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.
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.
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.
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 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.
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.
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
© Crescent Multipurpose Cooperative Society. All Rights Reserved.
Designed by Crescentmcs