Schemes and Programmes:
Schemes and Programmes of the foundation: The foundation carries out the following among members:
1. Interest free loans.
2. Self Development Interest free loans scheme.
3. Takaful- Self Managed Group Life Insurance Scheme.
4. Murababah – Cost + Profit trading business scheme among members.
5. Musharakah – Partnership business scheme among members.
6. Mudarabah – Entrepeunership Yat Water Factory scheme.
7. Housing scheme for members: Al-Hayat Golden Estate
8. Al-hayat Microfinance Bank
Products or Services enjoyed by members of the foundation.
Interest free loans:
Members enjoy interest free loans to the tune of one million naira. Loans between #1000 and #200,000 are repaid within twenty months; loans between #200,000 and one million naira are repaid within thirty months. Also, members enjoy Self Development Interest free loans of #20,000 payable within ten months.
Takaful:
The foundation manages a Group Life Insurance Programme for members for initial five years. Members pay a premium of #1000 per year and on eventual death of a member, the foundation gives a compensation of between #20,000 and #60,000 to the relatives of the deceased depending on the number of years for which the member had paid premiums to the foundation. As at 31st March 2012, total premiums paid by members to takaful fund was #10,051,000.00. Part of this money was invested on Murabahah business and other business projects which generated a profit #1,308,200.00. Indemnity paid so far to the relatives of deceased members was #820,000. With this, it was observed that the main takaful fund remains intact. (Al-Hayat Takaful account 2012). [17].
Mudarabah–Yat Water Factory:
The term Mudarabah according to Muhammad Sharif Chaudhry (2003) is seen as a special kind of business partnership where one partner gives money to another for investing it in a commercial enterprise. This investment comes from the first partner who is called Rabbul mal while the management and work is an exclusive responsibility of the other, who is called ―Mudarib‖. Partners in this sense may involve more than two people. The foundation attempted this by selling shares to members to raise fund for the establishment of a pure water factory in the year 2009. About ten million naira was raised for this project which has since commenced production.
Housing scheme:
The foundation acquired about 23 acres of land at Ilefun along Iperin Ijebu ode, Ibadan Road. No loan was taken to finance this gigantic project in an era when people believe that such a project could not be achieved without taking interest loan. Branches subscribed to acquire the land and work is gradually commencing on the area. The aim of embarking on this project is to make Al-Hayat members become private owners of their houses without getting involved in interest mortgaging housing schemes.
Business scheme:
Business is the life wire of AL-Hayat Relief Foundation. The foundation runs Murabahah—cost + profit type of business and Musharakah – Partnership business, rental, transport and a host of others to generate money. Profits made are shared among members annually based on the amount of shares they have in their share accounts.
Al-Hayat Products and Services
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