Allah says in the holy Qur'an:

و أحل الله البيع وحرّم الربّو ...


"Allah (SWT) has permitted trading and forbidden usury" (Q 2: verse 275)

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About Us


Zero Interest Multi-Purpose Co-operative Society Ltd. is an interest free co-operative society operating the free interest loan financial activities as enjoined by Almighty Allah (SWA) i.e forbid riba (usury) on loan, but a fair mechanism, profit/loss sharing principle on investment in proportion of stake.

Click here to view the list of executive members of the society:

Objectives
The objectives of the society are to promote the economic interests of its members and especially:

  1. to provide credit facilities to its members at zero rates of interest for provident and productive purposes.
  2. to encourage regular savings amongst members so that each member may cultivate the habit of making savings at least once monthly, with a view to building up funds for their individual future use.
  3. to stock consumer and producer goods for distribution to members and non-members; (with priority to members) at fair and reasonable price.
  4. to operate warehouses and cold room facilities for the storage of these consumer and producer goods and let out these facilities to interested parties.
  5. to acquire acres of land for sale or Estate development to meet the housing needs of members or for industrial purposes as a form of investment for the economic benefit of members.
  6. to undertake or invest in Real Estate and Housing developments for the acquisition of its members and other interested parties.
  7. to undertake and invest in new ventures beneficial to its members and the Society as approved by the Management Committee. These include Projects Financing; Feasibility Studies and etc.
  8. to undertake service businesses that will cater for the primary needs of members and other patrons; like petrol station, ware-housing, Consultancy, farming, Agricultural activities, and etc, managed in the overall interest of members and the Society.
  9. to undertake such financial management schemes like Special Withdrawable Deposit and Community Banking Schemes at cooperative and competitive rates for members, and other interested parties.
  10. to encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members, to acquire stock of shares and other rewarding ventures.
  11. to raise capital through share holdings by members in the society to undertake such other activities as are necessary for the attainment of these objectives.
  12. to engage in any other economic or social activity as may be approved by the general meeting of members.
  13. to manage financial portfolios carefully by investing in stocks but guided by the decision of members. In this way, the society shall become part owners of multinationals, banks etc.
  14. to seek loans for industrial/housing development from banks, the Co-operative circle and other financial institutions.
  15. to secure wholesale mortgage, either for on-lending to members or for housing development and let or sell such dwellings on mortgage basis.
  16. to do anything within the law and enter into any transaction which in the  Society’s opinion is necessary to ensure the proper performance of its functions or the attainment of the above listed objectives.
  17. to take measures that would promote among the members, the spirit of thrift, mutual-help and self-help based on cooperative principles.
LIST OF EXECUTIVE MEMBERS OF THE SOCIETY AND THEIR CONTACT
Name Portfolio Contact
Baruwa Abdul Waahid O. President Tel: 08091156419, 08037262499
E-mail: president@zerointerest.com.ng
     
Bello Shakirudeen O. Vice - President Tel: 08098135554, 08022262296
E-mail: vicepresident@zerointerest.com.ng
     
Akerele Kehinde Akinijide Secretary Tel: 08096916400, 08023417518
E-mail: secretary@zerointerest.com.ng
     
Quadri Abdul Rahman A. Treasurer Tel: 08098004018, 08023004018
E-mail: treasurer@zerointerest.com.ng
     
Ambali Taofiki O. Auditor Tel: 08095058159, 08024058518
E-mail: auditor@zerointerest.com.ng

 

LIST OF OUR FRANCHISE OFFICES
Location Contact Person Address
AGBOWA OFFICE 08028487862 OKO COMPLEX 40,LAGOS ROAD OPP,DEDITEX FILLING STATION AGBOWA IKOSI LAGOS.
     
IKORODU OFFICE 08183109365 HAKEEM ATUNRASE STREET, 106 LAGOS ROAD, HARUNA, IKORODU, LAGOS
     
BADAGRY OFFICE

08063094359,08173683251
or +22996296146

SUIT9,B-SHAT SHOPPING COMPLEX JOSEPH DOSU WAY, OPP.NEPA OFFICE ROUNDABOUNT BADAGRY, LAGOS
     
ALIMOSHO OFFICE 08026413730 35, IDIMU ROAD ALIMOSHO OLORUN ADABA BUS STOP.
     
IYANA ISHASHI OFFICE

08063094359,08173683251
or +22996296146

SKIMM PLAZA, KLM,23 BADAGRY EXPRESSWAY, OPP.TOTAL FILLING STATION,PAKO IYANNA ISHASHI LAGOS.
     
KETU OFFICE 08185770241, 09099756725 463,KETU-IKORODU ROAD, BY IKOSI ROAD,JUNCTION, KETU,LAGOS.
     
EPE OFFICE 07065521594 AMOKE SHOPPING COMPLEX BESIDE TOTAL FILLING STATION EPE LAGOS
     
IKOTUN OFFICE 08171945002, 08027885048 or 08177184076 SUITE 15, AMAZING GRACE COMPLEX, 10, IKOTUN - IDIMU ROAD COLLEGE BUS-STOP IKOTUN - LAGOS
     
AGEGE OFFICE 07081614316 or 08183109366 314, OLD IPAJA ROAD ALAGBA - IYANA-IPAJA BUS-STOP AGEGE - LAGOS

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