AN ADDRESS PRESENTED ON THE OCCASION OF THE 7TH NATIONAL GENERAL MEETING (NGM) OF AL-HAYAT RELIEF FOUNDATION, HELD ON APRIL 21ST 2024, AT OLUSEGUN OBASANJO PRESIDENTIAL LIBRARY (OOPL) AUDITORIUM, ABEOKUTA BY DR. ASIF OLATUBOSUN AZEEZ, THE 3RD PRESIDENT OF AL-HAYAT RELIEF FOUNDATION (2018 – 2024)

OPENING

All thanks, adoration and appreciation belong to Almighty Allah, the most Gracious, the most Merciful, the Source of peace and perfection. We thank Him for His kindness and mercies on the entire members of Al-Hayat Relief Foundation. May His peace and blessings be upon the noble Prophet Muhammad (SAW), his households, his companions and all those who follow his path till the day of judgment.  

It has become a tradition that we gather every three years to evaluate and review activities of our great Foundation for growth and better achievements. You are all welcome to the 7th National General Meeting and 27th year anniversary of our Foundation, Alhamdulillah for the journey so far.

SPREAD AND POPULATION

The primary activity of the Foundation in terms of Islamic finance at micro level through cooperative in the Southwest of Nigeria has not ceased but continuously growing with increased number of branches from 98 in 2021 to 108 branches as at December 2023 which cut across Ogun, Lagos, Oyo, Osun, Ondo and Kwara States. At present, many intending branches await inauguration. The population of 20,524 in 2021 had grown up to 23,449 members as at December 2023.

S/NSTATESNO OF BRANCHESPOPULATIONPERCENTAGE  %  
1OGUN5512,84954.80
2LAGOS224,52519.30
3OYO92,39810.23
4OSUN82,0658.80
5ONDO48503.62
6KWARA37623.25
 TOTAL10123,449100

MEETINGS

Al-Hayat branches meet once every month at their various locations for financial transactions and spiritual upliftment. Branch Executive Council (BEC) meets with the National Executives Council (NEC) quarterly to give reports and take collective decisions on matters that will move the Foundation forward. The Board of Trustees (BOT) also meets to make policies and give strategic plans for the Foundation. Furthermore, Annual General Meeting (AGM) comes up every year at various branches after audit exercise might have been satisfactorily completed and approved at a NEC meeting. The National General Meeting (NGM) holds once in three years at a zone decided by the Foundation. This 7th NGM was chosen to be held here in Abeokuta zone. I appreciate your coming and I enjoin all our members to attend meetings regularly and to be loyal to their branch executive council and participate actively at their respective branches.

BOT MEMBERSHIP

Upon the death of two members of the Board of Trustees, (Dr. Razaq Idowu Adepoju and Prof. Ibrahim Alani Seriki), The Foundation increased the number of the BOT to seven (7) and appointed the following new members:

  1. Engr. Adeko Sikirullahi Omotayo Kayode
  2. Alhaji Usaefat Isiaq Kehinde
  3. Mr. Oladimeji Tajudeen Abimbade
  4. Mr. Adesina Semiu Olaide.

May Allah protect the life of both the old and new BOT members.

ZONAL ADMINISTRATION

In 2018, the Board of Trustees strategically introduced zonal administration system for easy administration, compliance and sustainability. The Foundation thereby appointed zonal vice presidents in the following zones:

  1. Alhaji Usaefat Isiaq Kehinde – Ibadan Zone which covers all branches in Oyo, Osun, Ondo and Kwara States.
  2. Mr.  Oladimeji Tajudeen- Lagos Zone which covers all branches in Lagos State.
  3. Mr. Adesina Semiu Olaide- Abeokuta Zone which covers all branches in Abeokuta and its environs.

In 2021, Ijebu-Ode Zone was also introduced and Mr. Tanimowo Lukman became the Zonal Vice President. In 2024, Ilorin Zone was carved out of Ibadan zone with Alhaji Bashir Ahmad Oniwasi emerging as the Ilorin Zonal Vice President.  

OUTGOING NATIONAL OFFICERS

Constitutionally, the current national executive officers are leaving their offices today, my profound gratitude and appreciation go to these officers. They worked tirelessly with commitment to achieve the feat we are celebrating today. My prayer is that May Allah in His infinite mercies reward each and every one of us abundantly.

These officers are:

  1. Dr. Asif Olatubosun Azeez (my humble self) – President
  2. Alhaji Aliyu Alani Mudashiru – National Vice President
  3. Mr. Tajudeen Abimbade Oladimeji – Vice President, Lagos zone
  4. Alhaji Isiaq Kehinde Usaefat – Vice President, Ibadan zone
  5. Mr. AbdulSemiu Olaide Adesina – Vice President, Abeokuta zone
  6. Mr. Lukman Abayomi Tanimowo – Vice President, Ijebu-Ode zone
  7. Alhaji Lateef Omoniyi Aderinoye – Secretary General
  8.  Mrs. Halimah Sadiat AbdulGaniyu – Assistant Secretary General
  9. Mr. Toyyib Onayemi Ibraheem – National Treasurer
  10. Alhaji Fatai Adesina Balogun – Chief Internal Auditor
  11. Mr. Kamaldeen Adebiyi Adeniyi (FCA) – Chief Financial Secretary
  12. Dr. Sodiq Oyekolade Oyesanya – Public Affairs Officers
  13. Alhaja Sarat Iyabo Adedeji – Social Secretary
  14. Khalifah Abdul-Hafeez Toluwalase Otunuyi – Chief Missioner
  15. Alhaji Ismaheel Abiodun Shopeju – Chief Whip
  16. Mr. Mukaila Adetunji Akangbe – Business Manager
  17. Prof. Taofiki Ajani Salako – Ex. Officio

The inaugurated shurah committee chaired by the National Vice President recommended and as approved by the BOT the following members to take up the mantle of leadership of the foundation from today. Therefore, the new set of National Officers to steer the administration of this Foundation at National Level for another three years are as follow:

  1. Engr. Sikirullah Omotayo Kayode Adeko – President
  2. Alhaji Aliyu Alani Mudasiru – National Vice President
  3. Mr. Owolabi Hakeeb Bashiru – Vice President, Lagos zone
  4. Mr. Fatai Muritala – Vice President, Ibadan zone
  5. Alhaji AbdulWaheed Abiodun Nurudeen – Vice President, Abeokuta zone
  6. Mr. Lukman Abayomi Tanimowo – Vice President, Ijebu-Ode zone
  7. Alhaji Bashir Ahmed Oniwasi – Vice President, Ilorin zone
  8. Dr. Habib Olayinka Agboola – Secretary General
  9. Mr. Yisa Abdulahi Olawale – Assistant Secretary General
  10. Mr. Taofeek Olotufore – National Treasurer
  11. Mr. Toyyib Onayemi Ibraheem – Chief Internal Auditor
  12. Mrs. Sakirat Adeyemi – Chief Financial Secretary
  13. – Public Affairs Officers
  14. Mrs. Halimah Sadiat AbdulGaniyu – Social Secretary
  15. Khalifat Abdul-Hafeez Toluwalase Otunuyi – Chief Missioner
  16. Mr. Mutiu Akanni Rabiu – Chief Whip
  17. Mr. Soliu A. Babajide Akeju – Business Manager
  18. Dr. Asif Olatubosun Azeez – Ex. Officio

I pray for Allah’s guidance and wisdom as you intend to discharge your duties justly.

COMMITTEES

Al-Hayat runs its programmes and activities through committee system. Our committees consist of highly experienced and respected members in their different areas of endeavour. This translates to their wonderful performance and great achievements recorded.

MONITORING COMMITTEE

Monitoring committee is the watchdog of the Foundation. The committee is to ensure that all branches complied with the rules and regulations of the Foundation. The committee took a new dimension in the last three years by using a zonal based monitoring exercise. This aid proper and a wider coverage of branches within a limited time. Each zone is coordinated by the Zonal Vice President in the zone and supervised by the National Vice President. The mobilization was fantastic though not without some challenges.

Records of activities by the branches are often given to the President and other National Executive Council. The best performing branches in each Zone are as follows; Gbagura branch from Abeokuta zone, Ayetoro Osogbo from Ibadan zone, Itamaga 1 from Lagos zone while both Idomowo and Itele branches emerged from Ijebu-Ode zone with the same average scores.

I sincerely appreciate the committee members at the National level and all the field officers across all the zones for their time, commitment and dedication. May Almighty Allah reward you all in manifolds.

BUSINESS COMMITTEE

Presently, Al-Hayat operates Murabaha (Cost-plus) for its business among the members. This has afforded many of our members to acquire different assets of their choice like landed property, cars, household items etc. The Murabaha is a win-win system because the profits from the Murabaha are being shared among members yearly. I enjoin the defaulting members to pay back for their business engagement on time.  We also recorded joint business between some branches. This is commendable, let us do more.

To contribute to food production and to expand our business activities, Al-Hayat Relief Foundation through its Business Committee engaged in Farming by cultivating 30  acres of land for Maize production at Akinleye Farm Settlement, Iwo, Osun State. The maize farming is being financed from the Takaful Contributions. A sum of Three Million One Hundred and Sixty Seven Thousand Naira (N3,167,000) has been spent on the leasing of the land, ploughing and procurement of inputs with expectation of good returns. I say Jazaakumllah Khayran to the committee members who handle and monitor the businesses.

AUDIT COMMITTEE

The Audit committee headed by the Chief Internal Auditor, Alhaji Fatai Balogun (CFIP) consistently gave the accounts of branches high level of assurance every year by auditing the operation of branches accounts at ensuring that true financial state of each branch was maintained. The committee works meticulously with Internal Auditor of each branch despite their tight schedules. Jazakumllah Khayran

EDUCATION AND PUBLICITY COMMITTEE

The education and publicity committee is saddled with responsibility of bridging the knowledge gap on our operations as well as to improve the standard of operation by conducting training, seminars and workshops for our branches and the national excos. I appreciate the committee for the assignment, well done. May Allah increase you in knowledge.

DISCIPLINARY COMMITTEE

The National Disciplinary Committee (NDC) was set up on the 18th day of November, 2018, following the need to checkmate the noticeable excesses in the operation of some branches of ARF and rekindle members’ seal and commitment, particularly the executives towards a major pillar of the Foundation which says “truth is trust” and ensure that the level of financial recklessness of all members of the Foundation are reduced to the barest minimum. The committee consists of nine (9) members chosen from different branches across board headed by Engr. O.K. Adeko.

The Committee had her first meeting on the same day of her inauguration and has since been sitting on a quarterly basis subject however to availability of reported cases of suspected financial irregularity of any kind whether on business, loan or any other aspect of the Foundation’s operation. The committee also sits on emergency cases once same is forward to her for attention and action by the President.

In cases of suspected financial misappropriation and recklessness, branches are expected to petition the national secretariat, detailing the facts of the irregularities as suspected and their efforts to regularize same. The secretariat through the President if convinced that there exists in the petition, reasons for investigation or possible imminent financial recklessness will forward same to the committee for necessary action.

It is important to state at this junction that, within the period in view, the committee has recovered a lot of bad debts to the coffers of various branches concerned, thereby assisting in fostering transparency, accountability and truthfulness that the Foundation is known for.

It is also expedient to note that some recalcitrant members (now stand expelled) have been prosecuted or still being prosecuted for financial offences of different magnitude. In this regard, the National Legal Officer has been pretty helpful to the Committee towards ensuring that most of these cases are properly prosecuted.

I am using this medium to advise all branch executives and every other members of the Foundation to act their paths well, be sincere and truthful in their dealings with the Foundation.

THE TREASURY COMMITTEE.

The treasury committee headed by the National Treasurer, Mr. Ibraheem Toyyib  was recently constituted and saddled with the responsibility of working with the branch treasurers and auditors with the aim of making sure all branches accounts were prepared and balanced seamlessly  without delay.

I was amazed by this committee performance, branches’ accounts which used to take 6 to 9 months before the completion were completed within 2 months. This has reduced the stress being passed through by the National Treasurer. The members of this committee worked with enthusiasm and commitment to achieve our aim. I pray to Allah, to reward every member of this committee abundantly.

FINANCE

The Audited financial position of the Foundation as at 31st December, 2023, put the total asset at four billion, fifty million, seventy five thousand and forty one naira (N4,050,075,041) . The Treasurer of the Foundation shall give details in his reports.

SCHEMES AND PRODUCTS

Al-Hayat Relief Foundation operates different Islamic financial schemes and products to improve socio-economic life of its members. The schemes and products are as follows:

BENEVOLENT LOAN (QARD HASSAN) 

Aside from observing all the pillars of Islam, the primary aim of the Foundation according to our constitution is to relieve our members from financial burden. With the interest-free loan, many members have acquired their basic needs of life such as house, cars, payment of children school fees, etc. Many of our members have access to interest-free loan to the tune of two million naira (N2M) each, with repayment period of 30 months. Financial status of most members has improved to an appreciable level. However, the Foundation is gradually changing its position from loan based assets acquisition to business based assets acquisition.

TAKAFUL (INSURANCE)

Al-Hayat Group Life Takaful was reviewed in 2018 with contribution of N5,000 in one’s life-time into a pool. The funds are invested in halal businesses to generate profits. The next of kin of a deceased member, who had paid the N5,000 during his or her life would be compensated with the sum of one hundred thousand naira (N100,000) to arrange for his/her burial (Janazah). If such a deceased member is on loan, part of the compensation may be used to settle his/her debt. Total sum of fifteen million, two hundred thousand naira N15,200,000 had been paid as compensation for 152 deceased members as at 31st December 2023. I pray for Allah’s forgiveness to all our deceased members. I enjoin branch to remit Takaful contributions of their members immediately they are paid and fill all necessary documents. May Allah give all of us long life to serve Him.

IJARAH

One of the Islamic financial products newly and successfully implemented by Al-Hayat is Ijarah. The branches of the Foundation (lessor) entered into Ijarah contract of building (Office complex) of eighty five million naira (N85M) with Hayat Trust Non-Interest Microfinance Bank Ltd (lessee) and 40% mark-up totaling N119M for a period of 20 years. Hayat Trust NIMFB being the lessee would commence payment of both the rentals and the profit to the Foundation (lessor) by the end of this financial year. The contract is a win-win situation for both parties as the Foundation would reap the reward of their investment on the asset for the next 20 years, while the building will be owned by the bank. This is known as Ijarah Muntahiyah Bi Tamlik.

HOUSING SCHEME

Al-Hayat Golden Estate with regular water supply, electricity and access road was to encourage our members to have houses of their own. Land owners at the estate are enjoined to develop their land and join the existing residents at the estate.

BANKING SCHEME

Al-Hayat Microfinance Bank Ltd. recorded remarkable achievements and impacted positively on the local economy within the last ten years of its existence (2013 to 2023). Some of the achievements are:

  1. No sanction or fine from the regulatory bodies (CBN & NDIC) from inception till date
  2. Customer base grew to 34,066
  3. Disbursement of N3.9billion to 17,085 customers
  4. Grew the total asset of the Bank from N81.4million to N507.7million
  5. Increased N30million shareholders funds to N74.4million

In my address at the 6th NGM of the Foundation; I said as part of our future plan, we were knocking the door of Central Bank of Nigeria (CBN) to obtain a fully-fledged Islamic Microfinance Bank License.

My Chairman Sir, my dear valued members and all of us gathered here today, please join me in giving thanks to Almighty Allah who has made it possible to have a full-fledged Tier 2 of Non Interest Microfinance Bank. The license was released to us in February this year and the bank “Hayat Trust Non-Interest Microfinance Bank Ltd.” was commissioned on the 6th of March, 2024. The bank is ready to serve its customers across the country through sophisticated technology.

HEALTH SCHEME

As Al-Hayat manages the funds of its members, it also manages their health. Al-Hayat Medical Centre, a faith based hospital was established and duly commissioned by Ogun State Ministry of Health in 2020. The centre is situated at Al-Hayat Golden Estate, Ijebu-Ode/Ibadan Express Road, Ilefun, Ijebu-Ode with an Annex at Al-Hayat House, Obalende, Ijebu-Ode. The Centre is equipped with modern equipment and experienced health professionals. Let me appreciate the wonderful work of the Management Board of the Centre. May Allah appreciate you more.

NATIONAL MOSQUE COMMITTEE

The National Mosque Committee headed by Alhaji Usaefat Isiaq Kehinde was constituted and inaugurated by the National Executive Council of the Foundation on 27th June, 2021 to generate funds for construction of befitting ultra-modern national mosque for the Foundation as well as monitoring and coordinating the building activities of the national mosque.

The committee commenced work immediately, which resulted in the foundation laying of the mosque at the 6th NGM of the Foundation. The National Mosque situated at the Al-Hayat Golden Estate, Ilefun Ijebu-Ode – Ibadan Road, Ijebu-Ode is being financed by the contributions from members across the branches.

Presently, the mosque project was at half of phase 2 of the DPC level since February, 2024. Total sum of N12,040,400 has been expended being members contributions. We solicit for your unrelenting supports. I sincerely appreciate the committee members for their efforts at ensuring that the aim of constructing the mosque is achieved.

HAJJ & UMRAH SCHEME

A 7-member committee of Al-Hayat Hajj and Umrah Travels chaired by Alhaji Adedotun Miikahil Adebayo was inaugurated on July 7, 2019, with the responsibility of piloting the affairs of the Hajj and Umrah to an enviable position and with the terms of reference to register with licensing organization such as CAC, IATA NAHCON etc in order to be able to operate our own travel agency. Because of the complexity of the registration process of such travelling agency, the board partnered with state pilgrim and an existing viable licensed Hajj and Umrah operators who are duly registered with IATA certificate.

The scheme has recorded remarkable success since it started operation with 7 pilgrims and 41 pilgrims in 2022 and 2023 hajj operations respectively. Our hajj exercise covers both state and international packages. I wish our prospective pilgrims for this year a successful hajj rites.

DIRECTORATE OF ZAKAT, SADAQAH AND WAQF

Directorate of Zakat, Sadaqah and Waqf was created in April 2021. It is presently headed by a Director, Alhaji Oladunjoye Adesegun Ya’qub Olawale and supported by six other strategically chosen members from different status in the southwest Nigeria.

Apart from the periodic disbursements of Sadaqah to the deserving applicants, in different categories of needs such as Empowerment, Health, Education, etc; distribution of Iftar packages to fasting Muslims during Ramadan, the Directorate collects Zakat from qualified members and disburses same to deserving screened beneficiaries during “Zakat Day”.

The Directorate also coordinates and monitors branches and organizes workshop for them as the need arises. Looking ahead, the Directorate is working on the establishment of impactful Waqf projects for the benefit of humanity.

NATIONAL SECRETARIAT

To improve our corporate governance, our national secretariat has been equipped with adequate working equipment and human resources. Our staff are adequately remunerated and motivated. The national secretariat works with our branches’ clerks at ensuring that the Foundation’s decision are implemented.

AWARD OF AMBASSADOR OF ISLAMIC FINANCE IN NIGERIA (AIFN)

There is no doubt, Muslim Ummah in Nigeria is endowed with many corporate bodies and individuals who have contributed immensely through advocacy, research, training and practice in promoting the Islamic finance, which Al-Hayat Relief Foundation has benefited from. The Board of Trustees of the Foundation at its 22nd board meeting passed a resolution that the Foundation would be honouring  distinguished personalities in the field of Islamic Finance with most prestigious award as “Ambassador of Islamic Finance in Nigeria (AIFN)” as part of its socio-corporate activities. This is to recognize and associate ourselves with those individuals and corporate bodies. On this note, I am using this opportunity to congratulate our awardees. Thank you for accepting our offer.

ACHIEVEMENTS

Achievements of the Foundation still remain the following:

  • Poverty reduction
  • Employment creation
  • Creation of awareness for Islamic Finance
  • Enhancement of Economic Activities among Small and Medium Scale Enterprises(SMEs)
  • Inculcates savings habit into lives of the members
  • Development of Islamic moral virtues of its members
  • Promotion of  health
  • Complements government advocacy on financial inclusion as both branches and individuals members are mandated to open bank account for their financial transactions.
  • In fact, Al-Hayat has become model for Islamic faith-based Non-Governmental Organization (NGO) and Islamic cooperative societies in Nigeria

CHALLENGES

  • Misplacement of priority that leads to default in repayment on the part of some members
  • Knowledge gap about Islamic Finance still persists
  • Unfavourable economic situation and insecurity of life and properties in the country as they affect our members, have negative impact on the management of the Foundation.

APPRECIATION

On behalf of Al-Hayat Relief Foundation, I give thanks to Almighty Allah for His continued sustenance of the Foundation. I sincerely thank the Chairman of today’s ceremony, Dr. Barr. Mutiu Agboke, the Guest Lecturer, Professor Abdur-Razzaaq AbdulMajeed Alaro for honouring our invitation. Our Legal adviser, Bisi Abdul-Azeez & Co and the external auditor, Iwaloye Azeez & Co, you are all appreciated. The entire League of Imams and Alfas of Egbaland for your support. All our guests, the royal fathers, our associate members, I say thank you for being here. The recipients of our most prestigious award “Ambassador of Islamic Finance in Nigeria” thank you for your efforts in the field of Islamic finance, we are happy to associate with you, thank you for accepting our offer. The Board of Trustees (BOT) led by the Chairman, Professor Taofiki Ajani Salako and other members of trustees, the outgoing national executive members, the 7th NGM committee members and all other committee members, the national secretariat staff, branch chairmen and entire members of Al-Hayat Relief Foundation, I sincerely thank you for your cooperation and support throughout this administration, may Allah bless you all.

Conclusively, my appreciation goes to the Abeokuta Zone that host this 7th NGM, you are a wonderful zone. I pray to Allah to continue to be with everyone of you. Jazaakum Llahu Khayran.

Allahumo innaka afuwun tuhibul ‘afuwa fa afu ‘ani

May Allah forgive all my shortcomings during my tenure as President.

Azeez Asif Olatubosun (Ph.D, MCIB)

3rd President, 2018-2024