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Over the years, the Muslims in Nigeria had no choice than to use the conventional financial instruments for their day-to-day financial and business needs because there were no alternatives. But as the awareness grew within the community on the need to structure their financial transactions in line with their religious beliefs and to jettison riba — interest bearing transactions — the community had to create certain alternatives themselves.

One of such alternative is a co-operative society, which affords individual to make contributions and get loans from the pull of funds without having to pay interest on loans. This approach serves as a smart way to go around riba (interest) among the Muslims, thus creating opportunities to have funds for their business growth in a way that is consistent with their beliefs.