Every facility the Society offers is structured to be free of riba (interest) — income is earned only through disclosed, ethical trade, leasing and partnership, and shared fairly between the Society and its members.
Members can access up to 2x of 60% of their total savings as a loan, payable on or before 18 months.
Members can access up to 3x of their monthly savings as an emergency loan, payable on or before 4 months.
Members can access up to ₦500,000 to pay school tuition or registration fees for themselves or their children — payable directly to the school and deductible on or before 12 months.
The Business Committee buys and sells goods on behalf of members, with flexible repayment periods based on the value of the purchase.
The Society purchases goods or assets requested by a member and resells them at a disclosed, agreed mark-up, payable in instalments — avoiding interest while enabling asset acquisition.
The Society provides capital to a member/entrepreneur who supplies labour and expertise. Profits are shared on a pre-agreed ratio, while financial losses are borne by the Society as capital provider, barring negligence.
The Society and a member jointly contribute capital to a business venture, sharing both profits and losses in proportion to their respective contributions.
The Society purchases an asset — equipment or property — and leases it to a member for an agreed rental fee over a fixed period, with ownership remaining with the Society or transferring at the end of the term under Ijarah wa Iqtina.
