Interest-free Cooperative Society Records N1.2bn Savings

The Iman Trust Multipurpose Cooperative Society, at the University of Ilorin Teaching Hospital (UITH) has celebrated its 20 years anniversary with a thrift savings of N1.2 billion.

The society’s president, Prof. AbdulRasheed Nasir, stated this in Ilorin, Kwara State, during a news conference marking the society’s 20th anniversary.

Nasir said that the society has remained committed to improving the financial wellbeing and socio-economic strength of its members, guided by Islamic principles and cooperative values.

He disclosed that 7,265 members of the society have benefited from both the fresh and emergency loan schemes in the past nine years.

“A total of 774 members have been empowered with the educational loan scheme in the past years,” he added.

Nasir stated that Iman Trust has also facilitated Hajj for about 100 members and their families since 2011.

He pointed out that the society has also funded projects and initiatives such as welfare support, health interventions, and educational sponsorship.

Nasir described the society as having grown from a small kiosk-based initiative to a well organised and trusted cooperative society with over 2000 members.

He added that the vision of Iman Trust is to build a self-sustaining financial system where members can achieve stability without compromising their faith and values.

Nasir disclosed that the society is planning an Islamic regional micro-finance bank that will be interest-free and cater to Muslims’ needs.