RC: 7796968 · NON-INTEREST COOPERATIVE SOCIETY

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ITELORUN MUSLIM COOPERATIVE logoITELORUN MUSLIMCOOPERATIVE

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.

What this means in practice

  • IMC does not operate conventional interest-bearing loan products.
  • No interest rates are advertised or applied to cooperative transactions.
  • No guaranteed investment returns are promised.
  • Savings, Development, Investment, Basiri/Soft Loan and Loan are governed by the eligibility and repayment provisions contained in the IMC Constitution.

All specific rules, amounts and conditions come from the IMC Constitution. Read the Constitution.