Islamic banking co-operative

Islamic banking cooperatives are financial institutions operating under Shariah law, which prohibits interest (riba) and emphasizes profit-sharing, risk-sharing, and ethical finance. Members pool their money to provide banking services such as savings, loans, and investments, ensuring transactions are based on real assets and fair agreements. These cooperatives function collectively, promoting financial inclusion and social responsibility in accordance with Islamic principles. They serve their members’ needs while adhering to religious guidelines, fostering a community-centered approach to banking that aligns with Islamic ethical standards.