be selected within upcoming months. Shenila Momin; theVice Chairperson concluded the meeting by the closing remarks whichwas then followed by a raffle.

The Board of Directors and the staff would like to thank you all for the continuous support and trust. In the end, Pioneer MuslimFederal Credit Union would like to encourage all its members to take advantage of all the products that it offers.

Annual General

Meeting News


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Purchasing a new property at Sugar Land proved our significant andhistoric achievement since 1982. A Construction Committee was formedconsisting of Javaid Dhuka, Rahim Maknojia, Shenila Momin, ZulfiqarMohammed, Shaukat Ali, Iqbal Manji and Akbar K.P. to select theArchitects for our floor plan and elevation design. After meeting theArchitects, our Construction Committee chose Scott Clanton fromMcCleary German Architects.

He has designed well known banks and credit unions in Houston and thesurrounding areas. Mr. Clanton is diligently working on our project byincluding Islamic culture and design on the exterior and interior drawings. Various other contracts were also signed for Soil test-ing, Civil Engineering, Mechanical Electrical Plumbing and Landscaping.


New Facility Update

Purchasing a new property at Sugar Land proved our significant and historic achievement since 1982. A ConstructionCommittee was formed consisting of Javaid Dhuka, Rahim Maknojia, Shenila Momin, Zulfiqar Mohammed, Shaukat Ali, IqbalManji and Akbar K.P. to select the Architects for our floor plan and elevation design. After meeting the Architects, our ConstructionCommittee chose Scott Clanton from McCleary German Architects.

He has designed well known banks and credit unions in Houston and the surrounding areas. Mr. Clanton is diligently working onour project by including Islamic culture and design on the exterior and interior drawings. Various other contracts were also signedfor Soil testing, Civil Engineering, Mechanical Electrical Plumbing and Landscaping.


New Facility Update


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At Pioneer Muslim Federal Credit Union, (PMFCU) we believe in the credit union philosophy of ‘mem-bers helping members’. Every day we are working to help our members acquire financial solutions fortheir business and personal needs. From our unsecured loan portfolio to Real Estate Loan options everyproduct is tailored to cater the need of our members.

Along with serving the members, it is critically important that the credit union operates in its financialand economic capacity. We prioritize on keeping the financial weight of the institution healthy. All of ourinternal and external audits results/reports speak for the un-compromised policy practices and ouradherence to both state and federal regulations.

For PMFCU, 2009 was once again a year of many financial and strategic gains. In the fiscal year 2009,our finances ended stronger than expected and we reached with Net Profit of $1,042,221 as comparedto $631,226 of FY 2008.

The Net Worth for the year 2009 was $12,016,137 as compared to $10,973,916 of 2008. This repre-sents 26.66% of the Total Assets.

Also, total assets substantially grew and by the end of year 2009, the total Assets were $45,069,195showing an increase of $3,762,106 from fiscal year 2008.






At Pioneer Muslim Federal Credit Union, (PMFCU) we believe in the credit union philosophy of ‘members helping members’. Every day weare working to help our members acquire financial solutions for their business and personal needs. From our unsecured loan portfolio to RealEstate Loan options every product is tailored to cater the need of our members.

Along with serving the members it is critically important that the credit union operates in its financial and economic capacity. We prioritize onkeeping the financial weight of the institution healthy. All of our internal and external audits results/reports speak for the un-compromised pol-icy practices and our adherence to both state and federal regulations.

For PMFCU, 2009 was once again a year of many financial and strategic gains. In the fiscal year 2009, our finances ended stronger than expect-ed and we reached with Net Profit of $1,042,221 as compared to $631,226 of FY 2008.

The Net Worth for the year 2009 was $12,016,137 as compared to $10,973,916 of 2008. This represents 26.66% of the Total Assets.

Also, total assets substantially grew and by the end of year 2009, the total Assets were $45,069,195 showing an increase of $3,762,106 fromfiscal year 2008.







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Office Staff























Credit Committee

Asif B. AliMember,



Credit Committee


Credit Committee


Credit Committee










Home Mortgage Loan






INSIGHTMAY 2010 EDITION


MUSLIMMEMBERS HELPING MEMBERS

CRED

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11011 WilcrestSuite KHouston, TX 77099

PRSRT STDU.S. POSTAGE

PAIDPERMIT NO. 600HOUSTON TEXAS


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