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‘Equity, fairness goals of Islamic finance’

THE existence of any Islamic economic system is hinged on serving the people and improving their standard of living in a just and equitable basis.

This was the submission of the executive chairman of Islamic Crescent Cooperative Society Limited, Shefiu Badmos, at the 2019 public awareness seminar and Annual general meeting of the association, in Abuja, recently.

While emphasising the need to embrace Islamic financial institutions, Badmos stated that it was time Muslims, and the general public, appreciated the fact that interest charging, gambling and deceit were factors that retard the growth and development of the economy, and thus they needed to carry out their financial investment activities with platforms whose operations have eliminated such deficiencies.

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He noted that the performance of Islamic economic institutions worldwide had justified their important role in moving any nation forward.

According to him, “the main objective of establishing the Islamic Crescent Cooperative Society Limited is to provide access to an institution that would promote the socio-economic and welfare interests of its members by helping them to deal in financing and investment in shariah compliant ways.”

He stated that the institution’s products such as Musharakah Mutanaaqisah (diminishing partnership), Ijarah bi-tamlik (lease-then-purchase), Musharakah and Mudharabah (temporary partnership), Istisna’ (construction financing) and Qard Hassan (benevolent loan) had assisted its members in the acquisition of home and landed property, asset financing, improvement of the capital base of their businesses, building of personal houses and in meeting up with contingencies.

The 2019 awareness seminar and annual general meeting of the association attracted Islamic finance experts, scholars and the general public. Dividends were also distributed to members, who expressed satisfaction with the performance of the management of the society in the outgone year.

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