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Zakat and Sadaqat deepens entrepreneurship devpt among youths

By Sulaimon Salau
13 August 2015   |   7:05 pm
Zakat and Sadaqat Foundation (Z&S) has deepened its commitment to tackle the problems of poverty and unemployment among Muslim youths through its Entrepreneurship Development Project (EDP).


Zakat and Sadaqat Foundation (Z&S) has deepened its commitment to tackle the problems of poverty and unemployment among Muslim youths through its Entrepreneurship Development Project (EDP).

As part of the scheme, the Z&S on Wednesday donated cash gifts to some qualified young entrepreneurs classified under ‘Growth Track’ and
‘Idea Track’ categories at a ceremony in Lagos.

The Executive Director and Chief Executive Officer, Z&S, Abdullah Shauib, at the presentation of prizes, said the business plan competition was another product of the foundation designed as Entrepreneurship Development Project with the sole aim of promoting entrepreneurship skills amongst the Nigerian youths so that they can be self-reliant and become job creators instead of job seekers.

He however believed that the scheme would also go a long way in tackling the endemic problems of poverty, unemployment and hopelessness confronting the Nigerian youths.

Shuaib therefore urged the beneficiaries to utilise the seed capital judiciously for the growth of the business.

“We have fulfilled our own part of the contract; it is left for you to fulfil yours. Our monitoring and evaluation officers will keep a tab on you from time to time and we implore you to furnish us with progress report regularly. Be reminded that we shall render accounts, so will you on the day of judgement,”he said.

The awards and cash prices were given to eight finalists and other 12 participants. The four finalists in the Growth Track were rewarded with N1.5 million, N1 million, N750,000 and N500,000 accordingly; while the Idea Track also got N1 million, N750,000, N500,000 and N250,000 respectively.

The Chairman, Jaiz Bank, Alhaji Umaru Abdul Mutallab; Jaiz Bank as an entity; and Al-Barakah Microfinance Bank, were also given merit awards for their immense contribution towards the growth of the Foundation.

Alhaji Abdul Mutallab, who is also the Chairman, Advisory Board, Z&S, assured that the Foundation is committed to providing opportunities for the teeming Nigerian youths endowed with various potentials but lacking the required seed capital or grants to expand their businesses.

He said the Z&S in partnership with Jaiz Bank and Al-Barakah Microfinance Bank would work to complement the efforts of government in the area of job creation and employment opportunities for the future leaders of Nigeria.

The Ameerah, Federation of Muslim Women Association of Nigeria (FOMWAN), Lagos State Chapter, Alhaja Sariyu Ajoke Ashiru, applauded Z&S for the initiative, which she said play a major role in achieving the one of the Millennium Development Goals of the United Nations.

She expressed regrets that the government has failed to achieve some of its economic targets in 2010 and 2015, while it currently pursuing the Vision 2020 agenda.

Ashiru however urged other stakeholders to emulate Z&S towards eradicating poverty in the country through youth empowerment.

The grand prize winner, Dolapo Taofik Olalekan, on behalf of other beneficiaries, appreciated the Foundation for the support, promising to judiciously utilise the fund to the growth of the business.

Zakat and Sadaqat Foundation is established with the objectives of bridging the gap between the rich and poor; re-awaken the spirit of social responsibility among Muslims; return zakat to its right position in Islam; create a credible channel of distribution of zakat and ensure even distribution of wealth for empowerment of the less-privilege among others.