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The Trust hereby established shall be known as “ALTERNATIVE EDUCATION TRUST INVESTMENT - AltTrust (the “Trust”).


The Office of the Trustee shall be situated at 20, Marina - Lagos or at such other place in the Federal Republic of Nigeria as the Trustees may from time-to-time deem fit.

The effective date for the commencement of the Trust herein constituted shall be the
The Trust period shall be for the duration of the education of the Beneficiary(ies) up to.......... level and subject to the availability of funds in the Trust Account.


In this Declaration of Trust, the following words shall have the meanings given here under

“Declaration of Trust” means a legal document that binds the Trustee and the Grantor to the terms and conditions of the Trust.

“Beneficiary(ies)” means any of the named person(s) who shall be entitled to access this Trust Fund for the financing of his/her/their education subject to the availability of funds in the Trust account and in the manner and to the extent provided in the object clause hereinafter appearing and thereafter to the stipulated share of the residue of the Trust Fund as provided herein.

"Grantor” means the individual desirous of maintaining the Trust Account with the Trustee for the benefit of the Beneficiary(ies).

“School” means any educational institution in which the Beneficiary(ies) is/are student(s).

“School Fee’’ includes PTA Fee, books and other education related expenses properly invoiced by the school where a Beneficiary is a student.

“Capital Fund” means the initial Contribution and all subsequent contributions to be transferred to the Trust Investment by the Grantor excluding income to be capitalized into the Trust Fund on the terms hereof.

“Trust Fund” means the Capital Fund and all investment income accruing from the return on investment having been invested by the trustee.

“Trust Account” means the account to be opened and maintained by the Trustee in favour of the Beneficiary(ies) and on the instruction of the Grantor.

The object of the Trust shall be to provide for the education of the Beneficiary(ies) up to .............. level, subject to the availability of funds in the Trust Account and the sum requested. The Trustee shall hold and manage the Trust Fund in trust to provide for the educational needs of the Beneficiary(ies) as stated above. The Trustee shall invest the Trust Fund together with the income generated; such funds to be used to provide for the educational needs of the Beneficiary(ies) when required and requested for in writing by the Grantor or a validly appointed Legal Guardian who shall present the invoice(s) to back up such request. The Trust fund shall be locked up for the first two (2) years and shall only be accessible by the Beneficiary(ies) on the instruction of the Grantor. At the end of the Trust period, the Trustee shall transfer the balance standing in the Trust Fund to the Beneficiary(ies).


In the event of the demise of the Grantor, the Trust asset shall be administered in favour of the Beneficiary(ies)


The Grantor has designated representative. Where the representative dies before the Grantor and here required, the Grantor or the administrators/executors shall appoint another representative as a replacement and the Grantor or the administrators/executors shall duly inform the Trustee in writing of the newly appointed representative.


The Designated Representative shall have the following duties:

The Designated Representative shall upon the demise of the Grantor, inform the Trustee of the Beneficiary(ies)’s educational needs and provide the Trustee with the necessary invoice (where applicable).

In the event of the Grantor’s death, the Designated Representative shall avail the Trustee with all documents attesting to his/her death.


The Trustee shall be entitled to pay and discharge from the Trust Account, all expenses properly incurred in connection with the Trust in the due exercise of its power.

The Trustee shall maintain strict confidentiality regarding this Trust and shall on no account permit access to the Trust Fund by any other party except the Grantor and the Beneficiaries.

On expiration of the Trust, the beneficiaries shall be entitled to take over the trust fund in accordance with the instructions of the Grantor directly or through the Designated Representative.

The Trustee may make rules for the management and administration of the Trust Fund as the Trustee thinks fit and may from time to time revoke such rules. Nothing in this clause shall authorize any application of any part of the Trust Fund except for the purpose outlined in this Trust Deed.

The Trustee shall ensure the safety of this Trust Fund during the Trust Period. In the pursuit of its duties to invest, the Trustee shall exercise due diligence to ensure that the Capital Fund is not depleted.

The Trustee shall, as remuneration, be entitled to a share of profit from the accrued profit of the Trust Fund as communicated from time to time.

The share of profit between the Trustee and Grantor is an agreed ratio as stated from time to time for the Trust Investment. The ratios may be displayed in the Bank’s branches, on the Bank’s website, or may be obtained from the Bank or otherwise in accordance with the Bank’s prevailing practices.

In the event of the death of the Grantor, the Executors/or Administrators of the estate shall NOT have the right to terminate the Trust Deed; provided that such event occurs during the validity of this Trust arrangement.

The Trustee shall ensure that all sums transferred by the Grantor to the Trustee for the purpose of this Trust shall be credited to the Trust Account and shall be utilized for the purposes herein indicated.

The Trustee is authorised to do all other acts which, in its sole judgment, may be necessary or appropriate for the proper or advantageous management, investment or disposition of any property included in this Trust Estate.



The Trustee shall invest the Trust Fund properly in order to obtain returns which shall be invested in any investment as desired by the Trustee.



In consideration of the Services to be provided by the Trustee, the Trustee shall be entitled to a share of profit from Invested funds; the share of profit shall accrue daily and be deducted monthly from the Trust Account.



The Trustee shall exercise due care and diligence in the management of Trust assets, but the Trustee will be free from any loss or depreciation of fund deposited with us due to any Government order, levy, law, tax, exchange restriction or any other cause beyond the Trustee’s control. Any losses arising from the investment of the Trust Fund will be borne by the Grantor unless they were due to negligence or mismanagement of funds, in which event the Trust will bear the losses.



The Grantor reserves the right to terminate the Trust upon giving of three (3) months’ notice to the Trustee of his intention to do so PROVIDED that such notice shall not invalidate any investments already undertaken by the Trustee in good faith prior to receipt of notice. The Trustee shall thereafter arrange for the prudent and expeditious discontinuation of such investments where the Grantor so requires.

The Grantor reserves the right to appoint a new Trustee at any time upon the due termination of the Trustee’s appointment upon the expiration of (3) three months’ notice given to the Trustee.


Any notice or demand to the Grantor or the Trustee required to be given, made or served for any purpose under this Deed shal be given, made or served by sending the same by pre-paid post, e-mail or by delivering it by hand as follows:

The Trustee:
The Alternative Bank.
239, Ikorodu Road, Lagos.

E-mail: [email protected]


  1. You agree that the Trustee may use the information disclosed in connection or as a result of operating the Trust Account {“Data”} for assessment and analysis and to identify products and services (including those supplied by third parties) which may be relevant to us. We may disclose data; to credit reference agencies, any person who may assume our rights under this Agreement, or
  2. If we have a right or duty to disclose or are compelled to do so by law.
  3. You consent to the processing of personal data in line with the Data protection laws, regulations and the Trustee’s privacy policy.
Data Protection
The Grantor herein has hereunto affixed his/her hand and the Trustee has hereunto caused its seal to be affixed the day and year set below.
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Abubakar Muhammad Musa


Abubakar Muhammad Musa is currently a Sharia Advisor and Consultant for SHAPE Knowledge Services a consulting firm based in Kuwait. He has been involved in product development, Sharia research and approval of Islamic banking products for different clients. His work covers retail banking, corporate banking and project finance deals.

Formerly, Abubakar worked as a Researcher in different units at International Shariah Research Academy for Islamic Finance (ISRA) in Kuala Lumpur, Malaysia. Besides his primary assignments in ISRA, he taught Shariah Rules in Financial Transactions to Chartered Islamic Finance Professional (CIFP) Masters online Students of International Centre for Education in Islamic Finance (INCEIF), Malaysia. He also taught MBA and BBA Students different Islamic Banking and Finance Subjects at University College of Bahrain.

Abubakar holds two Diplomas with distinction, one in Islamic Law and the other in Arabic Language from Al-Imam University Riyadh. He also holds LLB (Hons) degree in Shariah from the same University. He successfully completed his (CIFP) Professional Masters Degree Programme at (INCEIF), Malaysia. He had his internship program on Islamic Banking & Finance at Fajr Capital in Kuala Lumpur. During the programme, Abubakar conducted research relating to product structuring and market development.

Abdurraheem Ahmad Sayi


Abdurraheem Ahmad Sayi is a legal practitioner and Consultant of over 16 years of active legal practice. He is currently the principal partner, A.A. Sayi & Co. (Qist Chambers) and Qadi, Independent Shari’ah Panel of Lagos State – a platform, through which he has delivered several judgments of in-depth analysis, widely applauded by leading legal and intellectual icons, including learned Judges, professors of law and Islamic Studies.

He is the Executive Director/C.E.O., ClearPath Islamic Centre (Incorporated), Lekki-Lagos and Chief Imam, SilverPoint Central Mosque, Badore, Ajah-Lagos. Fondly called Imam Sayi, Abdurraheem is the designate Chairman, Shari’ah Advisory Committee, Mutual Benefit Takaaful.

Imam Sayi has also authored a few works, some of which include: The Financial Obligations: a compendium of essays on monetary or material obligations under Islamic Law and Waqf (Charity Endowment): The Governing Principles.

He holds a Certificate on Improving Personal Effectiveness from the Lagos Business School (Pan African University) and he is a recipient of numerous awards and certificates of merits.

Abdulkader Thomas


Master of Arts Law and Diplomacy, The Fletcher School of Law & Diplomacy.

Bachelor of Arts Arabic & Islamic Studies, The University of Chicago.

Shariah Board Experience:

Bank Muscat Meethaq (2013 – 2017)

Sterling Bank Nigeria (Since 2013)

University Bank, USA (Since 2006)


Abdulkader Thomas has over 35 years of diversified financial services experience in major markets. With a Master of Arts Law and Diplomacy from The Fletcher School of Law & Diplomacy and a BA in Arabic & Islamic Studies from The University of Chicago. His areas of activity have included trade finance, real estate finance, securities and alternative finance.

As the general manager of a foreign bank branch in New York, he secured the first US regulatory approvals of Islamic mortgage and instalment credit/sale as banking instruments. Later, he secured US regulatory approval for profit sharing deposits. Abdulkader has been involved in the successful implementation of these products in the US market. With more than 17years Shariah Board Experience in Bank Muscat Meethaq, Sterling Bank Nigeria and University Bank USA, Abdulkader has worked on IFTA projects in Europe, Africa, Southeast Asia, and an authority on Islamic deal structures and securities.

He also serves as a director of Alkhabeer Capital in Jeddah and Chairman of Alkhabeer (DIFC). He is a member of the international advisory board of the Securities Commission of Malaysia, a published author, and an active speaker on Islamic finance.