AziCCUL Launches Islamic Services: A New Era for Financial Inclusion

 

Azire Cooperative Credit Union Limited (AziCCUL), the largest credit union with over 57 years of trusted service, has introduced an Islamic Service into the microfinance Institution.The launch took place at Epic Center in Bamenda under the esteemed patronage of North West Governor Adolphe Lele L'Afrique. This initiative marks a significant step toward financial inclusion in the North West Region, catering specifically to the needs of the Muslim community.

Understanding Islamic Banking

Islamic banking, in accordance with Sharia law, prohibits interest (riba) and unethical investments, such as gambling and alcohol. Instead, it fosters profit-sharing, leasing, and fee-based services. Financial returns are generated through activities like trading and partnerships, emphasizing ethical financial practices. A dedicated Sharia Supervisory Committee ensures all operations align with these principles, promoting an inclusive financial environment.

With approximately 200,000 members and 16 branches across all 10 regions of Cameroon, AziCCUL is poised to serve a diverse clientele.

Insights from AziCCUL Leadership

Anye Walters Awah, General Manager of AziCCUL, explained the motivation behind launching Islamic Services:

> "The Board and management conceived this idea because we recognized that the Muslim community, despite its substantial resources, often refrains from using banks due to non-compliance with Sharia principles. We aimed to create services that align with their values, allowing them to engage fully with AziCCUL."

Anye Walters Awah highlighted the unique structure of these services, which includes a dedicated department for Islamic banking staffed by trained Muslim employees and overseen by a Sharia board composed of scholars.

Mirabel Nee Ngang, President of AziCCUL, emphasized the importance of inclusivity:

> "The launch of these services aims to integrate Muslims into the financial landscape. Previously, they operated solely under Islamic compliance. Our goal is to unite and grow together, based on transparency and fairness."

 Benefits for the Muslim Community

*Sani Mohammed, the Pioneer Manager of AziCCUL Islamic Services*, outlined the advantages of these new offerings:

> "Having served at AziCCUL for over 20 years and as a practicing Muslim, I understand the significance of Sharia-compliant services. Many Muslims have avoided traditional banking due to interest. With these new services, they can participate in the financial system without compromising their values, leading to greater economic empowerment."

He noted that this initiative will enable Muslims to invest in their futures—building homes, schools, and businesses—all while adhering to Islamic principles. Additionally, the introduction of a hajj savings account allows individuals to prepare financially for this important pilgrimage.

## Economic Impact in the Region

Governor Adolphe Lele L'Afrique expressed optimism about the initiative's potential:

> "The launch of Islamic Services by AziCCUL will significantly contribute to the economic growth of the North West region and beyond. This initiative will also support the ongoing peace-building efforts in our region, offering new opportunities for development."

He encouraged community members to open accounts and serve as ambassadors of peace and progress.

 Future Plans

Looking ahead, Anye Walters Awah affirmed AziCCUL’s commitment to expanding Islamic Services across Cameroon:

> "Following the Bamenda launch, we plan to reach out to regions like Bertoua, Bonamoussadi in Douala, and Yaoundé. Our collaboration with a consultant and a Sharia-compliant board will guide our actions to ensure these services are accessible nationwide."

AziCCUL's launch of Islamic Services represents a significant milestone in fostering a more inclusive financial ecosystem in Cameroon.

By Bamenjo Petronilla