The Role of Islamic Cooperative Societies in Socioeconomic Empowerment: A Case Study of IMAN Cooperative Thrift and Credit Society, Bida, Nigeria

Abstract

Background: Islamic cooperatives provide a Shariah-compliant framework for economic empowerment,particularly in contexts where conventional financial systems may be less accessible or desirable.Methods: This study employs a mixed-methods approach, combining a literature review with an analysis of IslamicMedical Association of Nigeria (IMAN) Cooperative Thrift and Credit Society's (CTCS) activities, using primaryand secondary data sources.Results: IMAN Cooperative's adherence to Riba-free transactions has significantly contributed to members'socioeconomic upliftment, improving living standards through skill training and financial aid.Conclusion: Islamic cooperatives like IMAN CTCS offer a viable pathway to socioeconomic empowerment inNigeria. Further expansion of such models, supported by government partnerships, could enhance their impact.Keywords: Economic development, Islamic cooperative society, Poverty, Ribah, Usury, Nigeria