11-05-2005, 05:32 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->FARMINGTON, Mich.--(<b>BUSINESS WIRE</b>)--Nov. 1, 2005--The Security and Exchange Commission (SEC) has given final approval to <b>Muslim Media Network, Inc.</b>'s application for permission to sell shares of stock to the public, the first time it has ever approved such a request from a Muslim media company.
MMN is now federally approved to offer shares to the public in all 50 states; now it needs state-level approval, which in fact it has already received in Illinois. MMN is now seeking approval in the other 49 states. The goal of MMN is to sell $10 million worth of stock. <i>(Is not Capital Gains against the principles of Islamic Banking?)</i>
Dr. AS Nakadar, CEO and President of the Board of Directors of MMN, said, "We are grateful to God Almighty that He helped us achieve our goals in a relatively short time. The application with the SEC was filed 7 months ago; our preparations began 8 months before that."
MMN is the owner of the weekly newspaper, <b>The Muslim Observer (TMO). TMO is the largest subscription-based Muslim weekly in the U.S., and the only one that has reached all 50 states</b> for the past several years without a single issue. TMO is in suburban Detroit, and maintains editorial offices in Las Vegas, Chicago, Houston and Toronto. In a media market once dominated by ethnically-focused media, TMO has made its own niche. Its editorials and articles have been picked up several times by other media outlets, and its publisher and editor have appeared on television, radio and in the newspapers several times.
<b>MMN has an elaborate plan to develop a strong presence in the country in all fields of media. Its main goals are to set up a news agency, a radio and television broadcasting system and a daily newspaper, while continuing the weekly that has been in print for almost six years. Interestingly, the approval came during Ramadan, the same month when The Muslim Observer was initially launched.
The Muslim community in the U.S. needs such an institution to cater to and serve its interests, and has the means to support it. MMN, with its print, radio, and television outlets, will be the first major Muslim media network in the country.</b><!--QuoteEnd--><!--QuoteEEnd-->
MMN is now federally approved to offer shares to the public in all 50 states; now it needs state-level approval, which in fact it has already received in Illinois. MMN is now seeking approval in the other 49 states. The goal of MMN is to sell $10 million worth of stock. <i>(Is not Capital Gains against the principles of Islamic Banking?)</i>
Dr. AS Nakadar, CEO and President of the Board of Directors of MMN, said, "We are grateful to God Almighty that He helped us achieve our goals in a relatively short time. The application with the SEC was filed 7 months ago; our preparations began 8 months before that."
MMN is the owner of the weekly newspaper, <b>The Muslim Observer (TMO). TMO is the largest subscription-based Muslim weekly in the U.S., and the only one that has reached all 50 states</b> for the past several years without a single issue. TMO is in suburban Detroit, and maintains editorial offices in Las Vegas, Chicago, Houston and Toronto. In a media market once dominated by ethnically-focused media, TMO has made its own niche. Its editorials and articles have been picked up several times by other media outlets, and its publisher and editor have appeared on television, radio and in the newspapers several times.
<b>MMN has an elaborate plan to develop a strong presence in the country in all fields of media. Its main goals are to set up a news agency, a radio and television broadcasting system and a daily newspaper, while continuing the weekly that has been in print for almost six years. Interestingly, the approval came during Ramadan, the same month when The Muslim Observer was initially launched.
The Muslim community in the U.S. needs such an institution to cater to and serve its interests, and has the means to support it. MMN, with its print, radio, and television outlets, will be the first major Muslim media network in the country.</b><!--QuoteEnd--><!--QuoteEEnd-->