September 06, 2021 / 2:31 PM / Bukola Akinyele-Yisau for WebTV / Header Image Credit: WebTV
Al-Hayat Relief Foundation, one of the leading Islamic Cooperative societies in Nigeria has been tasked with deepening its activities to reduce the high rate of poverty and improve financial inclusion.
Mr. Shefi'u Kolawole Gbadamosi, AFIIBI, the Managing Partner of Lifeline Alternative Finance Limited, The Guest lecturer at the 6th National General Meeting of the Foundation, made this point while speaking on the theme "The Role of Islamic Cooperative Societies in the Economic Growth and Development in Nigeria".
He believed Islamic Cooperatives like Al-Hayat Relief Foundation have a fundamental role in poverty reduction, employment generation, circulation of wealth and financial inclusion.
The Islamic finance expert highlighted some of the benefits that Al-Hayat members stand to enjoy, including the convenience in financial services, prohibition of cost implication in using financial services, and access to appropriate financial products.
He called on members to desist from the moral hazards of selfishness and non-disclosure of profits as stipulated in the agreements that cover net profit sharing.
On the way forward, he charged the newly inauguration National Executive Committee of Al-Hayat Relief Foundation to sensitize its members on the value of savings and the application of practical Islamic banking principles like Mudaraba and Musharaka.
The Chairman of the event, Professor Lai Olurode from the Department of Sociology, University of Lagos, Akoka, Lagos, enjoined the new leadership of Al-Hayat Relief Foundation to carry out in-depth studies of how many members have been empowered and lifted from poverty.
He commended the cooperative society for taking a radical approach in leveraging alternative finance measures to achieve economic empowerment for members.
The scholar decried that the conventional financial system has not provided solutions to the challenges of households and entrepreneurs in Nigeria.
Professor Olurode said Nigeria was going through a fiscal burden of using 91% of its revenue to service its debts, alongside a high poverty rate and disturbing misery index.
The newly inaugurated President of Al-Hayat Relief Foundation, Dr. Azeez Asif Olatubosun, assured members that he would continue to uphold the tenets and values of the cooperative society.
He outlined some of the critical plans of the Islamic cooperative society, which include the following;
Dr. Olatubosun informed members and all stakeholders at the 6th NGM that the foundation's total assets are N2.453bn.
The external auditor Iwaloye Azeez Olasunkanmi, FCA of Iwaloye Azeez & CO, giving his report, said the Trustees did not identify any material uncertainty that may cast significant doubt on the Foundation's ability to continue as a going concern.
In his report, the National Treasurer, Mr. Onayemi, stated that the net asset of the Foundation grew from N390.79m in 2020 to N440.25m in 2021, translating to 13% growth.
The highlight of the event was the foundation stone laying ceremony by the Grand Chief Imam of Ijebuland Fadeelat AS-Sheikh Imam Miftaudeen Gbadegeshin Ayanbadejo, for the proposed N250m Ultra-modern 'Al-Hayat' National Mosque, which will have facilities like a library, administrative offices, conference hall and a madrasah (education center).