The Sultanate Council has announced plans to establish the Caliphate Islamic Microfinance Bank to tackle poverty, create employment opportunities and promote sustainable livelihoods across Nigeria and the West African sub-region.
The Sultan of Sokoto, Alhaji Sa’ad Abubakar, disclosed the plan on Sunday in Sokoto during the opening of a three-day training and capacity-building programme for stakeholders on Baitul Mal wat Tamweel, an Islamic model that combines social welfare with economic empowerment.
The programme was organised by the Islamic Development Bank in collaboration with the Sokoto State Zakat and Endowment Agency.
Represented by the District Head of Kilgore, Alhaji Jabbi Kilgore, the Sultan said the proposed bank would provide small-scale entrepreneurs with access to Islamic financing to expand their businesses, create jobs and improve their livelihoods.
He explained that the initiative had reached an advanced stage, adding that investors, including those from outside Nigeria, had expressed interest in partnering with the project.
According to him, the proposed institution is expected to serve as a model for Nigeria and other countries across West Africa.
The Sultan also described the collaboration between the Islamic Development Bank and the Sokoto State Zakat and Endowment Agency as an important step towards reducing poverty through effective collection, management and productive use of charitable funds.
He urged participants at the training programme to translate the knowledge acquired into practical measures that would improve the welfare of vulnerable people and strengthen poverty alleviation efforts.
Speaking at the event, the Chairman of the Sokoto State Zakat and Endowment Agency, Malam Lawal Maidoki, called for a shift from excessive dependence on charitable assistance towards productive activities that would help beneficiaries become financially independent.
Maidoki explained that the Baitul Mal wat Tamweel model combines social protection with economic development by providing immediate assistance to vulnerable people while supporting them in developing sustainable sources of income.
He noted that although Zakat and other charitable contributions provide essential relief to disadvantaged households, additional opportunities are needed to help beneficiaries establish businesses and gradually overcome poverty.
Maidoki added that the model mobilises resources such as Zakat, Sadaqah and Waqf to support eligible beneficiaries through Sharia-compliant financial services and business development assistance.
Earlier, an Indonesian social activist and Islamic economics expert, Saat Suharto, said the training was designed to strengthen stakeholders’ capacity to implement the model effectively, transparently and accountably.
He emphasised the importance of improving financial management, simplifying administrative procedures and adopting technology to enhance accountability.
The initiative is expected to connect social welfare programmes with business financing and economic opportunities, although its impact will depend on successful implementation and access to sustainable funding.
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