THE president of Sharia Savings Scheme, an interest-free cooperative, Alhaji Muili Fadipe, has advised Muslims to shun taking loans that attract interest from banks and other financial institutions in order to avoid Allah’s punishment.
Alhaji Fadipe gave the advice on Sunday in Ibadan, Oyo State, in an address at the 20th anniversary celebration and award presentation of the association.
According to him, Sharia Savings Scheme was established to save members of the ummah from the sin of riba (usury) arising from taking loans that attract interests from conventional banks as well as in fulfillment of Allah’s commandments which forbid it.
He lamented that the poor economic situation in the country had tempted many Muslims to risk hellfire by taking loans that attract interest, saying that the scheme was set up to save adherents of Islam from such temptation.
Alhaji Fadipe disclosed that the association had empowered many of its members to expand their businesses since its establishment, just as it had rendered financial support through short-term loans to needy members of the public.
He disclosed that the scheme generated a gross profit of N11,885,956 and a net surplus of N1,689,519 in the current year, while N1,750 was offered as dividend to the minimum investor of N10,000.
Speaking on the occasion, the Chief Imam of Oluyole Estate Extension Central Mosque, Alhaji Mudathir Bada, described Islam as a complete way of life and urged the adherents to always adhere to high moral principles.
He underlined the need for members of the ummah to uphold the virtues of honesty, uprightness and fulfillment of promises made.
He advised them to always repay loans given to them to enable the scheme realise its lofty objective of ensuring the economic wellbeing of members.
Individuals and organizations that were presented with awards at the event for their contributions to the progress of the scheme included Alhaji Ayinde Agidi, Alhaji Sanusi Kazeem, Alhaji Mikhail Oladipo, Alhaja Oduola M. A. and the Bank of Industry.
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