The Ghanaian Minaret

Accra- Dr Ibrahim Mohammed Awal, the Minister for Business Development has urged the youth in Zango communities to overcome their fears of failure by venturing into entrepreneurship.

“Face your fears and do not be afraid. We all started from nowhere. Everywhere in the world, it is the dedication, tenacity and hard work of young people which brings change,” he added.

He said education was also one of the surest ways a person could achieve his or her dream in life.

He, therefore, entreated parents and guardians to take advantage of the various opportunities provided by the government to enrol their children and wards in school.

He made the remarks at the launch of the “Masalachi” account, a savings account designed for non-profit organisations such as mosques, societal groups and charitable institutions.

The financial product which is managed by the Afro-Arab Micro-Finance Company Limited operates on an Islamic banking principle of interest-free transactions where subscribers do not pay or receive interest on their transactions.

There are also no withdrawal limits, no minimum operating balance required and no maintenance charges.
Other benefits for subscribers included access to free advisory services on investment and project financing.

A Board Member of the Afro-Arab Microfinance company, Sheikh Armiyawo Shuaib, emphasised the importance of finance in achieving development and economic sufficiency.

He said the mosque and the school were two learning institutions which could facilitate development.
“wherever we have a mosque and a school, the mosque should be able to facilitate the progress of the school and that will be the best legacy of the mosque in a community,” Sheikh Shuaib added.

Potential account holders are required to submit an application and resolution letters, details of signatories to the account and other documents such as registration certificates and bye-laws of institutions if available.