Islamic cooperative society celebrates 10th anniversary in Ibadan

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3 years ago

LILLAHI-L-MULKU Islamic Interest-free Cooperative Investment and Credit Society, Ayegun, Ibadan, Oyo State, last Sunday, celebrated its 10th anniversary.

The event was also used for the hounouring of 42 members and non-members who were presented with awards in recognition of their contributions to the progress and development of the organisation.

The amir (president) of the society, Mr Sarafadeen Fatai, in a remark, expressed delight that the society, which had 17 members at inception in 2012 and currently had no fewer than 320 members, had continued to deliver on its objectives.

According to Fatai, the objectives include preventing its members from seeking interest-based loans and encouraging them to venture into profitable and halal (lawful) investments.

He said it was also the goal of the organisation to eradicate poverty among its members and improve their families’ standard of living.

The amir put the interest-free loans that had been issued to the members within the last 10 years at N300 million, saying the issuance of the loans had gone a long way in ensuring that members who had personal businesses or projects were provided with the necessary funds.

He said “dividends are paid to the members from the business activities carried out by the society.”

He also said that within the last 10 years, N62 million was given out to deserving members for the acquisition of tools to boost their trades and crafts.

Fatai noted that during the period that COVID-19 ravaged the world and crippled the world’s economy, palliatives were provided for the members at the cost of N1,890,000.

He also recalled that in 2020, the society’s bylaw was amended to accommodate provisions for the emergency situations that could be experienced by the members.

Fatai promised that the organisation would continue to perform its corporate social responsibility through donations to its immediate environments in the Ayegun and Olomi areas of Ibadan and provision of succour to the needy among the populace.

According to him, to ensure their spiritual growth, lectures were delivered by the society’s chief missioner at regular intervals to sermonise the members about the essence of creation and the benefits of God-consciousness.

The chairman of the anniversary central planning committee, Mr Abdullah Adeniran, described the two-in-one ceremony as unique and urged the awardees to see the honour as an incentive to sustain their support for the uplift of the society.