Nigeria launched a brand-new foundation, providing an avenue for formal Islamic philanthropy.
An association group of Muslim business leaders launched The Companion Zakat & Sadaqah Foundation.
Zakat and Sadaqah refer to two forms of Islamic giving.
Zakat is obligatory on all Muslims, giving 2.5 percent portion of their total wealth and assets. Zakat is traditionally performed during the holy fasting month of Ramadan, which Muslims will observe from Wednesday onwards.
Sadaqah is optional, with no fixed amount of giving and can occur anytime.
The opening of Companion’s foundation shifts it away from the informal giving model traditionally seen in Islamic giving.
Imam Nojeem Jimoh, leading the foundation, said zakat collected for 2025 so far amounted to 119 million Naira ($88,200).
According to local media, Jimoh said that the new institutional form of giving would help transparency and auditing requirements.
‘This foundation exists to move obligatory charity from ad-hoc giving to structured social justice, where wealth is purified, dignity is restored and lives are sustainably transformed. Governance is not ceremonial; it is strategic,’ said Alhaji Thabit Wale Sonaike,chairman of the Foundation’s Board of Trustees.
AbdulQudus Amuni, a lecturer at Lagos State University, said Islamic philanthropy potential could grow via the Waqf system, an Islamic endowment model.
Shafi Musaddique is the news editor at Alliance magazine.
