AS-SALAAM - Home

Ikirun As-salaam Co-operative Investment & Credit Society (CICU) Limited, was established on 5th August 2005 and registered in April 21st 2006 with the government of Nigeria with Registration No. 6448. We are a limited liability and multipurpose co-operative union established with the aim of coordinating likeminded professionals and entrepreneurs in organizing a pool of private funds to serve as a reliable source of credit and investment opportunities, towards which members can look as an organized, reliable and more affordable means of achieving both personal and socio-economic development.

OUR MISSION

The mission of CICU is usually to develop, exercise and propagate Islamic worldview of co-operative society so as to rid the society of Riba (Interest) primarily based transactions, and to make Co-ops a platform for members to plan, budget and discipline themselves while enjoying financial security and breaking free from the bandage of poverty

OUR VISION

CICU aims to be an Islamic co-operative society that continues to grow and develop as an Islamic financial Institution that can meet the financial needs of it members and to serves as a reference point for an ideal Islamic cooperative system in Nigeria.

BENEFITS TO MEMBERS

BENEFITS TO MEMBERS 1. Interest - free loans with 10% repayment scheme. 2. Security and Availability of funds. 3. Emergency fundraising for any medical care. 4. Fast and efficient services. 5. Ethical Business and Investment 6. Dividends after the Annual General Meeting of Shareholders. 7. Dedicated Staffs to meet the needs of our members. 8. Members can access their accounts online.

REQUIREMENT FOR FACILITY AND GUARANTORS

All Loans and Business transactions must have guarantors whoare members of the cooperative and these guarantors would be fully responsibile in case of default. Guarantors shall not be allowed to take substantial loan untill and after the person they stool surety for has paid back at least twenty percent(20%) of the amount collected. To qualify for loan, the intending borrower must present two guarantors that must be active and consistent members of the Cooperative with at least half the amount he is standing surety for in his/her savings account with the Society.

Happy Members

Projects

Hours Of Support

Hard Workers

COMMITTEES

EDUCATION & DAWAH COMMUNITIEE

The Education & Dawah serve as advisory organ to the members. Membership are of those with sound Islamic Knowledge.

WELFARE & LOANS COMMITTEE(WLC)

This commitee handles welfare matters of the members and loan committees does the processing of the Qard Hasana (Non-Interest Loan) requests from members.

PROJECT & BUILDING COMMITTEE

The PBC shall handle all property development issues for the Union.The committee is visioned to acquire, develop and redevelop standard project in line with Islamic principles.

BUSINESS COMMITTEE(BC)

This BC is the investment arm of the cooperative. It handles the processing of all business transactions and is in charge of the management of the mini-mart and hospital operated by the cooperative.

INTERNAL AUDITOR COMMITTEE

Our IAC provides oversight of the financial reporting process, the audit process, the cooperative's system of internal controls and compliance with laws and regulations.

PROTOCOL & DISCIPLINARY COMMITTEE

Our PDC is mandated to ensure protection of the public interest by establishing and maintaining a framework for dealing with matters referred to it for discipline by the Inquiries, Complaints and Reports Committee.

Testimonials

A.S OLASUNKANMI

AICHRM, AICPM, GCPM

We don't claim to be the best and the only one but we can say confidently that we are among the best co-operative societies that help members to achieve both personal and socio-economic development.

Abibat Ibrahim

Member

I have modifications and additions that Allah has given me to add to my special speech dedicated to As-Salaam (CICU) had poured so much joy into my life and my husband's life that cannot be measured. We are so grateful!

Oderinu Haveez

Memeber

CICU has grew many businesses and helped many Muslims in the society. At a glance I didn't believe my business could be financed without going into non-Islamic means of finance, but here am I today giving thanks to Almighty Allah for getting full financial support for my business through As-Salam Interest-Free Co-operative & Credit Society Ltd.

BOARD OF DIRECTORS, EXECUTIVE COUNCIL & STANDING COMMITTEE

Our BOD and EXCO is ably assisted by the standing committees' membership of which consists of people who have good understanding of the fundamental principles of which the co-operative was established and are known for practicing same.