LARIBA COOPERATIVE SOCIETY
We are a network of autonomous association of persons united voluntarily to meet our common economic, social, and cultural needs and aspirations. We are pan Nigerian in our outlook, with our membership cutting across gender, generation, faith and ethnic, the geo-political and geographical divide of the Nigerian Federation. Our backgrounds and beliefs represent the vast range of the unique Nigerian experience. Although, we are diverse in our beliefs and traditional backgrounds, our diversity reflects the reality of the Nigerian landscape, and we share a common goal to deploy the time honoured principles of Islamic economics to develop a common grand vision and agenda for the economic transformation and development of its members and Nigerian communities.
CORE PRINCIPLES OF OUR FINANCIAL INCLUSION MODEL
- For profit and not for profit activities
- Financial returns and compliance
- Financial reward and non-financial reward.
- Financial Prohibitions
- Non-financial prohibitions
- Investment decisions
- Resource allocations
Voluntary Self – Regulatory
- Internal self –regulation
- Ethical Screening
- Adherence to Maqasid al Shari’ah
- Voluntary disclosures
Property Rights Protection
- Ownership, Risk and return
- Recognition of value of time.
- Riba and Gharar
- Adherence to permission and prohibitions
- Innovation for promoting the good and preventing bad.
- Environmental, ethnical and governance concern.
- Compliance with law and regulation
- International best practice standards