On 21 December 1965, Hazrat Khalifatul Masih III (rh) established this scheme in memory of Hazrat Fazl-e-Umar, Khalifatul Masih II (ra).

The community contributed 5.2 million rupees, much in excess of the target of 2.5 million initially fixed by Hazrat Khalifatul Masih III (rh). This fund was used to promote activities that had been of special interest to Hazrat Khalifatul Masih II (ra), in the fields of research, education, missionary work and economic welfare of the community.

Under this scheme, on October 3, 1971, a modern library named Khilafat Library was also established in Rabwah.