Dignitaries at the Ibile Muslim Community Zakat and Sadaqah Foundation public presentation on Saturday in Lagos.
The Ibile Muslim Community Zakat and Sadaqah Foundation was unveiled on Saturday to empower less privileged Muslims in Lagos and lift many others out of poverty.
The foundation was launched at a public presentation sponsored by Lotus Bank in Lagos.
According to the News Agency of Nigeria (NAN), the foundation is a new charitable organisation dedicated to promoting Zakat, Sadaqah, and Waqf to support those in need within the community.
Zakat, the third pillar of Islam, requires all Muslims who meet the necessary criteria to donate a certain proportion of their wealth each year to charity to help relieve the poor.
This mandatory charitable contribution is often considered a tax on the rich and is based on the value of all one’s possessions.
Typically, it amounts to 2.5 per cent of a Muslim’s total savings and wealth above a minimum amount known as “nisab” each lunar year.
Sadaqah, on the other hand, is a voluntary charitable act towards others, expressed through generosity, love, compassion, or faith and is not necessarily physical or monetary.
Waqf is an Islamic endowment of property to be held in trust and used for charitable or religious purposes.
Speaking at the presentation, Gov. Babajide Sanwo-Olu of Lagos State commended the foundation for its laudable initiative to empower Muslims and the wider community.
Represented by the Deputy Governor of Lagos State, Dr Femi Hamzat, Sanwo-Olu noted that Zakat, as prescribed by Islamic injunction, is compulsory and eligible Muslims must be committed to paying it.
He urged the Ibile Muslim Community Zakat and Sadaqah Foundation to be transparent and accountable to both donors and beneficiaries.
“All eligible Muslims are expected to donate, while the foundation is expected to manage the funds well,” he said.
Sheikh Sulayman Nolla, Chairman of the Board of Trustees of the Ibile Muslim Community Zakat and Sadaqah Foundation, highlighted that the initiative aimed to unify all Muslims in Lagos.
According to the Grand Chief Imam of Lagos, the foundation is not solely for Muslims, as Islam does not promote segregation or discrimination.
“Government operates through divisions, which is why we used the nomenclature ‘Ibile,’ representing Ikeja, Badagry, Ikorodu, Lagos Island and Epe.
“This means we will spread the goodwill across the state.
“It is not an initiative for the Southwest or Muslims alone, because Islam does not permit such,” Nolla explained.
The foundation’s template is designed to serve humanity by pooling resources to bridge the gap between the rich and the poor.
Nolla emphasised that the government alone cannot tackle poverty and hunger, and provide quality education and health facilities, thus requiring support from foundations and wealthy individuals.
Mr Nasir Giwa, the Secretary of the Board of Trustees, stated that the foundation would effectively communicate with all stakeholders and promote openness and accountability.
He mentioned that a technical committee comprising reputable individuals would steer the foundation’s operations and assist in fundraising.
Meanwhile, in an interview with newsmen, Mrs Kafilat Araoye, Managing Director of Lotus Bank, said that the financial institution partnered with the foundation by providing financial, technical and administrative support.
She said that Lotus Bank would ensure that the foundation follows Sharia and Islamic finance principles for managing funds.
“We are helping the foundation to set up an office, and as experts in Islamic financial standards, we will assist in designing its governance structure,” Araoye said.
She stressed the need for permanent solutions to poverty rather than temporary palliatives and highlighted the importance of empowering youth through gainful employment.
Araoye added that the bank would ensure the foundation’s financial transparency and accountability, with annual or quarterly presentations of its accounts.
The managing director noted that the bank would also assist in attracting funding from multinationals and philanthropists.
The event attracted high-profile personalities, government officials and religious leaders who made significant donations.
Oba Rilwan Akiolu, Oba of Lagos, led the donations with N100 million.
