HISTORY OF THE SOCIETY

In line with Allah’s injunction, two separate bodies, unknown to each other operateIslamic cooperative on campus namely Al Ameen and the other one with its base at the Institute of African Studies.  At this time, members of the two groups made their contributions on cash basis (i.e. members bring their contributions by cash at the end of every month).  After one or two years of operation, the two bodies knew about each other and came together to become one since they shared the same ideology which isto operate an interest-free cooperative society.The two bodies shared the leadership positions among themselves at a merger meeting without any rancor, and with a membership of around thirty (30) in number.

After the merger, the executive committee started working on registration of the Cooperative Society with Corporate Affairs Commission (CAC), and deductions of members’ contributions from source by the University Bursary Department.  The registration was successful and the certificate of registration was dated 10th September2002.  Since then the name has been known as University of Ibadan Muslim Staff Credit and Investment Cooperative Society (UIMSCICS)Ltd. Thus, after the registration of name, the then Executive deemed it fit to present themselves to the University Management which of course, afforded them the opportunity to be listed on the University payroll. Presently, its membership spread all over the campus and across cadres with three hundred and ninety members comprising of 91 female and 303male.

To date, it has held eight (8) Annual General Meetings as at 2018 with capital base worth of N166,522,145.99 (i.e. Ordinary savings, Share capital and Investment fund) as against N410,900.00 at the inception.

The Society is presently having eleven executive members and ten zonal representatives.  The Executive of the cooperative is operating a committee system.  These committees report regularly to the executive.  Few of such committees are Business and Investment Committee, Finance Committee etc.

The Executive meeting holds on third Thursday of every month.  The Society is guided by its bye-laws which are in accordance with Allah’s injunctions.  The society avoids interest and usury in all its activities.

Numbers Speak For Themselves!

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Annual Reports
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Operational Activities
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Society Products

Operational Activities

Mode of Entry

Interested members of staff who are Muslims that are willing to join the Society would apply in writing for membership upon which Committee on New membership would look at the application for scrutiny with their guarantors before such applicant would be asked to obtain membership form with a token. If such applicant is found admittable, then his/her matter would be brought to the Executive meeting for ratifications.

Loan

It would be interestingto state clearly that the loan being given out to members is the double amount of the ordinary savings account of members and such loan is recoverable in ten (10) to twelve (12) calendar months from their monthly contribution which attracts no interest.
Loan is granted to member who is not having outstanding ordinary loan balance on their account. If there is any outstanding balance, member can pay the balance before he can obtain another loan.

Special Housing Loan

Special Housing Loan is granted to members who have land at Cooperative Estate for rapid development of the Estate. The Executive is planning to extend this gesture to other qualified members of the society who are developing their land outside the Society’s estate. The minimum amount granted is Five Hundred Thousand Naira (N500,000.00) while the maximum amount is One Million Naira (N1,000,000.00) and the repayable period is thirty (30) months equal installment

Ordinary Savings

Every member contributed to their savings scheme subject to their monthly contribution.

End-Well Savings and Hajj Savings

The End-Well and Hajj Savings is a voluntary contribution by each member. Member may contribute a minimum of One Thousand Naira (N1,000.00) for any of these products.

Development Levy

The sum of Four Hundred Naira (N400.00) is deducted monthly as Development Levy from member of the Society.

Ileya Subsidy

The Society is giving out maximum of Seventy-Five Thousand Naira (N75,000.00) as Ileya subsidy to members without interest to assist in performing the religious rights during Ileya period which is deductible in five months from their monthly contribution.

Share Capital

The maximum amount is Thirty Thousand Naira (N30,000.00) per member with current membership of 394 and the total share capital stood at Eleven Million, Eighty Hundred and Twenty Thousand Naira (N11,820,000.00).

Investment Fund

Each member contributes the sum of One Thousand Naira (N1,000.00) as investment fund monthly for the funding of cooperative business. Also this fund is used for financing projects or partnership business with other cooperative and other business enterprise.

Withdrawal from Member Savings Account

Member is entitled to withdrawal from their saving account balance. Member who has outstanding loan balance only entitled to maximum of: Loan Balance divided by two, then subtract it from the Savings Account Balance, the result is the maximum amount he can withdraw.

Cooperative Business Shop

We also engage in selling of goods like provisions and food items at very controlled prices on daily basis and during the revered month of Ramadan.

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Acquisition of Assets:

The product of our Society is mainly on Mudarabah that is we acquire asset and resell to members on percentage of seven percent (7%) profit margin for six-month repayment period while it is ten percent (10%) profit margin for two-year repayment period.  For two-year repayment period, such members would be made to pay ten percent of the capital upfront which is deductible from member’s contribution in 24-month installments.  The asset acquired so far include building, cars, house-hold materials and so on.