ABOUT IMC
Who We Are
ITELORUN MUSLIM COOPERATIVE (IMC) is an international non-interest cooperative society established to promote disciplined savings, mutual support, responsible cooperative financing, investment and economic empowerment. Built on the principle of collective strength, IMC brings members together to save, support one another, develop sustainable opportunities and build a stronger financial future through a cooperative framework committed to interest-free principles.
CLASSIFICATION
A non-interest cooperative society
ITELORUN MUSLIM COOPERATIVE (IMC) is a non-interest cooperative society and non-religious society. The word “Muslim” is part of the official organizational name.
RC: 7796968 · Non-Interest Cooperative Society
Head Office
JELINGS BUILDING AFTER OWODE EDE BESIDE MATRIX FILLING STATION ALONG EDE ROAD OSOGBO, OSUN STATE
OUR HISTORY
From ten founders to a cooperative network
ITELORUN started as a group of ten (10) people with the aim of saving money together and lending to one another without interest.
The group operated this arrangement for four months before deciding to introduce the idea to more people.
Some people expressed interest because they loved the idea and wanted to join.
The founders introduced the idea to families, relatives and friends.
Some people supported the idea while others opposed it.
The group continued saving money together and lending the pooled funds to members.
The cooperative encountered difficulties because some members borrowed money and did not repay it.
Another challenge was that members were located far from one another.
The founders therefore decided to organize gatherings at members' homes and encourage more people to join them as branches.
This branch structure helped members in different locations participate more effectively.
This development became the foundation through which ITELORUN MUSLIM COOPERATIVE (IMC) was established and developed.
10 FOUNDERS
Ten people begin saving together and lending without interest.
FOUR-MONTH FOUNDATION
The arrangement runs for four months among the founders.
OPENING TO MORE PEOPLE
The idea is introduced to families, relatives and friends.
EARLY CHALLENGES
Some borrowers did not repay; members were far from one another.
BRANCH DEVELOPMENT
Gatherings at members' homes grow into branches.
FORMAL COOPERATIVE STRUCTURE
ITELORUN MUSLIM COOPERATIVE (IMC) is established and developed.
INTERNATIONAL EXPANSION
A growing cooperative network across Nigeria and international locations.
VISION
Our Vision
Lati ran Arawa lowo kuro ninu owo egun olohun owo epe owo ele ni yiya ati ni Sisan
Iranlowo fun awon èniyan lati pile òla won pelu fifi owo kekere pamon ti yio so wondi eniyan pataki lawujo pataki laarin osu perete tio darapo mò egbewa
Irori wa nipe ti eniyan o ba ni ajeseku ko le ni akojo kosi le ba egbe pe
Ti egbe itelorun si je okan lara awon egbe Alajeseku ti on yara dagba soke tio si n siwaju ni ile adulawo
MISSION
Our Mission
Our mission is to empower individuals and communities through disciplined savings, mutual support, responsible cooperative financing and productive investment, while maintaining a firm commitment to non-interest principles. We seek to create practical opportunities for members to improve their financial capacity, build sustainable assets, support one another and contribute positively to society.
RIBA MUST GO
INTEREST-FREE • COOPERATIVE • RESPONSIBLE • SUSTAINABLE
CORE VALUES
What guides IMC
INTEGRITY
We conduct cooperative activities with honesty and integrity.
COOPERATION
We believe collective effort creates opportunities and strength.
INTEREST-FREE COMMITMENT
We maintain our commitment to non-interest cooperative principles.
DISCIPLINE
We encourage consistent savings, punctual participation and responsible repayment.
TRUST
We value reliability and responsible stewardship.
ACCOUNTABILITY
Members and leaders are accountable for their responsibilities.
MUTUAL SUPPORT
Members support one another through the cooperative system.
TRANSPARENCY
We support clear records, proper reporting and auditing.
FINANCIAL RESPONSIBILITY
We encourage responsible saving, financing, repayment and investment.
UNITY
We encourage peaceful and constructive cooperation.
COMMUNITY DEVELOPMENT
We seek to improve the economic capacity of members and communities.
SUSTAINABLE GROWTH
We prioritize responsible long-term development.
OBJECTIVES
Our Objectives
- Promote disciplined savings among members.
- Provide an organized cooperative platform for mutual financial assistance.
- Provide non-interest cooperative financing according to IMC's approved rules.
- Encourage sustainable financial habits.
- Promote productive investment.
- Help members build assets and improve their economic capacity.
- Encourage entrepreneurship and productive economic activity.
- Strengthen cooperation among members across branches and countries.
- Maintain proper records, auditing and accountability.
- Develop branches and coordinated structures.
- Promote responsible repayment.
- Provide mutual-support structures.
- Educate members about savings and cooperative participation.
- Promote transparency and responsible leadership.
- Create opportunities for collective development.
- Expand IMC's cooperative network internationally.
- Protect legitimate member interests.
- Operate according to the IMC Constitution and applicable laws.
NON-INTEREST PRINCIPLE
RIBA MUST GO
IMC is a non-interest cooperative society. Its activities are structured around savings, mutual support, investment and cooperative financing principles established by the society.