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MICA proffers solution to economic challenges

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Aerial view of buildings and markets on Lagos Island.

The Movement for Islamic Culture and Awareness (MICA) Alimosho Branch has proffered solution the prevailing economic challenges in country, citing Islamic provisions.

The group, during her Ramadan public lecture tagged “Muslims in the emerging new world order” believed that over-dependence on crude oil led to the neglect of agricultural and light manufacturing led to drop in the economy reserve.

MICA also provided free medical services, drugs, economic empowerment, and freebies for children at the event.

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The Coordinator, MICA Alimosho branch, Tunde Abdulsalam, prayed for the ummah to witness more Ramadan, urging them to be steadfast. “Ramadan is always an opportunity for new beginnings for Muslims given the enormous goodwill for forgiveness of sins, training in Ibadah and acceptance of prayers from Allah”.

He said the theme for the Ramadan ‘Muslims in the emerging world order’ was selected to acquaint with the contemporary challenges facing Muslims in the world and how the challenges can be tackled with the divine guidance from the Quran and Sunah

The Guest Lecturer, Mr. Sulaimon Adedokun, said: “ Nigeria earns over 90 per cent of its foreign exchange from crude oil sale and over 70 per cent of revenue from the same product. This led the economy to start facing several challenges because of low activities in the oil and gas sector. This led to several challenges that are bedeviling the country at the moment. High rate of poverty, scarcity of capital, mass job losses, rising inflation and high exchange rate,”

Nothing that Islam is a system of moderation and it curb the evil of capitalism, he said: “Muslims are victim of recession. In the cause of surviving, many were lured into vices like lying, cheating, giving and taking of bribe. Husbands abandoned their families due to financial weakness”.

He said Muslims could survive during the economic recession with the concept of Zakat.

“ Zakat is a enough to curb recession among the Muslims if done the way Allah enjoin Muslims to distribute,”
The Director Of Muslim Zakat and Sadaqah Foundation, Mutiu Olajobi emphasized on the need for every Muslim to care for others through the payment of zakah which Allah has enjoined on every Muslim to purify their wealth.”

The Financial Secretary of Benevolent Cooperative, Mr. Quasim Alade stressed on the need to join Benevolent cooperative society, operating free interest loan as enjoined by Almighty Allah” Allah forbid interest on loan, but a fair mechanism. Profit or loss sharing principle on investment in proportion of stake”

He said the cooperative provide credit facilities to its members at zero rates of interest for provident and productive purposes and also encourage regular savings amongst members so that each member may cultivate the habit of saving.

Alade said the cooperative have acquired acres of land for sale to meet the housing need of the members as a form of investment for the economic benefit of members.


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