| Islamic Finance |    1184 VIEWS  |
| Islamic Finance | |
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Monday,
February 22, 2021 / 5:43PM / Bukola Akinyele-Yisau for WebTV / Header Image
Credit: NASFAT
As part of efforts designed to support
entrepreneurs and start-ups with innovative solutions, that impact Muslims and
non-Muslim communities, the Nasrul-lahi-li Fathi Society of Nigeria (NASFAT) recently launched a NASFATBUILD known
as the Business Incubation LaunchPad.
The concept of NASFATBUILD is to provide digital
solutions for Muslim entrepreneurs to solve some of the largest global
challenges.
The winner of the Initiative, Halal
Invest a digital marketplace that provides
opportunities for Muslims and investors to invest in Shariah Principles,
was awarded the prize of
$10, 000 at the maiden edition of the Nasrul-lahi-li-fathi Society of Nigeria
(NASFAT) Business Incubation LaunchPad (BUILD) Initiative.
Giving
the opening remarks, the President of NASFAT and Managing Director (MD)
of Verraki Partners, Mr. Olaniyi Yusuf, said the initiative
was designed to recognize, reward, and invest in young Muslim entrepreneurs who
develop business ideas/solutions that are beneficial to society.
While signing the memorandum of
understanding (MOU), the NASFAT President, Mr. Yusuf, said, "NASFATBUILD is a
Business Incubation LaunchPad that provides digital solutions by Muslim
entrepreneurs to solve challenges.
The
President highlighted four targeted areas that NASFAT has set as a priority
which aligns with the Sustainable Development Goals (SDGs):
According
to Yusuf, NASFAT celebrated its 25th anniversary in 2020 with a
series of events. Since 2019, the NASFAT Programs and activities have been
focused on health, education livelihood, and Dawah.
Speaking
further Yusuf said the "NASFATBUILD" competition was initiated last year in
March 2020 as a way of identifying, recognizing, and rewarding Muslim
entrepreneurs.
The
Competition received applications from the six geo-political zones in the
country, cutting across eight sectors of the economy. It also had 6 accessors
who focused on the presentations at a one-day boot camp and training
programme.
He
added that part of the initiative is to bridge the gap of Financial Exclusion
and ensure that Muslims make good investments with the aim of sustainability.
Mr.
Abdulazeez Oguntoyinbo the CEO of Halal Invest commended NASFAT and its
executives for its partnership towards enhancing Halal Products.
Oguntoyinbo
explained further that, Halal Invest is an idea that came as a way of
addressing the challenges in the Islamic world.
Providing
further insight he said it is geared towards improving the patronage of
non-interest products and services from investment and savings, loans to
insurance.
He
said, there is a huge gap in the Islamic Finance industry in Nigeria, with the
north(dominated by Muslims) accounting for the highest financial
exclusion rate, due to religious beliefs and restrictions.
He
pledged to use the partnership with NASFAT to deepen ethical financial
inclusion in the country.
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