By Burji Online Correspondent
Frontier Selam Sacco today held its third AGM at Jowanga Holdings in Huruma.
During the meeting, the chairman, Mr. Tego Wolasa, reiterated Sacco’s ultimate goal: to establish an Islamic Bank.
As soon as we attain the share capital of kes. 10million, we will start plans to establish a FOSA. He said.
The establishment of FOSA is a step closer to providing innovative loans and other shariah-compliant banking solutions to society.
The financial report read by the Treasurer, Mr. Mohammed Dawe Chute, shows tremendous growth to close with a total asset of kes. 4.2million in 2020.
Other officials present during the AGM were Mr. Adan Gichu – The Vice-chairman, and Mr. Bashir Dawe – The Honorary Secretary-General.
Also present were Board members Amir Idris Adan, Mr. Daigo Soso Kane, Hajj Abdi Bayana, and Sheikh Daud Abdi Bonaya.
The report read by the supervisory committee chairman, Mr. Adan Ali Boko, assured the members that the management had been prudent in undertaking expenses.
Similarly, the supervisory committee found that Sacco had robust internal controls. Other Supervisory committee members of the Sacco are Mr. Wolde Weisa and Mr. Ginna Garro.
According to the Investment Committee Chairman, Mr. Daigo Soso, Frontier intends to commence property related investments during the 2021/2022 financial year.
The AGM, which was presided over by Madam Jane Murugi from the sub-county cooperative office, explored the possibility of registering a housing cooperative to undertake investments in housing-related matters better.
The Chief Guest during the meeting was Mr. Twahir Modi, the CEO of Taqwa Sacco. He told the meeting that Saccos are the easiest way to get financial services to the unbanked population.
He advised members to increase their monthly savings to enable Sacco to attain its goals faster.
Also present during the meeting was Sheikh Saleh Osore, the Shariah department head at KCB Sahl Bank.
Members proposed the formation of a Shariah advisory committee to help the Sacco observe Shariah’s principles better.