metro
Ogun gets first non-interest microfinance bank
Ogun gets first non-interest microfinance bank
Hayat Trust Non – Interest Microfinance Bank Limited, the first Islamic non–interest microfinance bank in the country has opened a branch along Folagbade – Ibadan road banking hub of Ijebu Ode, Ogun State, saying it is poised to provide inclusive financial services to small and medium scale entrepreneurs.
Mr Adebanjo Olamiji of Leadfort Insurance Brokers who announced this while giving the firm’s goodwill message said he would also personally open an account with Trust Non – Interest Microfinance Bank.
However, a lecturer at the University of Lagos, Prof. Tajudeen Yusuf, has decried the exclusion of no fewer than 60 percent of the Nigerian population from access to credit facilities from the country’s conventional financial system.
Prof Yusuf said no country can develop when a significant percentage of its population is financially excluded as is the case in Nigeria, saying the situation has brought about stunted economic growth and development.
Speaking at the official opening of the Al- Hayat Trust Non –interest Microfinance Bank owned by Al-Hayat Relief Foundation in Ijebu –Ode, Ogun state tagged; “ The roles of islamic Microfinance bank in the society,” Yusuf explained that part of significant roles of Islamic Microfinance banks system is financial inclusion aimed at providing financial services to those who are traditionally excluded from the formal financial sector, particularly the poor, rural populations, and small entrepreneurs.
By offering Sharia-compliant financial products such as Qard al-Hassan (benevolent loan), Murabaha (cost-plus financing), and Musharaka (partnership), these banks ensure that individuals from all socio-economic backgrounds have access to financial resources.
The professor of Risk Management and Insurance noted that One of the primary objectives of Islamic microfinance is poverty alleviation by way of providing small-scale financing to entrepreneurs and small businesses, Islamic microfinance banks empower individuals to generate income, create employment opportunities and improve their standard of living.
READ ALSO:
- Cadet’s death: Soldiers never tortured hotel staff to death, says DHQ
- Traditional ruler’s son, three others die as local security groups clash in Bauchi
- US helps Israel shoot down ‘nearly all’ Iran-launched attack drones as Biden vows support
He stressed the need for concerted effort for more SMEs to grow so as to boost the nation’s Gross Domestic Products and reduce unemployment in the society.
“As it is happening in the banking sector, the same is happening in the insurance sector, Capital Market as well as asset management because of its inclusiveness.”
According to him, “Islamic microfinance banks play a significant role in society, particularly in regions where conventional banking services are not readily accessible or where there is a large Muslim population seeking Sharia-compliant financial services. Here are some of the key roles and contributions of Islamic microfinance banks.”
Noting that part of its roles is Promotion of Ethical and Socially Responsible, Support for Small and Medium Enterprises (SMEs], Risk-sharing and Profit-sharing, community Development as well as empowerment of women in the society.
He further stated that because of its inclusive nature and what Islamic banking stands for, the World Bank cannot close its eyes for its developmental progress.
He noted that King Charles of the United Kingdom is also advocating that the United Kingdom to be the epicentre of Islamic finance in the world because of the pivotal institutions that have played in boosting the economy of each nation.
The don pointed out that most of the conventional banks are also seeking license of Islamic zero free interest rate because they know that Islamic zero interest banking will soon take over the banking sector.
He said the World Bank recognises and patronizes the Islamic banking system while noting the active participation of developed countries such as Britain, Japan, and the US.
Speaking earlier at the event, the president of the foundation, Dr. Asif Olatubosun Azeez emphasized the pivotal role played by Hayat Trust Non-Interest Microfinance Bank in fostering community development, and contributing to socioeconomic stability in Nigeria.
He revealed that the conventional license was obtained when all attempts to secure a full-fledged Non-Interest Microfinance Bank license proved unsuccessful.
The chief lecturer at Sikiru Adetona College of Education, Science and Technology, Ogun State, noted that Al-Hayat Microfinance Bank for the period its operated before securing a full- fledged non –interest microfinance has Customer base grew to 34,066 and has also disbursed 3.9 billion to 17,085 customers while the total assets of the bank grew from 81.4million to 507.7million as well as increased in shareholders from 30 million to 74.4million.
Ogun gets first non-interest microfinance bank
metro
Gunmen kill two soldiers in Abia checkpoint attack
Gunmen kill two soldiers in Abia checkpoint attack
Early Wednesday morning, gunmen attacked an army checkpoint in Ekenobizi, a border community between Abia and Imo states, located in Umuopara, Umuahia South Local Government Area.
The assailants reportedly arrived around 6:18 a.m. in a white Lexus SUV (model 350/400) and launched an assault that resulted in the deaths of two soldiers.
A military source, who wished to remain anonymous, provided details of the incident but could not confirm the exact number of attackers involved.
READ ALSO:
- 94 arrested as task force raids Lagos rail corridor squatters
- Two dead, buildings destroyed in American factory explosion
- Alleged fraud: South Africa FA President, Danny Jordaan, arrested
Confirming the incident in a press release on Wednesday, Lieutenant Colonel Jonah Unuakhalu of the Joint Task Force South East Operation UDO KA said: “In the early hours of today, 13 November 2024, troops of the Joint Task Force South East Operation UDO KA, deployed at a checkpoint along the Umuahia – Owerri Road in Umuahia South Local Government Area of Abia State, came under attack by the irredentist group Indigenous People of Biafra and its armed affiliate, the Eastern Security Network.
“During the attack, the gallant troops were able to repel the assault, forcing the attackers to retreat in disarray with gunshot wounds, abandoning one Sienna and one Lexus Jeep used in the attack. However, in the ensuing firefight, two soldiers paid the supreme price.”
The Joint Task Force appealed to residents of the South East, particularly those in Abia State, for credible information to help track down the fleeing attackers and combat criminal elements in the region.
The force reiterated its commitment to protecting lives and property in line with global best practices and the rules of engagement.
Gunmen kill two soldiers in Abia checkpoint attack
metro
94 arrested as task force raids Lagos rail corridor squatters
94 arrested as task force raids Lagos rail corridor squatters
At least 94 illegal occupants and squatters along the railway corridor from Pen Cinema to Fagba were arrested by the Lagos State Taskforce in an early morning sting operation on Wednesday.
During the raid, substances suspected to be hard drugs—such as Indian hemp, colorado, and other harmful drugs—were seized, along with various weapons.
It was gathered that those arrested attempted to resist the task force’s actions.
In a statement, Director of Public Affairs, Gbadeyan Abdulraheem, confirmed that those arrested will face prosecution.
He added that the agency dismantled shanties and makeshift structures along the railway corridor, clearing a distance of some kilometers.
The Taskforce Chairman Adetayo Akerele explained that the eviction aimed to provide relief for residents around the Fagba, Agege, and Pen Cinema railway routes, following numerous complaints from the public about criminal activities in the area.
He noted that the squatting had violated environmental and sanitary regulations.
READ ALSO:
- Two dead, buildings destroyed in American factory explosion
- Alleged fraud: South Africa FA President, Danny Jordaan, arrested
- Okpebholo sacks all political appointees, Board executives in Edo
Akerele also highlighted the health and safety risks posed by the presence of squatters along the rail corridor.
He warned the evicted individuals not to return and assured residents and train passengers that regular patrols and surveillance would be conducted to prevent the re-establishment of shanties in the area.
“The rail tracks are not meant for habitation or the sale of narcotics. Anyone caught converting this place into a den of criminals or an area of residence will face severe consequences according to the law,” Akerele was quoted as saying.
Speaking on the raid, Commissioner for Environment and Water Resources, Tokunbo Wahab, disclosed that a locally fabricated short gun was recovered.
“94 suspects were arrested during the midnight operation; a locally fabricated short gun and several wraps of illicit substance suspected to be indian hemp, charm and a jack knife were recovered.
“The suspects will be charged to court accordingly,” Wahab stated in a post on X.
94 arrested as task force raids Lagos rail corridor squatters
metro
Okpebholo sacks all political appointees, Board executives in Edo
Okpebholo sacks all political appointees, Board executives in Edo
Governor Monday Okpebholo of Edo State has swept out all Board, Parastatal, and Agency appointees from his predecessor, Godwin Obaseki, in a decisive move to overhaul the state’s public service.
A statement released on Wednesday by the Governor’s Chief Press Secretary, Fred Itua, confirmed the immediate dismissal of all political appointees and Permanent Secretaries brought in from outside the state Civil Service.
READ ALSO:
- A’Ibom police saved man from being lynched after son’s corpse found in carton
- Oyo community leader arraigned over land-grabbing allegations
- Reps question NAHCON handling of 2024 Hajj, subsidy disbursement, others
The statement reads:
“For the information of the general public, His Excellency, Senator Monday Okpebholo, Governor of Edo State, has approved the dissolution of Executives of all Boards, Agencies, and Parastatals in the Edo State Public Service with immediate effect.
“In addition, all Permanent Secretaries appointed from outside the State Public/Civil Service and all Political Appointees are hereby relieved of their appointments.”
Affected individuals have been directed to return all government property in their possession to the senior Public Officers in their respective Ministries, Departments, and Agencies.
Okpebholo sacks all political appointees, Board executives in Edo
-
Auto3 days agoToyota by CFAO surprises customers with free Hilux, motorcycles, all-expense-paid trip to Seychelles
-
International2 days agoBelgium University offers scholarship up to €12,000 for Master’s students
-
International1 day agoUK announces 45,000 seasonal worker visas for 2025
-
Railway1 day agoNigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
-
Business2 days agoFinally, marketers, Dangote refinery agree on direct fuel supply
-
International2 days agoSaudi crown prince says Israel committing ‘genocide’ in Gaza
-
Business3 days agoCement price surges by 100% to N8,800 in one year
-
Politics3 days agoAfenifere, Council of Obas back Aiyedatiwa for Ondo gov