Support others through interest-free loans — Cleric

THE Chief Imam of Makun Central Mosque in Sagamu, Ogun State, Dr Tajudeen Asaye, has urged Nigerians, particularly Muslims, to support their fellows with non-interest-based loans in order to help them survive the economic crunch facing the country.

Asaye noted that non-interest loans will lessen the burden on many, alleviate poverty and prevent suicide thoughts associated with financial difficulties.

He stated this in Sagamu during the third Annual General Meeting of the Makun Muslim Community Relief Foundation (MMCRF), a non-profit organisation he founded in 2020.

While noting that he founded the organisation following the financial hardships and harsh economic conditions faced by people in his community, he described interest-based loans as exploitative, harmful, inconsistent with Islamic principles and detrimental to people who utilise them.

“Apart from the fact that Islam forbids interest loans, it is not advisable for us to engage in. Those who are in it know that it is exploitative and killing.

“I am pleased that the foundation has significantly improved the economic well-being of our people. I want to encourage Nigerians, especially Muslims, to embrace non-interest cooperative societies,” he said.

Meanwhile, chairman of the foundation, Alabi Sansa, said the foundation, which began as a small group of individuals, has grown to include over 100 individuals.

According to him, the organisation has so far disbursed loans totalling about N20 million to its members.

Sansa added that the foundation has launched another initiative to assist members with necessary funding for their business endeavours by offering loans with favourable terms and reference points.

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