Terms and Conditions

INTERPRETATION
All words and expression used in this bye-law are defined by Section 58 of the Nigerian Cooperative Societies Act, CAP 98 and Section 2 of Kaduna State Cooperative Societies Regulations, 2008 and shall have the meaning assigned to them in the above named sections, In this bye-law:

• Financial Year means the period of twelve months beginning from 1st January to 31st December

• Law means the Nigerian Co-operative Societies Act, Cap, 98, (Decree 90 of 1993)

• Regulation means the regulation made under the law by the Government of Kaduna State of Nigeria

• Director means the Director of Cooperatives, Kaduna State of Nigeria

• SCDFC means Solid Core Digital Finance Services, If there shall arise any doubt regarding the meaning or intent of this bye-law, the matter shall be referred to the Director for ruling

• Takaful means to be jointly liable and united in solidarity for mutual benefits
• Savings (Wadee’ah) means money kept monthly with Solid Core by individual members for a period not less than 6 months and thereafter 50% can be withdrawn with a notice of at least one month subjected to further review

• Share Capital is the fixed amount a member invests with Solid Core which will be deducted for not less than 2 years and which cannot be withdrawn except when one ceased to be a member

• Deposits are of two types:

▪ Deposit for Savings I: is a lumped sum money transferred to a member’s Solid Core account in available balance and can be withdrawn or used at any time

▪ Deposit for Savings II: is the lumped sum of money a member keeps with Solid Core and can be withdrawn or used at any time as much as it shows in available balance provided a notice of at least one-month subject to further review

▪ Deposit for Investment: is the lumped sum of money a member invests with Solid Core for a period of not less than 6 months before the end of financial year and/or maximum of 2 years (increase fund optional), and thereafter can be withdrawn with a notice of at least one month
subjected to further review

▪ Loan is the amount of money a member borrows from Solid Core for a period of time and does not attract any interest, (Note: all loans attracts an upfront of service charge of 12,5% of the total amount)

Murabahah: The only feature distinguishing it from other kind of sale is that Solid Core expressly discloses the cost of the asset sold and how much profit it is going to charge in addition to the cost it purchases the asset/commodity from the supplier/vendor and sells it to members at a mark-up price

Mudarabah: The profit will be distributed based on a pre-agreed ratio, In the event of a genuine business loss, the loss shall be borne solely by Solid Core, However, if the losses are caused by the Mudarib’s negligence or misconduct, the Mudarib shall be liable to bear all the losses and therefore collateral worth the capital must be surrendered by the Mudarib before the contract is entered into,

Musharakah: Both parties may jointly manage the business or one partner manages the business with another partner’s consent, Any profit derived from the business venture will be distributed on a pre-agreed profit sharing ratio and the loss will be shared on the basis of the capital participation

Ijara: The ownership of the lease equipment remains in the hands of the lessor, Ijarah can be divided into two types, i,e,, finance lease and operating lease, For finance lease, it is known as Ijarah Muntahiyah bittamlik (leasing which ends with transfer of ownership), In normal Ijarah, the leased asset must be in existence upon execution of leasing agreement, However, the specified under construction asset/property can be used as a leased asset under principle of Ijarah Mawsufah fi Zimmah (forward lease)

Istinaa: Technically, it is a contract to purchase for a definite price something that may be manufactured or later according to an agreed specification between the parties, Members may order for an item to be manufactured or constructed and Solid Core to deliver it as scheduled and agreed

Qard: Conditions for Withdrawal of Funds Ordinary Savings: Members shall have the right to withdraw up to 50% of his/her ordinary savings provided he/she had saved for a period of not less than six months and does not owe Solid Core at all and also had given at least three (3) months’ notice to Solid Core through application

▪ Dividend is the amount of profit paid to the members according to their Share Capital at the end of every financial year