About Us
It is our great pleasure to welcome you to Olohunda(Ibadan) Al-Firdaos Cooperative Society Limited. The society was established on 27th April 2021 and registered under the Oyo State Ministry of Trade, Commerce, and Cooperatives(Registration Number 24895) with the vision of improving the welfare of members and providing a financial leverage and support for members to meet their needs.
Our Motto: Allah has permitted trade but condemned interest(Q2:275).
What We Do
Olohunda(Ibadan) Al-Firdaos Cooperative Society Limited prides itself in providing quick turnaround loan/credit facilities to her members within shortest period of time. Simply put, we offer Sharp, Swift, Easy and Flexible Personal Loans without interest. We also offer saving and investment opportunities to our members.
Vision
To be a global islamic financial institution that will uproot all forms of usury(interest) in the lives of muslims and be a model to non-muslims.
Misson
To lessen the financial burden of Muslims.
Products
We have a range of products our members can subscribe to according to their financial strength.
Savings Plan
This plan is compulsory for all members, it provides a safety net in case of an emergency.
Shares
This is the fund that Cooperative collect from the depositors as pool of fund representing the financial stand of the Abode (Cooperative) and it appreciates as the society expands and according to the savings/benefits of each member.
Loan
Credit facility in form of loans are given to members with no interest.
Investment
Every member is entitled to shares from the dividends on investments.
Mortgage fund
The scheme allows members to build their own properties.
Automobile fund
The scheme allows members to buy vehicles & pay later.
Aim & Objectives
1. To encorage and promote saving habit/ culture.
2. To serve as a poll of fund for investment.
3. To promote and demonstrate Economic Empowerment Strategies of Islam.
4. To ease members Economic burdens.
5. To promote, develop and encorage proliferation of SMES.
6. To abolish usury (Interest) of all forms.
7. To revive institution of Zakaat.
8. To strive towards becoming Islamic Financial Institution.
9. To restore the lost glory of Muslims in Business Arena.
Method of financing
The Abode uses any of the following Islamic Financial syetem to invest its investment funds:
Musharakah: THe Abode and the Inmates come together in a joint commercial enterprise through the contribution of both capital and labour.
Decreasing Musharakah: Here, the Abode provides funds, the other party assumes management. Profit is distributed as agreed till the ownership of the project goes to the managing partner.
Murabahah (Cost Plus Profit/Mark-up) This is the method whereby the Abode buy a commodity or equipment as required by a depositor and sells it with a profit marging to the customer on cash or deferred payment basis.
Wakallah (Agency): Here Al Firdaos apponited an agency to act on her behalf on commission basis and at times Al-Firdaos itself acted as Agents to Business organizations or individual.
IJARAH: This involves buying and selling of commodities by the Cooperative to the members and non members as well.
Guiding Principles
Surah Ar-Room, Verse 39:
وَمَا آتَيْتُم مِّن رِّبًا لِّيَرْبُوَ فِي أَمْوَالِ النَّاسِ فَلَا يَرْبُو عِندَ اللَّهِ وَمَا آتَيْتُم مِّن زَكَاةٍ تُرِيدُونَ وَجْهَ اللَّهِ فَأُولَٰئِكَ هُمُ الْمُضْعِفُونَ
And whatever you lay out as usury, so that it may increase in the property of men, it shall not increase with Allah; and whatever you give in charity, desiring Allah's pleasure-- it is these (persons) that shall get manifold.
(English - Shakir)
Surah An-Nisa, Verse 161:
وَوَأَخْذِهِمُ الرِّبَا وَقَدْ نُهُوا عَنْهُ وَأَكْلِهِمْ أَمْوَالَ النَّاسِ بِالْبَاطِلِ وَأَعْتَدْنَا لِلْكَافِرِينَ مِنْهُمْ عَذَابًا أَلِيمًا
And their taking usury though indeed they were forbidden it and their devouring the property of people falsely, and We have prepared for the unbelievers from among them a painful chastisement.
(English - Shakir)
Surah Aal-e-Imran, Verse 130:
يَا أَيُّهَا الَّذِينَ آمَنُوا لَا تَأْكُلُوا الرِّبَا أَضْعَافًا مُّضَاعَفَةً وَاتَّقُوا اللَّهَ لَعَلَّكُمْ تُفْلِحُونَ
O you who believe! do not devour usury, making it double and redouble, and be careful of (your duty to) Allah, that you may be successful.
(English - Shakir)
Surah Aal-e-Imran, Verse 132:
وَأَطِيعُوا اللَّهَ وَالرَّسُولَ لَعَلَّكُمْ تُرْحَمُونَ
And obey Allah and the Apostle, that you may be shown mercy.
(English - Shakir)
Surah Aal-e-Imran, Verse 131:
وَاتَّقُوا النَّارَ الَّتِي أُعِدَّتْ لِلْكَافِرِينَ
And guard yourselves against the fire which has been prepared for the unbelievers.
(English - Shakir)
Surah Al-Baqara, Verse 276:
يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ وَاللَّهُ لَا يُحِبُّ كُلَّ كَفَّارٍ أَثِيمٍ
Allah does not bless usury, and He causes charitable deeds to prosper, and Allah does not love any ungrateful sinner.
(English - Shakir)
Surah Al-Baqara, Verse 275:
الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ وَمَنْ عَادَ فَأُولَٰئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ
Those who swallow down usury cannot arise except as one whom Shaitan has prostrated by (his) touch does rise. That is because they say, trading is only like usury; and Allah has allowed trading and forbidden usury. To whomsoever then the admonition has come from his Lord, then he desists, he shall have what has already passed, and his affair is in the hands of Allah; and whoever returns (to it) -- these are the inmates of the fire; they shall abide in it.
(English - Shakir)
Surah Al-Baqara, Verse 278:
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ
O you who believe! Be careful of (your duty to) Allah and relinquish what remains (due) from usury, if you are believers.
(English - Shakir)
Have a question about our Cooperative?
Call us on 08161738688 , 08035745180