•Established interest free cooperative societies
Muslim organisations across Nigeria have been called upon to, as a matter of necessity, consider digital currency in their respective commercial dealings.
They were also told to form interest free cooperative societies among themselves in order for them to enjoy support from other groups and to cater for the teeming Muslims that need such to improve their living standards.
The call was made by Dr Sodique Oyesanya and Dr Mutiu Oyinlola while delivering a lecture at the annual post Ramadan symposium organised by the Bashorun Estate and Environs Muslim Community.
Highlighting the benefits of digital currency, Dr. Mutiu and Dr Sodique Oyesnaya observed that digital currency, also known as cryptocurrency, offers several potential benefits compared to traditional forms of currency such as cash or credit cards.
They noted that has the potential to revolutionize the way we think about money and financial transactions.
“However, it’s important to note that there are also risks associated with digital currency, such as price volatility and security concerns, so it’s important to approach this new technology with caution and do your own research before investing,” they stressed.
On the interest free cooperative society, They stated that it would create a platform for Islamic faithful to benefit from various support groups and provide solutions to Nigeria’s export problems.
Acknowledged that, it is very vital for Muslim salary earners to join a Co-operative Society if there is one in their place of work to enjoy the benefits associated with the organisation.
They noted that it is not necessarily only in organisations one can join, adding it could be in ones community or Mosque inasmuch as it has a legal backing and the people handling it are not scammers.
“There is no doubt that the present unfavourable state of the economy makes savings taxing especially for the common folks and the once that tried it find it hard not to spend the money.”
“But, then every individual needs to save and invest to flee from living life of penury. This can only be made easy with co-operative societies.”
“Regardless of your needs, saving is a must and because the money is not within easy reach, you cannot simply access it to spend.”
“You do not struggle to collect loans in cooperatives societies as long as you are a member and contributor. You have easy access to loan either in the form of cash or goods.”
“But, this is not so easy in a bank even when you meet the conditions as the loan may not really come promptly especially when you are in dire need of it.”
“As a member, your contributions serve as collateral and fellow contributors are accepted as guarantors.”
“One thing that makes Cooperatives unique is that the interest rate and repayment terms are not huge as that of the banks.”
“Besides, this effortless access to loans has assisted several people to get improved welfare,” they said.