ISLAMIC MEDICAL ASSOCIATION OF NIGERIA(IMAN)
Cooperative Thrift & Credit Society(CTCS)
Cooperative Thrift & Credit Society(CTCS)
Members contribute to a common fund, which is used to offer loans and other financial benefits. Savings plans encourage regular deposits, fostering financial discipline and ensuring members can access funds in times of need.
This feature provides financial support for educational expenses. Members can invest in this fund to save for school fees, tuition, books, and other educational materials, ensuring that their children's education is well-supported.
This allows members to invest in consumable goods, such as food and household items. By pooling resources, the cooperative can purchase these items in bulk, reducing costs and offering better prices to members.
A unique savings plan for specific goals or emergencies. Members can deposit funds into this account for a set period. This feature helps members save for significant future expenses or unexpected financial challenges.
A Short-Term or Long-Term loan where members can borrow a specific amount of money for various purposes
This type of loan is given to members for purchasing specific materials or goods, such as equipment, machinery, or raw materials needed for business or personal projects.
A loan provided to members for purchasing or renovating property. This type of loan typically requires the property being purchased or renovated to be used as collateral.
Customized loans tailored to meet unique member needs that do not fall under standard loan categories.
As Muslims, we know and believe that the existence and cessation of every being come from Allah, The Almighty. Just as the beginning and the end of every affairs come from him. The Iman Cooperative, Thrift and Credit Society popularly called IMAN CTCS began as a result of the pursuit to enjoy those good things of life as enjoyed by others without such pleasure separating the creature from the creator as is the case with non –Islamic schemes. It is not a gainsaying that an average Nigerian public officer needs a cooperative society for sustainability and consolidation. Be that as it may, a Muslim must always censor his sources of income in order to eschew those things that could make him earn the wrath of Allah. The concept of Riba-free financial transactions is a religious obligation upon every Muslim. Allah the almighty dictates that prohibition of Riba be established in order to let Muslims run an economic system based upon fairness and justice. Although, Riba means increase in linguistics, it is regarded as excess compensation without due consideration in Shariah. The prohibition was made more explicit in various verses of the Holy Quran such as Al-Baqara 275-278, Ar-Ruum 39 and some Ahadith of the Holy Prophet SAW.
These underlying principles propelled the thoughts to crave for an Islamic alternative to the mundance cooperative society domiciled in the early days of Federal Medical Centre, Bida. As Allah will have it, the concept was presented to the Muslim community of the hospital in Jumadal Akhir 1423H (August 2002). The leadership of the Muslim community under Alhaji Umar Sanda Kolo, as well as the entire members, overwhelmingly embraced the concept. This was immediately followed by the constitution of an adhoc committee later metamorphosed into a steering committee having established the hope of realism. The scheme was initially named Islamic Cooperative and Credit Trust, and later changed to the present name IMAN Cooperative Thrift and Credit Society at the instance of the regulatory body whose understanding of trust was fundamentalism. The scheme was registered in December 2002 under section 7 of the Northern Region Cooperative Societies Law No 9 of 1956 as amended by Niger State edict No 4 of 1987 and Nigeria Cooperative Act of 2004.
| S/No | Name | Position |
|---|---|---|
| 1 | Mr. Ibrahim Taiwo Adeleke | Coordinator (Chairman) |
| 2 | Dr. Ishaqa Abiola Salau | Registrar (Secretary) |
| 3 | Mrs. Habiba Kudu-Adamu | Treasurer |
| 4 | Dr. Ibrahim Toyin Jimoh | Credit Officer |
| 5 | Late (Hajiya) Riyanatu Gimba | Examiner (Auditor) |
Registrar (Secretary)
Coordinator (Chairman)
Financial Secretary
Credit Officer
Assist. Fin. Secretary
Examiner (Auditor)
No 4, Efu Etsu Yisa Bida, Niger State
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