Al-Hayat Relief Foundation has provided veritable alternative to usury – Agboke
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Al-Hayat Relief Foundation has provided veritable alternative to usury – Agboke

April 22, 2024

Al-Hayat Relief Foundation has provided veritable alternative to usury – Agboke

Admin By Adewale Adewale
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The Resident Electoral Commissioner of Osun State, Barrister Dr Mutiu Agboke has commended Al-Hayat Relief Foundation for providing a veritable alternative to interest based banking industry in Nigeria.

Dr Agboke, who was the Chairman of the 7th National General Meeting of the Foundation which was held in Abeokuta, the Ogun State capital, said Muslims in the past were fond of condemning policies without providing solutions.

According to him, the founding fathers of the Foundation were methodical in finding a platform for the Muslims across Nigeria.

He maintained that many Muslims homes have succumbed to be the headquarter of poverty, adding that such ideology is becoming a thing of the past with Al-Hayat Relief Foundation.

He maintained that many Muslims are going through untold and pathetic stories at various courts because of what they’ve plunged themselves into through interest-based transactions with banks.

“It is as if poverty has its headquarters in the home of Muslims and we should congratulate ourselves for having a platform that gives us halal way to borrow and repay without usury.

“Many of us sited here have tried so many means, we have tried the banking industry before and majority were disgraced. It took time before many of us agreed with the undesirability of the interest based system.

“We must congratulate ourselves for seeing a platform, because one of the problems we have in the past is that we attack policies, we condemned situations but we have no alternative.

“But AlhamduliLlah, Al-Hayat has provided a veritable and big alternative to all Muslims in Nigeria.”

In his goodwill message, the Chief Imam of Gbaguraland, Professor Kamaldeen Balogun attributed the success of Al-Hayat to the sincerity and good intention of the founding fathers adding that nothing fails with good intention.

Talking on the theme of the meeting, Professor Balogun ephasised the story of Uthman bn Affan, the third Khalifah of Islam who bought a well from a jew during the time of the Prophet and how he endowed it in order to ease the water problems of the Muslims populace.

He added that that each individual must decide on what they should be remembered for after they might have left.

“That investment today is worth billions of dollars in Medina. Coming to the world has a purpose and we have listened to the purpose, we must relate our lives to how we want to end it, don't forget your portion in this life.”

In his financial report, the national treasurer of the foundation, Ibrahim Onafemi, reported a 66.30% increase in net assets, with figures climbing from N440,259 in 2021 to a formidable N732,026,186 in 2023.

Onafemi also reported a substantial rise in total income from N79, 916,091 to N104,228,184, net surplus from N20,822,110 to N13,598,061, and net assets from N300,922,534 to the aforementioned N732,026,186.

The new President of the Foundation, Engr. Sikirullahi Adeko, in his acceptance speech, expressed profound gratitude for the trust placed in him and outlined his vision for the organization’s future.

Adeko emphasized the significance of divine guidance and blessings in the Foundation’s endeavors.

Acknowledging the sterling efforts of his predecessor, Dr. Asif Olatubosun Azeez, and the outgoing executive council, Adeko commended their landmark achievements in elevating Al-Hayat to unprecedented heights.

He lauded their dedication, which had propelled the foundation to a position of prominence unparalleled by any other cooperative society in Nigeria, whether Islamic or conventional.

The President reiterated the need to maintain and enhance the established governance framework to keep Al-Hayat ahead of its peers.

Al-Hayat Relief Foundation has provided veritable alternative to usury – Agboke

The Resident Electoral Commissioner of Osun State, Barrister Dr Mutiu Agboke has commended Al-Hayat Relief Foundation for providing a veritable alternative to interest based banking industry in Nigeria.

Dr Agboke, who was the Chairman of the 7th National General Meeting of the Foundation which was held in Abeokuta, the Ogun State capital, said Muslims in the past were fond of condemning policies without providing solutions.

According to him, the founding fathers of the Foundation were methodical in finding a platform for the Muslims across Nigeria.

He maintained that many Muslims homes have succumbed to be the headquarter of poverty, adding that such ideology is becoming a thing of the past with Al-Hayat Relief Foundation.

He maintained that many Muslims are going through untold and pathetic stories at various courts because of what they’ve plunged themselves into through interest-based transactions with banks.

“It is as if poverty has its headquarters in the home of Muslims and we should congratulate ourselves for having a platform that gives us halal way to borrow and repay without usury.

“Many of us sited here have tried so many means, we have tried the banking industry before and majority were disgraced. It took time before many of us agreed with the undesirability of the interest based system.

“We must congratulate ourselves for seeing a platform, because one of the problems we have in the past is that we attack policies, we condemned situations but we have no alternative.

“But AlhamduliLlah, Al-Hayat has provided a veritable and big alternative to all Muslims in Nigeria.”

Some of the dignitaries at the event

In his goodwill message, the Chief Imam of Gbaguraland, Professor Kamaldeen Balogun attributed the success of Al-Hayat to the sincerity and good intention of the founding fathers adding that nothing fails with good intention.

Talking on the theme of the meeting, Professor Balogun ephasised the story of Uthman bn Affan, the third Khalifah of Islam who bought a well from a jew during the time of the Prophet and how he endowed it in order to ease the water problems of the Muslims populace.

He added that that each individual must decide on what they should be remembered for after they might have left.

“That investment today is worth billions of dollars in Medina. Coming to the world has a purpose and we have listened to the purpose, we must relate our lives to how we want to end it, don't forget your portion in this life.”

In his financial report, the national treasurer of the foundation, Ibrahim Onafemi, reported a 66.30% increase in net assets, with figures climbing from N440,259 in 2021 to a formidable N732,026,186 in 2023.

Onafemi also reported a substantial rise in total income from N79, 916,091 to N104,228,184, net surplus from N20,822,110 to N13,598,061, and net assets from N300,922,534 to the aforementioned N732,026,186.

The new President of the Foundation, Engr. Sikirullahi Adeko, in his acceptance speech, expressed profound gratitude for the trust placed in him and outlined his vision for the organization’s future.

Adeko emphasized the significance of divine guidance and blessings in the Foundation’s endeavors.

Acknowledging the sterling efforts of his predecessor, Dr. Asif Olatubosun Azeez, and the outgoing executive council, Adeko commended their landmark achievements in elevating Al-Hayat to unprecedented heights.

He lauded their dedication, which had propelled the foundation to a position of prominence unparalleled by any other cooperative society in Nigeria, whether Islamic or conventional.

The President reiterated the need to maintain and enhance the established governance framework to keep Al-Hayat ahead of its peers.

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