About Us
Allahu Wahid Interest Free CICS is an Islamic Cooperative Society established on the principles and teachings of Islam particularly on the avoidance of usury (riba) in human endeavor as per the Divine commandment and practices of our Noble Prophet MUHAMMAD (peace and blessings of Allah upon him). The Society situates at Allahu Wahid Central Mosque Tomi Akingbogun layout Olola New Felele Soka Ibadan. It was established in August 2012 and certified by Oyo State Government to liberate Muslim faithfuls from the burden of usury (riba). Our Cooperative Society deploys Islamic finance tools and uses global best practices to deepen financial inclusion and broaden economic emancipation among it's teaming members and the world at large.
The Pioneer
Allahu Wahid Central Mosque under Alhaji Lasisi FATAI Adebayo as the Chairman and Alhaji Sheikh Uthman AbdulKabir Arikeusola as the Chief Imam resolved with the committee members to walk the talk and extend the teachings to practice. Allah forbids usury (riba) and permits trade. Hence, a system that prohibits usury (riba) must not only be established but guarded meticulously for the common good of humanity and hereafter. This was the idea that birthed Allahu Wahid interest free CICS.
The Pioneer members are:
- Alhaji Lasisi FATAI Adebayo
- Alhaji Folarin Taiwo Muslihudeen
- Alhaji Sheikh AbdulHafidh Roji
- Brother Folarin Kehinde Misbaudeen
- Mr. Subair Imran
- Mr. Adeyemo Ismail
- Alhaji Wahab WAHEED (Migrogold Computers)
- Alhaji Sheikh Uthman AbdulKabir Arikeusola
- Alhaja Fatimah Lasisi
- Mr. Alamal Yakeen
Affiliation
Allahu Wahid CICS is registered with Oyo State Government under Ministry of Trade, Investment and Cooperatives. The society also collaborates with the National Council for Islamic Credits and Saving Scheme (NACICASS), an interest free multipurpose Cooperative Union in Oyo State. Worthy of note is the participatory role played in the ongoing capitalization campaign for the establishment of a faith friendly microfinance Bank in Oyo State by Baytulmaal Investment limited, a company of NACICASS.
PRODUCT AND SERVICES
Allahu Wahid IFCICS offers a one stop mall for varieties of ethical financial services that aimed at deepening financial inclusion and further motivate all clients with ethical priority. We offer
EASY SAVE
Offers flexibility of saving according to individual capability. Members can make saving at any time subject to their income and financial plan. SAVING balance is accessible for withdrawal as when the need arises. The Cooperative enjoins that members should be consistent with saving habit. The practice of making saving out of income before any other consumption has tremendously assisted in preparing for the rainy days.
HALAL INVESTMENT
The society offers an opportunity to make deposit into pool of investment fund. Such fund are utilized for series of business activities ranging from household consumables, electronics, automobile, land and Building, etc. Every unit of investment fund attracts a proportionate dividend to each member subscriber at the end of each accounting year. It is a double reward. Members need are met and also earns monetary gains.
RIDE TO OWN
This facility affords interested members the opportunity of acquiring automobiles such as cars, tricycle, motorcycles and truck on differed payment cost plus (murabaha) basis. The scheme has successfully made countless number of members a proud owner of automobile and enjoys financial freedom.
GROWING TOGETHER
(MUSHARAKA
or
PARTNERSHIP)
This is a partnership model whereby the society provides fund for running of an existing business venture. This arrangement is subject to proven and verifiable competency of member in a given line of business. It is a profit or loss sharing contract.
Management Profile
| SN | NAMES | Post |
| 1 | Alh (DR) Lasisi Adebayo Fatai | Chairman |
| 2 | Alhaji Wahab WAHEED | Vice Chairman |
| 3 | Alhaji Folarin Taiwo Muslihudeen | Secretary |
| 4 | Alhaji Sheikh AbdulKabir Arikeusola | Chief Imam |
| 5 | Alhaji AbdulHafidh Roji | Missioner |
| 6 | Ust Folarin Kehinde Misbaudeen | Treasurer |
| 7 | Mr. Babalola Kabir | Asst. Secretary |
| 8 | Mr. Musa Akinkunmi | Public Relations officer |
| 9 | Mr. Murana Sherif | Financial Secretary |
DEPOSIT PORTFOLIO
| Item | Basic Value | Max limit |
|---|---|---|
| Share (20 units) | ₦50,000 | Flat |
| Savings | ₦2000 monthly |
Unlimited |
| Investment (20 units minimum) | ₦50,000 |
Unlimited |
| Admission fee | ₦4, 000 |
One time |
Admission guide
Prospective member shall fill and submit application form with payment of non refundable fee of One thousand naira only (#1,000). Approval of application is subject to applicant's merit upon assessment for reliability and trustworthiness.
All new members shall be subjected to a probation period of six months before consideration for benefits in the Society.
Account details:
Name: Soka(Ib) Allahu Wahid CICS
Number: 0500758042
Bank: Sterling Bank
MEMBER BENEFITS
1. Financial Gain:
- Access to Interest free loan - The Society offers to every member the opportunity of interest free loan with 10 months maximum repayment period. Loan applicant shall provide guarantor(s) among other members with a financial worth equivalent to half of the loan amount. Each loan application is assessed on the merit of the purpose of such loan.
- Alternative Financing - The Society affords members Swift access to ethical financing such as cost plus (murabaha), partnership (musharaka), mudorobah, ijara, Istisna, etc.
- Household consumables such as food stuffs, mobile phones and electronics are provided for sales on differed payment arrangement to serve as relief to all members.
- payment of dividend to members with minimum investment Deposit at the end of each accounting year.
2. Social Gain
Given the diverse background and profession possessed members, the gathering serves as avenue to gain recommendation on series of artisan and other professional works. Bricklayers, plumbers, Electrical technician, Farmers, Aluminum fabricators, Economists, Accountants, Lawyers and bundle of other professionals are a great synergy upon which the Society thrives.
3. Spiritual Growth
The monthly meetings features a spiritual diet with practical and soul lifting sermons from the very depth of knowledgeable clerics among the Muslim Community.
Ramadan
The Management team of Allahu Wahid CICS LTD. ably led by Alhaji (Dr.) Lasisi Fatai Adebayo uses this medium to felicitate with all Muslims faithfuls and our esteemed members in particular on the commencement of the Holy month of Ramadan (1444 AH) year 2023.
As Allah in His Majesty opens all the doors of paradise and closes all the doors of hell fire, may this RAMADAN bring endless blessings and open the doors of unprecedented greatness in our individual life and collectively as a Society.
It is the tradition of our Society in adherence to the dictate of Islam to spread the Gospel of Love, genuine repentance and upholding of all virtues to our ability. Each person should think and perform this fasting and worships therein as if other year may not come.
The spiritual diet at Allahu Wahid Central Mosque is scheduled for every evening and special last 10 days of RAMADAN for willing members of the public.
It is our strong faith and prayers that Allah in His endless Mercies will accept each and every single act from us as worship and grant is with longevity of life. May He grant repose to the souls of all our departed loved ones and reunite us back in the paradise. Aamin.
The Activities of the Society remains as scheduled with monthly meeting at same venue every first Sunday by 8am prompt.
Ramadan Kareem
E-signed
Alhaji Folarin Musliudeen
Secretary