AL-HALAL COOPERATIVE MULTIPURPOSE SOCIETY
FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA

WE OFFER OUR MEMBERS

Savings
  • Ordinary Savings
  • Special (Target) Savings
Shares Loans
  • (i) Long Term Cash Loan
  • (ii) Short Term Cash Loan
  • (iii) Emergency Cash Loan
  • (iv) Long Term Material Sales
  • (v) Short Term Material Sales
  • (vi) Housing Scheme
Other Special Materials

ABOUT US

To set up a financial institution with the ability to pool resources together for the benefit of members on an interest-free basis, which shall be guided solely by Islamic principles.

MOTTO: ALLAH HAS PERMITTED TRADING AND FORBIDDEN USURY (RIBBA)

Ordinary Savings

(i) Every member shall contribute at the end of every month a convenient sum of money not less than two thousand naira only (N2,000.00) to be known as ordinary savings.
(ii) Payment of ordinary savings shall be effected from salary at source.

Special (Target) Savings

Members may deposit money with the Society for a specific period of time. A minimum of two weeks notice shall be required to recall money deposited under the special saving Scheme.

Loan

* Priority shall be given to allocations for loans for developmental/productive purposes. Such loans shall be on the security of the beneficiary’s Salary, saving, share capital and surety.
* Cash loans shall be repaid in equal monthly installments of a total of eighteen (18) months; while short term loan shall have a repayment period of six(6) months and emergency loan a repayment period of four months. Material loans shall be repaid in equal monthly installments of thirty six (36) months, while special material sales shall have a repayment period of between six (6) and twelve (12) months.

Other Special Materials

Other special materials for sales to members includes the following
i. Ramadan Consumables
ii. Sallah Rams

Our Objectives

(i) To seek the pleasure of Allah by providing members with the Opportunity to gradually disengage from usury (Riba) in its entire ramification.

(ii) To serve as a means of encouraging members to save part of their earnings.

(iii) To serve as a means of pooling resources of members together for the purpose of engaging in legitimate trade.

(iv) To provide a reserve fund for lending to members on an interest—free basis.

(v) To provide opportunity for purchasing vital goods/materials and repayment on an installmental basis with an appropriate profit margin agreed upon by the General/ Annual General meeting.

(vi) To engage in property development schemes for the benefit of members.

(vii) To encourage members on whom the Zakat is due, to develop the habit of paying the Zakat.

(viii)To organize target savings for Hajj (Annual pilgrimage) and other purposes

(ix) To have a special fund dedicated to assist needy members and non-members.

(x) To undertake any other projects that may be approved by the EXCO.


SALES/NOTICE BOARD

Sales

Item NameItem DescriptionUnit PricePreview Image
Ram 1Ram 1N20,000.0
Ram 2Ram 2N25,000.0
Ram 3Ram 3N30,000.0
Ram 4Ram 4N35,000.0
Ram 5Ram 5N40,000.0

Notice Board

 
RAM SALES 2016
Please kindly apply with your July, 2016 pay-Slip. Writing the amount and the number(s) of Ram at the back of your Pay-Slip.
Closing on 31st August, 2016

KNOW YOUR EXCO MEMBERS

COMMITTEE MEMBERS

KNOW YOUR EX-OFFICIALS(2012 - 2016)

GALLERY

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CONTACT US

Please contact us with the following address, Phone Number(s) and email(s)

ADDRESS : Al-Alal Cooperative Offive, FUT Minna, Bosso Campus
Phone : +23480333333
Email : alhalal@futminna.edu.ng