Chief Imam of Makun Central Mosque in Sagamu, Ogun State, Dr Tajudeen Asaye, has called on wealthy individuals particularly Muslims, to render assistance to Nigerians in need with non-interest-based loans in order to help them mitigate the economic hardship facing the country.
The cleric made this call in Sagamu during the third Annual General Meeting of the Makun Muslim Community Relief Foundation, a non-profit organisation he founded in 2020.
Asaye explained that non-interest loans will reduce the burden on many, alleviate poverty and prevent suicide thoughts associated with financial difficulties.
Stating that he founded the organisation following the financial hardships and harsh economic conditions faced by people in his community, he noted that interest-based loans is exploitative, harmful, inconsistent with Islamic principles and inimical to people who utilise them.
“Apart from the fact that Islam forbids interest loans, it is not advisable for us to engage in. Those who are in it know that it is exploitative and killing.
“I am pleased that the foundation has significantly improved the economic well-being of our people. I want to encourage Nigerians, especially Muslims, to embrace non-interest cooperative societies,” he said.
Chairman of the foundation, Alabi Sansa, said the foundation, which began as a small group of individuals, has, however, grown to include over 100 individuals.
He said the organisation has so far disbursed loans totalling about N20 million to its members.
Sansa further said that the foundation has introduced another initiative to assist members with necessary funding for their business endeavours by offering loans with favourable terms and reference points.
