‘Private businesses should be institutionalized for sustainability’

The Al-Habibiyya Islamic Society (AIS) has listed the non-institutionalization of private businesses as part of major reasons why Micro, Small and Medium-sized Enterprises (MSMEs) and even big private businesses collapsed in Nigeria. The National Chief Imam of AIS, Sheik Fuad Adeyemi, said this on Monday in Abuja at the ongoing week-long retreat for management staff […]

The Al-Habibiyya Islamic Society (AIS) has listed the non-institutionalization of private businesses as part of major reasons why Micro, Small and Medium-sized Enterprises (MSMEs) and even big private businesses collapsed in Nigeria.

The National Chief Imam of AIS, Sheik Fuad Adeyemi, said this on Monday in Abuja at the ongoing week-long retreat for management staff of the organisation, ahead of the formal launch of the Al-Habibiyya Waqf Foundation and other developmental projects.

This is as the organisation also unveiled other bold and inclusive Islamic-oriented initiative aimed at tackling poverty and accelerating community and grassroots development in the country.

The cleric also highlighted how businesses can be endowed through Waqf to ensure continuity, serve humanitarian causes, and tackle poverty in the country.

Daily Trust reports that the Waqf concept rooted in Islamic laws and traditions, refers to an endowment made by a Muslim for charitable or religious purposes, such as building mosques, schools, hospitals, or other public institutions, which are then institutionalized to have a life and sustainability nature of their own.

“If you notice, in Nigeria, almost all the businesses, the moment the owner dies, that is also the end of the business. You remember Kabo Air, Chanhangi Air, Concord Air, Concord newspapers, and there are so many others.

“The moment the owners die, that is the end of those businesses. It is a triple loss for the owner, for the family and humanity. But with Waqf, you can endow the business in an Islamic way, that business will be taken over by God himself, but it will now be used for the people, and you can even have your children to be there, and the business will still continue. These are the things we want to promote for the benefit of humanity,” Adeyemi said.

He said that aside the Waqf foundation, other developmental initiatives to be inaugurated include; the ‘Faith and Philanthropy Initiative’, which is in collaboration with the McArthur Foundation.

Other initiatives are the Al-Habibiyya Rural Initiative, Estate Planning and Allied Services (EPAS), Diaspora Support Services, Volunteer Mobilisation and African Mosque Forum.

He said that AIS would collaborate with business associations, strategic stakeholders such as the Corporate Affairs Commission, Islamic banks to drive the various initiatives.

He expressed confidence that the initiatives would provide sustainable solutions to the challenges of poverty and underdevelopment in the country.

He said that Muslims and other Nigerian have no reasons to be poor as all that is required is the proper channelization of the resources for the societal and national benefits.

Also, an Associate Professor of the Kwara State University (KWASU), Dr. Abdullahi Ishola; a social development expert, Dr. Lukman Adefulahan; a retired Nigeria forein envoy, Ambassador Ridwan Adebayo Mustapha; a social development consultant, Dr. Mohammed Kamal Abdurrahman; a former United Nations (UN) system expert, Suleiman Braimah; and Dr. Babagana Adam, a development experts were unanimous that the waqf would be beneficial to the country and citizens as can be seen the ‘Sukuk’ concept applied on parts of the nation’s road constructions.