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NIgeria: Interest-free cooperative: A reliable source of finance

Posted on 14 January 2011

From Tribune.com.ng: The concept of interest-free co-operative is an integral part of the Islamic economic system. What we are familiar with is the conventional co-operative system of financing, which according to its operations, is interest-based.
The International Labour Organisation (ILO) defines co-operative as “an association of people usually of limited means, who voluntarily come together to achieve a common objective through the formation of a democratically controlled business organisation making equitable contributions to the capital (base) and other inputs required and accepting a fair share of the risks and benefits of the undertakings in which members actively participate.”………………………………………Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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