Those who engage in loans business with interest would be punished both on earth and hereafter by God.
Making this assetion was the guest lecturer at the fifth Year Anniversary of the Oyo East Local Government Hasbunnalah, a non-intrest Cooperative and Credit Society in Kosobo, Oyo.
In a lecture entitled: ‘The practise of non-interest cooperatives societies in Nigeria, the guest lecturer who is the Chief Imam of Al-zunah Mosque, Owode, Oyo and the Amir “the Muslim congress TMC,” Alhaji Lukman that God abhors riba (interest) as the practice encourages exploitation, class distintion, fraud, callousness and poverty, among others.
To ensure eqal distribution of wealth in the society, non-interest loans should be encouraged by all.
Alhaji Lukman also commended the chairman of the society for acquiring 10 acres of land on Osogbo Road.
In his annual report, the Chairman of the Hasbunallah Adebayo Quadri highlighted the management achievements which included increase in membership population from 301 to 325, car loan to seven members, monthly provision of electrical gadgets on credits basis, purchase of photocopy and computer machines and purchased of 102 plots of land for members.
(Nigerian Tribune / 09 Aug 2013)
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