Economic Revival: Zero interest Loan for SMEs, Farmers Critical for the country Economic survival – President, Al-Hayat Foundation
In a bid to find lasting solution to numerous Economic crisis bedeviling the country, the National President of Al-Hayat Relief Foundation an Islamic Cooperative Society, Dr. Asif Olatubosun Azeez has Urged government at all levels to support farmers with interest free loan so as to encourage large numbers of youths to go back to farming.
Dr.Azeez who is also the senior lecturer at Sikiru Adetona College of Education, Science and Technology, Omu- Ijebu spoke against the back drop of current economic reality and importance Islamic zero interest rate at this critical time disclosed that for the nation to overcome the current economic challenges and rapid fall of Naira, government should as matter of urgency encourage farmers by way of granting free interest loans.
He explained that the organization is working towards creating a foundation that will be generating money and the proceeds of the endowment will use to carter for the less privilege in the society.
He stated that government should collaborate with Islamic Organizations like Al-Hayat relief foundation and route many of the intervention through it to cushion the effects of the current economic downturn so as to get the needed results.
He further stated that the fall in the Naira was due to the collapse of SME’s structure in the country adding that they need the financial and more enabling environment to succeed.
The president of the foundation pointed out that part of the challenges faced by the organization is how penetrate the northern region of the country so as to help reduce the poverty rate through zero interest rate that will have significant impact on the nation’s gross domestic products[GDP].
“Business is the life wire of Al-Hayat. The foundation engages in halal businesses since it does not take interests. The business activities of all the branches conform with the principles laid down in fiqh Muʿamalah”.
The expert in Islamic banking and finance also noted that for Islamic banking to contribute its quota meaningfully to the nations economy, the department for Islamic banking at the Apex bank should be allow to grow and continued as well as other areas of IsIam finance like that micro insurance.
He noted that the foundation is an interest-free cooperative society formed 27 years ago to rescue our Muslim brothers who were often forced to take loans from money lenders and charged exorbitant interests. “More so, we observed that the practice was that, after securing the loans, the lenders would not want the loans to be paid back rather preferred the interest to accumulate.
He also urged the government to fully support the Small Medium enterprise so as to boost the nation gross domestic products and limit reliance on foreign goods.
Also speaking, the General Manager of the Foundation, Alhaji Waidi Raimi said the foundation which is founded to cater for the interest of Muslim brothers and Sister’s have branches in all the Southwest States including Kwara.
He noted that as a result of people requests for more branches, Al -Hayat has grown into a household name in Sharīʿah principled and microfinance activities.
He pointed out that the organization adopts the zero interest for its members based on the Islamic injunction.
