From Shola Baraye, llorin
The Union of Islamic Cooperative Societies in Kwara State.(Al–Hidaayah) have appealed to the state government to grant the union non- interest Cedit facilities towards empowering the people and promote the development of Islamic cooperatives.
This was made known by a veteran Journalist, and Law Lecturer at the Kwara State University, Malete, Alhaji Abdulrahman Malik during a Seminar on “The Practical Approach To Accessing And Granting Credit Facilities ln Islamic Cooperative Societies” last weekend in Ilorin.
Malik noted that the extension of the grants to the conventional cooperative Societies be given to the members, pointing out that the union could enter into partnership with agreed profits sharing modes, but are forbidden from doing any interest based business.
According to him, “the seminar, the second in its series and a significant milestone in the journey towards promoting Islamic cooperative societies as a viable alternatives to the conventional financial system”.stressing, that the theme of the seminar was particularly relevant as it highlights the importance of knowledge in the practice of Islamic principles.
“As we strive to provide financial services that is compliant with the teaching of Islam, it is essential that we equip ourselves with the necessary knowledge and skills to navigate the complexities of the Islam finances ” he said
“The seminar provide platforms for our experts and season practitioners to share experiences and insight on the practical approach to accessing and granting credit facilities in Islamic cooperative societies”,
Earlier the Guest Speaker, and the Managing Director, Welfare Micro –Finance Bank Mr. Tajudeen Saibu said the union is a group of cooperative societies coming together to get more enlighten and ensure their operations is in line with the principles and doctrines of Islamic
Saibu noted that some lacuna were identified in the ways members carried out their operations and implementations which informed
seeking for perfection and correcting the error that would give them reward on earth and hereafter
He urged the leaders of the Islamic Cooperative Societies to consider Five Cs which includes Capacity, Capital, Conditions, Characters and Collateral before given credit facilities to members in order to sustain the union.
The Managing Director said though, there is no regulatory stands that requires the use of five Cs of credit but majority of financial institutions review most the informations prior to allow their customers to take credits.
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Also, the Chairman of the occasion, Engineer Yessir Remilekun stressed that the lslamic cooperative Societies is an avenue to assist individuals with financial support to grow their businesses without stress and not to double their savings
Remilekun further called for lnformation and Communication Technology( ICT) services in their operations and implementations to guarantee efficiency and equity.
