The Africa Islamic Economic Foundation, through the Lariba Cooperative Initiative is engaged in advocacy, development and education to champion and grow the Lariba (interest-free) cooperative Society Model and finance in Africa. Accordingly, it is in the forefront of fostering and developing the international network of Lariba Cooperative Financial System (LCFS).

AFRIEF provides quality education, training to cooperative professionals and technical assistance to Lariba cooperatives and Lariba cooperatively-structured enterprises in all business sectors: food, housing, energy, agriculture, arts, health, forestry, fisheries, retail, service and more through in-person and virtual events. It leverages its network of Lariba cooperatives to support financial markets in growing economies by promoting financial inclusion, strengthening institutions, and providing policy and regulatory support. What is more, it expands financial inclusion by helping Lariba cooperatives to implement digital online and mobile channels, data analytics and cybersecurity.

AFRIEF’s staff and consultants bring experience and insights to all aspects of starting and running a Lariba Cooperative or Lariba cooperatively owned business. AFRIEF also helps to convert existing conventional cooperatives into Lariba cooperatives. Furthermore, it offers free, pro bono assistance, followed by fee-based services:

  • Organizational development
  • Feasibility studies development and assessment
  • Business planning
  • Financial systems
  • Accounting & bookkeeping
  • Strategic planning
  • Market research
  • Marketing plans
  • Performance evaluation
  • Communications
  • Board training
  • Conflict management
  • Inclusion and diversity


Lariba Cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled institution that offers retail financial products in compliance with ethical financing principles of Islam.

The operating system of a Lariba Cooperative is based upon the five key principles of Islamic Finance, namely: 

  • Prohibition of interest (Riba)
  • Prohibition of financing certain economic activities (Maisir)
  • Prohibition of uncertainty or speculation (Gharar)
  • Profit and loss sharing
  • Asset-backing


We can provide low-cost or no-cost services for qualifying projects. We also offer fee-for-service work. We assist individuals and organizations with building Lariba Cooperatives in any part of Africa, from concept development to launch!