Our Vission
The TAWAKKUL Cooperative projects to become a reference point for an ideal Islamic, Shari'ah Compliant Cooperative System (ISCC) where members can be financially empowered and have their poverty alleviated without getting trapped in the webs of loans circles.
Our Mission
To change the narrative of Islamic Cooperative Practice in Nigeria from "Savings for Loans" to "Savings for Projects" and make the Cooperative a platform for members to have financial plans, budgets and discipline while members have financial security with freedom from poverty shackles.
Wings of Operation and Services
1. Savings Services 2. Investment Services 3. Financing Services.
Membership Structure and Requirement
1. Membership opens to Muslims/Non-Muslims(Nigerians) who are ethical-minded in their financial dealings. 2. Membership opens to individuals and Corporate establishments (e.g. Schools, Companies, NGOs and other Business Outlets) 3. Seven Categories of Membership based on shareholding at the point of registration. 4. Membership Categories: A+ (Corporate), A+ (Individual), A, B, C, D and E 5. Filling and submission of Application Form to Express your interest online at the website(www.tawakkul.org.ng)
Our Background
Tawakkul Cooperative is a product of a long time research, critical observation and wide consultation. It is an offshoot of the PhD Research work of the Founder undertaken at the International Islamic University Malaysia (September 2015 – May 2018). Its emergence is meant to correct the anomalies and failures identified with the existing non-interest (Islamic) Cooperative Societies in terms of welfare, financial security, financial plans and financial discipline of members. It was officially registered by the Kwara State Government on 29th December, 2019 with Registration Number KWS/16948.
Aims and Objectives
1. To operate an Islamic, Shariah Compliant Cooperative with Clear Core Objective Values [SAVINGS, EMPOWERMENT, WELFARE, INVESTMENT, FINANCING AND POVERTY ALLEVIATION; devoid of LOANS] and Clear Core Operation Values [TRANSPARENCY, ACCOUNTABILITY, SINCERITY, TIME MANAGEMENT AND FEAR OF ALLAH (TAQWAH)].
2. To promote the socio-economic interests of members in accordance with the Islamic cooperative principles.
3. To change the Islamic Cooperative practice from "Savings for Loans" to "Savings for Investment" and "Savings for Projects" as well as from "Meeting Members' Needs Through Loans" to "Meeting Members' Needs Through Financing".
4. To move members out of the poverty circles and afford them financial security/independence and provide them with varieties of products to cater for their immediate, remote, future, emergency and contingency needs without obtaining loans.
5. To promote Islamic cooperative education, knowledge and skills through online and offline Certified Trainings, Lectures, Talks, Workshops, and Consultancy Services.
Founder
Dr Abdullahi Saliu Ishola
LLB (Shari'ah & Common Law); LLM (Islamic Law); PhD (Law);
Certified Cooperative Entreprenuer
Certified Islamic Specialist in Shariah Auditing (CISSA)
Certified Shariah Advisor and Auditor (CSAA)
Senior Lecturer Department of Islamic Law Faculty of Law, Kwara State University Malete-Nigeria
The Management Team
- Dr Abdullahi Saliu Ishola, CSAA, CISSA, FIFP (Chairman)
- Barr Yusuf Folohunsho (Secretary/General Coordinatior)
- Barrister Najimdeen Adeoye (Lagos Coordinator)
SHῡRᾹ BOARD:
- Dr Abdullahi Saliu Ishola - Chairman
- Barr Yusuf F. Zubair Vice - Chairman
- Dr Abdurrasaq Issa Sarumi - Member/Murshid
- Barr Najimdeen Adeoye - Member
- Barr Ibrahim Akangbe - Member/Legal Advisor
- Barr Kamaldeen Olaitan Salman - Secretary
Committees
SN
NAMES
Chairman
1
Shari'ah Compliance Board (SAB)
Dr Abdur-Rasaq Sarumi-Adangba
2
Risk Assessment and Project Monitoring Committee
Barister Yusuf F. Zubair
3
Business and Trading Committtee
Barr Kamaldeen Olaitan Salman
4
Project Financing committee
Dr Abdullahi S. Ishola
5
Tawakkul SimplePay Management Board
Barr Ibrahim Akangbe
| SN | NAMES | Chairman |
|---|---|---|
| 1 | Shari'ah Compliance Board (SAB) | Dr Abdur-Rasaq Sarumi-Adangba |
| 2 | Risk Assessment and Project Monitoring Committee | Barister Yusuf F. Zubair |
| 3 | Business and Trading Committtee | Barr Kamaldeen Olaitan Salman |
| 4 | Project Financing committee | Dr Abdullahi S. Ishola |
| 5 | Tawakkul SimplePay Management Board | Barr Ibrahim Akangbe |
Affiliation
Tawakkul Multipurpose Cooperative Society Limited is registered with Kwara State Government under Ministry of Trade, Investment and Cooperatives.
Membership Category
Savings Packages
Product and Services
Tawakkul Multipurpose Cooperative Society Limited offers a one stop mall for varieties of ethical financial services that aimed at deepening financial inclusion and further motivate all clients with ethical priority. We offer
Easy Save
Offers flexibility of saving according to individual capability. Members can make saving at any time subject to their income and financial plan. SAVING balance is accessible for withdrawal as when the need arises. The Cooperative enjoins that members should be consistent with saving habit. The practice of making saving out of income before any other consumption has tremendously assisted in preparing for the rainy days.
Halal Investment
The society offers an opportunity to make deposit into pool of investment fund. Such fund are utilized for series of business activities ranging from household consumables, electronics, automobile, land and Building, etc. Every unit of investment fund attracts a proportionate dividend to each member subscriber at the end of each accounting year. It is a double reward. Members need are met and also earns monetary gains.
Buy Now Pay Later
This facility affords interested members the opportunity of acquiring electronics such as mobile phone, laptop, TV set etc. on (murabaha) basis.
Growing Together
(MUSHARAKA: PARTNERSHIP)
This is a partnership model whereby the society provides fund for running of an existing business venture. This arrangement is subject to proven and verifiable competency of member in a given line of business. It is a profit or loss sharing contract.
Our Partners
