By Our Correspondent, Ilorin
May 24, 2025
The Islamic Medical Association of Nigeria (IMAN) Trust Multipurpose Cooperative Society has commemorated its 20th anniversary, celebrating two decades of providing ethical, interest-free financial services to thousands of members, in line with Islamic principles.
Founded in 2005 with just 42 members operating from a kiosk within the University of Ilorin Teaching Hospital (UITH), the cooperative has evolved into a robust financial institution serving over 2,000 members across various sectors.
Speaking at the anniversary event held in Ilorin, the President of the Society, Professor Abdulrasheed A. Nasir, described the journey as a testament to the strength of shared values and collective progress. He noted that the Society was established to offer a Shariah-compliant alternative to conventional financial systems, particularly for Muslim professionals.
“This cooperative is more than a financial institution—it is a trust-based community built on fairness, transparency, and mutual assistance,” Nasir said.
Over the last two decades, IMAN Trust has disbursed more than 7,000 interest-free loans and has supported 774 members with educational financing over the past six years. The Society has also assisted over 100 members in fulfilling the religious obligation of Hajj.
The Society’s impact extends to asset financing, with over N913 million spent on vehicle acquisition, N530 million on land and property purchases, and more than N1 billion on building materials. In addition, the cooperative has invested N150 million in various community development projects.
In marking the anniversary, the Society also launched a five-year strategic plan aimed at enhancing its services and digital capacity. The plan includes the i-TEC initiative, which seeks to digitize operations, broaden financial offerings, and improve financial literacy among members.
Professor Nasir reiterated IMAN Trust’s commitment to Islamic finance values, stressing that the Society will continue to empower its members with dignity and equity.
As Nigeria grapples with deepening financial inequality and increasing economic hardship, IMAN Trust stands out as a model of how faith-based, non-interest financial systems can foster inclusive growth and strengthen communities.
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