Ethical Partnerships for Progress

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Membership

Crescent Takaful Sacco Membership consists of the following three classes:

  1. Promoters (Class A Shareholders)
  2. Anchor Members (Class B Shareholders)
  3. General Members (Class C Shareholders)

1. Class A Shareholders (Promoters)

The class A shareholders invest their funds through a Holding Co-operative called Crescent General investment Co-operative Society Ltd.

These are the initial members who founded the Sacco by providing Risk Sunken Capital for preliminary and set-up costs such as premises, ICT infrastructure, software, management and operational costs.

They have provided significant capital to set-up a visible and vibrant Sacco.

2. Class B Shareholders (Anchor Members)

The Anchor Members are required to invest significant but lower-level capital in the range of Kes. 500,000-1 m in the Sacco after set-up. Their primary role is to infuse liquidity into the Sacco; and also mobilize local support in areas where the Sacco has a presence. These include local community & opinion leaders: particularly where CTS has branch presence.

3.Class C Shareholders (General Members)

The membership is drawn from the general public and subscribe to the Sacco to enjoy BOSA, FOSA services, financing and investments. These are mainly individuals but include a few corporate entities.

Consequently, the Sacco membership will comprise:
  • Original members who signed the application for registration.
  • The Crescent Investment Co-operative Society Ltd as an Umbrella Holding Society
  • New members subsequently admitted in accordance with the Crescent Takaful Sacco by-laws.
  • Corporate entities who share in the common open-bond.

Partial Membership

In order to encourage all-inclusive participation from low-income groups, partial membership is given to persons who have met the qualification criteria above and have made a minimum payment of Ksh. 2,050 for the following:
  • Provided full KYC Documentation to the Sacco
  • Paid an Application Fee of Ksh. 100
  • Paid the minimum Entrance (Registration) Fee of Ksh. 500.
  • Purchased a minimum of 5 Shares valued at Ksh. 550.
  • Made a deposit of at least Ksh. 1,000 into their Akiba Savings A/c.
Partial Members enjoy limited services from the Sacco (especially financing facilities other than emergency financing). Partial membership is for a limited period of one year during which the proposed member should fulfill all membership qualifications. If not met after one year, the partial members automatically lose any claim to membership.

Full Membership

To obtain full Membership, a prospective member is required to meet the Membership Eligibility Criteria and make the following payments:
  • Provided full KYC documentation to the Sacco
  • Paid an Application Fee of Ksh. 100
  • Paid the minimum Entrance (Registration) Fee of Ksh. 500.
  • Purchased a minimum of 50 Shares valued at Ksh. 5,500.
  • Made a deposit of at least Ksh. 1,000 into their Membership Account; as well as the Non-Withdrawable Akiba Savings A/c.

Admission into Crescent Takaful Sacco Membership:

An applicant who has met all conditions eligibility conditions and made the prerequisite payments shall be admitted to full membership on application.