Welfare Microfinance Bank Ltd is a unit microfinance bank located at 159, Abdulazeez Attah Road, Ilorin, Kwara State Nigeria.
The bank was promoted by Islamic Welfare Foundation (IWF) sequel to the 2011 (1432 A.H) monthly Ramadhan Qur’an Tasfsir session calling on the IWF on the need to have an alternative banking model other than the conventional interest based model. The bank is owned by a number of shareholders among which are the IWF, Al Hidayyah Multi-Purpose Cooperative Union; a group of Non Interest (Islamic Cooperative Societies in Ilorin, Kwara State, Nigeria) and other individuals.
The bank was incorporated on 31st December, 2014, obtained Central Bank of Nigeria (CBN) approval on 31st August, 2015 and commenced operations on 30th September, 2015.
Our goals and aspirations at Welfare Microfinance Bank Ltd, among others, are:
- To run a bank that provides an alternative finance based on the non-interest Islamic model thus providing banking choices for the generality of people in the area.
- Buy into the Central Bank of Nigeria cherished financial inclusion by ensuring that those that have abandoned the banking habit due to religious beliefs and thereby financially excluded can be endeared and integrated into the Nigeria banking system.
- Provision of innovative rural financial services to the people.
- Stimulating the economic activities of the people by reaching and empowering the economically active poor in the society.
- Establishing the rules of real trading rather than engaging in interest.
Operational features
Cree Indian Proverb:
“Only when the last tree has died and the last river has been poisoned and the last fish has been caught will we realize we cannot eat money”
Al-Ghazali:
The very objective of the Shari’ah is to promote the welfare of the people which lies in safeguarding their faith, their life, their intellect, their posterity and their property. Whatever ensures the safeguard of these five, serves public interest irrespective of creed and nationality and therefore is desirable.
Basics:
- Love for wealth is a natural instinct and should not be suppressed.
- Human instinct motivates one to work hard, organise one’s economic activities efficiently and profitably and discover new methods of exploiting resources and multiplying wealth.
- No increase in money exchange with or without passage of time.
- Money itself has no intrinsic value without investment.
- A distinct aspect of an Islamic enterprise is the social dimension of its operations.
