+2348186904152 | gensec@crecentmcs.com

Principles of Operations

  • Contributions in Savings & Business are in Ratio 60% : 40%
  • Loan facilities at no Interest
  • Invest resources on only Halaal businesses
  • Businesses on Riba Free based Transactions
  • Facilities are of First come First served
OUR STORY

The Crescent Multipurpose Cooperative Society was established in the year 2011. The operations are soley based on halaal transactions. The membership is growing progressively. Following are the aims of the Cooperative.

- Liberate Members from the agony of interest-based cooperative Societies.

- Assist members to be economically and financially self-dependent.

- Empower all members to be self-sufficient.

- Practice principles of cooperation as established in Islamic shari’ah.

- Search for, engage in, and encourage members to partake in lawful, non-interest based, viable businesses and transactions.

LiberateMembers
EconomicAssistance
Empower MembersTo be Self-Sufficient
Non-Interest BasedTransactions
CMCS IN BRIEF

Cooperating for Good and Righteousness

The Crescent Multipurpose Cooperative Society (CMCS) has a mission to rid the society of usury-based (Riba) transactions, and provide in their stead, interest-free loans and Halaal(lawful) business options for members and customers as requested by the Islamic faith in Shaa Allah.

Most of the Cooperative activities can be achieved online through CMCS portal(https://crescentmcs.com). Thereby ensuring accountability and transparency. The primary activities of the cooperative are loans and welfare as well as business and investments.

Benefits To Members

  • Dividends after Annual General Meeting(AGM).
  • Interest-free Loans.
  • Prompt and efficient services.
  • Halal and ethical business and Investments.
  • Fund security and Availability.
  • Members can access their accounts online.
  • Dedicated staff to meet customers' needs.

Our Mission

The mission of this society is mainly to develop, practice and propagate Islamic worldview of co-operative society so as to rid the society of Riba (Interest) based transactions, and provide in their stead, interest–free and Halaal (lawful) business options for Members. Insha-Allah

Our Vision

The Society envisions an outstanding and ever expanding Islamic co-operative Society that will grow and develop into the establishment of Islamic financial institutions that could stand tall in services of Members’ monetary needs and financial transactions. Insha-Allah.

Values

CMCS Membership is open to all who share same view as contained in the Vision, Mission, Values as well as the Aims and Objectives of the society. Membership Application form is based online with a token of N2,000 naira.

MANAGEMENT

Executive Council & Standing Committees

Shura (Advisory) Committee

The Shura have a 3-year tenure. They nominate members that form the EXCO for the AGM to ratify. They serve as advisory organ to the EXCO. Membership are of those with sound Islamic Knowledge.

Welfare & Loans Committee(WLC)

This commitee handles welfare matters of the members as well as does the processing of the Qard Hasana (Non-Interest Loan) requests from members. They have the same tenure as the EXCO.

Property Development Committee

The PDC shall handle all property development issues for members.The committee is visioned to acquire, develop and redevelop high quality standard properties for commercial purposes in line with Islamic principles.

Executive Council (EXCO)

CMCS is run by EXCO who have a two-year tenure.The EXCO is ably assisted by the standing committees'membership membership of which consists of people who have good understanding of the fundamental principles of which the cooperative was established and are known for practicing same.

Business Committee(BC)

This BC is the investment arm of the cooperative. It handles the processing of all business transactions and is in charge of the management of the mini-mart operated by the cooperative. They have same tenure as the Eexecutive Council (EXCO).

Membership of the Cooperative/ Discipline

Membership

    Membership is open to all who share same view as stated in the Vision, Mission and Values as well as the Aims and Objectives of the society.

    Applications for Membership are done online after an activation code has been generated by an administrator.

    All contributions are divided into two portions of 60/40 ratio representing savings/investment respectively.

Membership

    All new applications serve a 3-months probation period after which the applicant becomes a full-fledged member if no issues came up.

    New members shall pay a non-refundable fee of N2,000.00 only as membership registration fees subject to changes from time to time.

    Any member who fails to make three {3} consecutive contributions without written notice to the cooperative would be eligible for expulsion.

Discipline

    The cooperative expects members and officials to be people of good conduct. misconducts such as the followings may lead to disciplinary measures.

Consistent defaults in facility repayments.

Flagrant disobedience to agreed order.

Failure to make three {3} consecutive contribution(account goes dormant).

Proven dishonesty or fradulent practices.

Membership Withdrawal

    Members are at liberty to withdraw from the society whenever they feel like doing so. Such members must give 3-months notice.

   Only what is in the savings account can be accessed immediately, whatever is in the investment account can only be received after declaration of dividend at the next AGM.

    Contribution in investment account and its proceeds are subject to surplus or loss recorded.

Qard Hasana (Non-Interest Loans)

Qard Hasana (Non-Interest Loan).

All loans in the cooperative are subject to the availability of funds and are free of interest. Total loans by any member at any time shall not be more than 200% of what is in the savings.

Long-Term Qard Hasana (LTQH).

This is the statutory loan a full member can benefit from. It is based on the 200% of what exists in their savings acct. This shall be paid back over one year if less than a million naira or 18 months if more than a million naira.

Short-Term Qard Hasana (STQH).

Members and those who are yet to spend more than 3-months of contributions are entitled to small amount of money of about twice their monthly contribution which shall be paidback within 2 months.

Special Qard Hasana (SPQH).

Loans that are channeled specially for health and education needs of members. This is usually pooled from a limited amount of money and only subjectto the availability of funds in that pool.

Business and Investment

Cooperative Business & Investments.

All business and investments activities are tailored towards the various products with backings in the shari'ah.

Cost-Plus MarkUp (Murabaha).

CMCS buys item and sells to customers at a markup. The customer pays over the agreed period of 3-, 6-, or 12-months depending on the agreement. Items in the CMCS mini-mart, electronics, building materials, cars and land can fall in this category.

Partnership (Musharakah).

CMCS go into partnership with customers by co-owning a project and agree on the ratio for the sharing profit or loss as prescribed in shari'ah.

Joint Venture (Mudarabah).

Crescent Multipurpose Cooperative Society can provide funds for a business while the customer executes it. The ratio for sharing the profit would be as agreed.

Rent and Services (Ijaarah).

CMCS rents houses and members rent from CMCS through our Ijaarah service. The payments is spread over the tenure. Some of the business that CMCS is into are: Real Estate Development and Special Sales during celebration period.

Requirement for Facility/ Guarantors

  • All Loans and Business transactions must have guarantors whoare members of the cooperative and these guarantors would be fully responsibile in case of default.

  • Guarantors shall not be allowed to take substantial loan untill and after the person they stool surety for has paid back at least twenty percent(20%) of the amount collected.

  • To qualify for loan, the intending borrower must present a guarantor that must be active and consistent members of the Cooperative with at least half the amount he is standing surety for in his/her savings account with the Society.

PAYMENTS

App paymentsto the cooperative accounts must be to the underlisted accounts. Such payments must be entered online via the cooperative portal. https://crescentmcs.com or send an email to the CMCS e-mail address crescentmcs@yahoo.com by the payeefor the avoidance of doubts.

  • Operations Account: 0002924465 - Jaiz Bank.

  • Investment Account: 0000073280 - Jaiz Bank.

Contact Info

C/o NIGCOMSAT Limited, Obasanjo Space Centre,Airport Road, Lugbe. PMB 647, Garki, Abuja, Nigeria.

https://crescentmcs.com

crescentmcs@yahoo.com

gensec@crescentmcs.com

+2348186904152/08024412501

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