e-Cooperative
e-Cooperative
The basis of SMCS is the Shari'ah, epitomized by the rulings and principles enshrined in the Qur'an, Sunnah and Islamic commercial jurisprudence. All established Sharia'h rulings related to financial transactions are binding on all authorities and persons related to the cooperative. Any contract or transaction that violates any Shari'ah rule or principle shall, to the extent of its violation of the Shari'a, be void. SMCS shall operate based on the Islamic principles of Shura (consultation), transparence, accountability, cooperation and socio-economic justice. All members shall have access to full information regarding the affairs of the cooperative through channels prescribed by the SAMAHA Bye-Laws and/or agreed upon at
SAMAHA Multipurpose Cooperative Society (SMCS) was established by the International Institute of Islamic Banking and Finance (IIIBF) in Ramadhan 1437AH (June 2016) as a Shari'ah compliant platform for the economic interests of members and creating opportunities for them to cultivate and sustain the culture of savings and investment. It also aims at enhancing the financial literacy of members through periodic cooperative education programs.
The BYE LAW for the SAMAHA can be downloaded here
The subscription form for the SAMAHA Can be downloaded here