By Muhammad Idris
Al-Habibiyah Islamic Society and FIUSS Labs Sdn Bhd FIUSS Labs Sdn Bhd on Wednesday signed a Memorandum of Understanding (MoU) to promote the application of digital technologies in Waqf and Zakat management.
The agreement was signed in Abuja by the National Chief Imam of Al-Habibiyah Islamic Society, Imam Fuad Adeyemi, on behalf of the society, while Mr Hamid Rashid, Founder and Chief Executive Officer of FIUSS Labs Sdn Bhd, signed for the company.
The News Agency of Nigeria (NAN) reports that the partnership is aimed at exploring innovative ways of applying technology to Islamic social finance and expanding opportunities for sustainable community development.
FIUSS Labs is a fintech venture focused on developing digital infrastructure for Islamic capital markets and is based in Kuala Lumpur, Malaysia.
The company operates at the intersection of distributed ledger technology, real-world asset tokenisation and Shariah-compliant finance, with particular interest in Islamic social finance and Waqf assets.
Rashid said the MoU would provide a framework for both organisations to identify practical areas of collaboration within the first 90 days of the agreement.
He said the initial areas of cooperation would include awareness creation and knowledge sharing on Islamic finance, Waqf, Zakat and emerging financial technologies.
According to him, experts in Malaysia could participate in virtual sessions through platforms such as Zoom to share knowledge and experiences with members and teams of Al-Habibiyah Islamic Society.
He added that the partnership could also facilitate formal training programmes through which participants would obtain professional certificates.
Rashid said FIUSS Labs had relationships with institutions, including the Institute of Islamic Banking and Finance in Malaysia, as well as other professional bodies that could support specialised training.
He said another major area of collaboration would be the introduction of digital technologies to the society’s activities.
Rashid listed crowdfunding, donor management, investor management and Customer Relationship Management (CRM) among the technologies that could be explored under the partnership.
He also identified social media and digital marketing as important tools that could help Al-Habibiyah expand its communication, fundraising and engagement activities.
According to him, the adoption of appropriate technologies could enable the society to reach wider audiences locally and internationally.
He said FIUSS Labs would draw on its experience in technology and digital finance to support the society in improving its systems and expanding its reach.
Rashid further said the organisations could identify potential projects that FIUSS Labs might support either through direct investment or by assisting in fundraising.
He explained that FIUSS Labs had access to a donor network in Southeast Asia and Gulf Cooperation Council (GCC) countries that could potentially support viable projects.
He said any project considered under the partnership would be subjected to professional due diligence and financial modelling to determine its sustainability.
Rashid stressed the importance of ensuring that projects were financially viable and capable of generating sufficient returns to sustain their activities.
He said profitable projects could provide resources for the continued development of Zakat and Waqf initiatives while also supporting Al-Habibiyah and other participating stakeholders.
Rashid said the three broad areas of the MoU were knowledge sharing and awareness, digital technology adoption, and collaboration on potentially viable projects.
He reiterated that the two organisations would use the initial 90-day period to formalise the next steps and determine specific projects and programmes for implementation.
For his part, Adeyemi expressed satisfaction with the partnership, describing it as an important opportunity for Al-Habibiyah Islamic Society to embrace new approaches to Islamic social finance.
He said the society was eager to see how crowdfunding and investor-matching mechanisms could help address funding challenges affecting some of its projects.
Adeyemi noted that the society had projects, including a gari-related enterprise, which it hoped to expand internationally but had been constrained by inadequate funding.
He also mentioned agricultural activities requiring financial support to enable young people involved in farming to expand their operations.
According to him, training would be particularly important because it would enable members of the society to acquire knowledge and operate from a common understanding of modern Islamic financial and technological practices.
Adeyemi said the partnership could also expose members of the society to international conferences, seminars and professional engagements that would broaden their knowledge and networks.
He stressed that such opportunities should not be limited to a particular group but should be made available to interested and hardworking members of the society.
The chief imam expressed optimism that the partnership would produce visible results within the 90-day period and said he intended to apply some of the lessons immediately.
He said he planned to use his Friday sermon, or khutbah, to promote awareness about transparent fundraising and demonstrate how modern platforms could be used to mobilise resources for community development.
Adeyemi said he hoped to raise substantial funds through a digital platform where contributors would be able to monitor the amount raised, how the funds were spent and the projects being implemented in accordance with Waqf principles.
FIUSS Labs is a company that identifies Waqf as an important area for technological development, seeking to improve transparency, productive utilisation and access to financing while maintaining Shariah principles.
The partnership therefore represents an effort to connect traditional Islamic social-finance practices with emerging digital technologies and potentially create new channels for sustainable investment, fundraising and community development.
NAN reports that the collaboration will provide a platform for knowledge transfer, technological innovation and international engagement, while the outcome of the initial 90-day period is expected to determine the specific projects and programmes to be pursued by both organisations.(NAN)(www.nannews.ng)
Edited by Deji Abdulwahab