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Finance | Islamic Finance

Jaiz Charity & Development Foundation Distributes N9m to Over 70 Beneficiaries

Jun 16, 2022   •   by Bukola Akinyele-Yisau   •   Source: WebTV   •   eye-icon 565 views

Jaiz Charity & Development Foundation recently hosted the 7th Annual Zakat Distribution Ceremony, where it distributed N9m to over 70 beneficiaries in Lagos.

The event brought together stakeholders, the board of directors, members, beneficiaries, and other dignitaries in Nigeria. 

The Chairman of the occasion, Alhaji Shuaib Idris, MD/CEO, TimeLine Consulting in his remarks said the purpose of the gathering, was to basically demonstrate the values of the foundation.

Highlighting the 5 pillars of Islam, he said the event was designed to expand one of the pillars which is Zakat.  Looking at the level of poverty in Nigeria currently at over 40%, he believed it was important to reach out and support people in need. 

According to him, if Muslims make the payment of Zakat which is 2.5% of an individual’s total income a priority, it will reduce the poverty gap in the country. 

The Representative of the Chairman, Board of Trustees, Jaiz Charity and Development Foundation, Hajiya Zainab Abdulrahman said the total Zakat aggerate disbursed in Lagos state is N9m to over 70 beneficiaries.

She said the foundation already disbursed over N3.78m for medical surgeries and livelihoods of over 3 beneficiaries on the request of some zakat payers, while the balance of N5.2m was disbursed to 39 beneficiaries, who are seriously in need due to current adverse socio-economic situation, that has impacted negatively on their living conditions and those that are less privileged. 

“As part of the mandate of the foundation, Jaiz Charity is committed to improving the situation of people by giving voice to the voiceless, hope to the hopeless, supporting victims of the harsh economic conditions with a view to inspiring and empowering them to be financially independent and experience shared prosperity”.  

She congratulated the beneficiaries and urged them to utilize the portion of zakat given to them to help themselves and their family. 

Dr. Abdullahi Shuaib, the Chief Executive Officer of the Jaiz Charity & Development Foundation, said over the past 6 years the foundation has been distributing Zakat in Lagos state. He said Jaiz foundation is walking the talk and has the potentials to eradicate poverty when administered efficiently. 

Also, he stated that the foundation was contributing its quota by complementing the efforts of the three-tiers of government towards achieving the Sustainable Development Goals, SDGs such as: 

  • No poverty
  • Zero Hunger 
  • Good health and Wellbeing
  • Quality education
  • Gender equality 
  • Clean water and Sanitation 
  • Affordable and Clean Energy 
  • Decent Work and Economic Growth among others. 

 

Zakat according to him is one of the instruments of Islamic social finance which is a subset of Islamic finance and a potent tool to mitigate poverty, reduce inequality gap in the society and economically empower the poor and needy people. 

Beneficiaries received 2 sewing machines, 3 industrial sewing machines, 1 blood pressure machine, 1 deep freezer, 1 Laserjet Mfp 137 fnw monochrome printer, and surgery for 2 beneficiaries. 

Apart from medical and economic empowerment supports, other thematic areas covered by the foundation include education, accommodation, debt-relief, and humanitarian supports.

He appreciated all the Zakat payers over the years of the existence of Jaiz Charity and Development foundation and tasked Nigerians to continue to pay Zakat.

The CEO pledged that the foundation would continue to uplift the standards of living of the poor, needy, and vulnerable people. 

Zakat is one of the five pillars of Islam and obligatory for Muslims. It enhances the love between the rich and the poor.  Zakat is payable monthly or yearly by calculating your total income and dividing it by 2.5%. Those who have outstanding, including any form of a loan, are ineligible for Zakat; they must be deducted from the overall total before paying it.   

Jaiz Charity & Development Foundation (also known as Jaiz Foundation) was established by the first Non-Interest Bank in Nigeria called Jaiz Bank Plc. Jaiz Charity is a charitable, non-profit, and non-governmental organization meant to complement the efforts of governments in improving people’s lives.   

According to the Islamic Relief Worldwide, Zakat contributions globally are estimated to be between $200bn and $1trn annually.

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