Zero Interest Multi-Purpose Co-operative Society: Effort Towards the Islamic Wealth Redistribution

The forbidden of interest on loan is not only in Islam but also in Christianity, even the atheist and philosophers also know the implication of interest in the society as discussed by the great philosopher; Aristotle. “Very much disliked also is the practice of charging interest: and the dislike is fully justified for interest is a yield arising out of money itself, not a product of that for which money was provided. Money was intended to be a means of exchange; interest represents an increase in the money itself. Hence of all ways of getting wealth, this is the most contrary to nature." Aristotle, The Politics, tr. Sinclair, pg. 46, Penguin

The bible have something to say in about interest;

“Do not charge your brother interest, whether on money or food or anything else that may earn interest.” (Deuteronomy 23:19)

“If you lend money to My people, to the poor among you, you are not to act as a creditor to him; you shall not charge him interest.” The Holy Bible (American Standard Bible)

[Jesus said], “If you have money, do not lend it at interest, but give [it] to one from whom you will not get it back.” Gospel St Thomas, V95.

But it is only in Islam this act is boldly spell out and practice by majority Muslims. It’s very unusual to see n Islamic leader to encourage his followers in taken or giving riba (interest). Muslims propagate no interest banking popularly known as Islamic banking and thousands of Islamic bank are established all around the globe, while those who are not have such products on their shelf.

It is on this ground of encouraging the masses and ensuring justifiable wealth redistribution that the Zero Interest Multi-Purpose Co-operative Society Ltd was established

About Zero Interest Multi-Purpose Co-operative Society Ltd

Zero Interest Multi-Purpose Co-operative Society Ltd. is an interest free co-operative society operating the free interest loan financial activities as enjoined by Almighty Allah (SWA) i.e forbid riba (usury) on loan, but a fair mechanism, profit/loss sharing principle on investment in proportion of stake.

Objectives

The objectives of the society are to promote the economic interests of its members and especially:

1.  To provide credit facilities to its members at zero rates of interest for provident and productive purposes.
2. To encourage regular savings amongst members so that each member may cultivate the habit of making savings at least once monthly, with a view to building up funds for their individual future use.
3. To stock consumer and producer goods for distribution to members and non-members; (with priority to members) at fair and reasonable price.
4. To operate warehouses and cold room facilities for the storage of these consumer and producer goods and let out these facilities to interested parties.
5. To acquire acres of land for sale or estate development to meet the housing needs of members or for industrial purposes as a form of investment for the economic benefit of members.
6. To undertake or invest in real estate and housing developments for the acquisition of its members and other interested parties.
7. To undertake and invest in new ventures beneficial to its members and the society as approved by the management committee. These include projects financing; feasibility studies and etc.
8. To undertake service businesses that will cater for the primary needs of members and other patrons; like petrol station, ware-housing, consultancy, farming, agricultural activities, and etc, managed in the overall interest of members and the society.
9. To undertake such financial management schemes like special withdrawable deposit and community banking schemes at cooperative and competitive rates for members, and other interested parties.
10. To encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members, to acquire stock of shares and other rewarding ventures.
11. To raise capital through share holdings by members in the society to undertake such other activities as are necessary for the attainment of these objectives.
12. To engage in any other economic or social activity as may be approved by the general meeting of members.
13. To manage financial portfolios carefully by investing in stocks but guided by the decision of members. In this way, the society shall become part owners of multinationals, banks etc.
14. To seek loans for industrial/housing development from banks, the Co-operative circle and other financial institutions.
15. To secure wholesale mortgage, either for on-lending to members or for housing development and let or sell such dwellings on mortgage basis.
16. To do anything within the law and enter into any transaction which in the  Society’s opinion is necessary to ensure the proper performance of its functions or the attainment of the above listed objectives.
17. To take measures that would promote among the members, the spirit of thrift, mutual-help and self-help based on cooperative principles.

Membership

Membership of the society is made possible by following the steps below

• This form costs N 2500 only.
• You may require a scanned passport photograph in jpeg format not less than 6kb nor more than 20kb in size if you are not a member or have not previously submitted one on our website.
• Payment is to be made first to the society's bank account number: Account Name:  FORM ACCOUNT,   Account Number:  0004667918   Bank:  Stanbic IBTC Bank
• You can then visit membership page on the website, click on the form. Membership/application form, then click apply in front of membership application form and enter New Payment link to register your payment by supplying the payment teller's details.
• The confirmation shall be completed within 48 hours. You shall receive an email notifying you of the confirmation.
  Alternatively, you can keep visiting the membership page to check if your payment was confirmed. To check,
• Click the Check Payment Confirmation link for status of your payment confirmation.
  In case your payment is not being confirmed at the lapse of 48 hours, do contact us. Click Here to do so.
• On confirmation of your payment, click on the Continue Application link to finish up your application.
  Also note that payment made for a particular application form cannot be used for another.

Click here to download the society Bye-Law for details on membership.

To apply for membership, click here to fill the membership form:

Offices

LIST OF OUR FRANCHISE OFFICES
Location	Contact Person	Address
AGBOWA OFFICE	08028487862	OKO COMPLEX 40,LAGOS ROAD OPP,DEDITEX FILLING STATION AGBOWA IKOSI LAGOS.
IKORODU OFFICE	08183109365	HAKEEM ATUNRASE STREET, 106 LAGOS ROAD, HARUNA, IKORODU, LAGOS
BADAGRY OFFICE	08063094359,08173683251 or +22996296146	SUIT9,B-SHAT SHOPPING COMPLEX JOSEPH DOSU WAY, OPP.NEPA OFFICE ROUNDABOUNT BADAGRY, LAGOS
ALIMOSHO OFFICE	08026413730	35, IDIMU ROAD ALIMOSHO OLORUN ADABA BUS STOP.
IYANA ISHASHI OFFICE	08063094359,08173683251 or +22996296146	SKIMM PLAZA, KLM,23 BADAGRY EXPRESSWAY, OPP.TOTAL FILLING STATION,PAKO IYANNA ISHASHI LAGOS.
KETU OFFICE	08185770241, 09099756725	463,KETU-IKORODU ROAD, BY IKOSI ROAD,JUNCTION, KETU,LAGOS.
EPE OFFICE	07065521594	AMOKE SHOPPING COMPLEX BESIDE TOTAL FILLING STATION EPE LAGOS
IKOTUN OFFICE	08171945002, 08027885048 or 08177184076	SUITE 15, AMAZING GRACE COMPLEX, 10, IKOTUN - IDIMU ROAD COLLEGE BUS-STOP IKOTUN - LAGOS
AGEGE OFFICE	07081614316 or 08183109366	314, OLD IPAJA ROAD ALAGBA - IYANA-IPAJA BUS-STOP AGEGE - LAGOS