Somtribu receives a loan with a Muslim religious audit
The Somtribu cooperative has received an Islamic loan to refurbish six homes in Navata (Alt Empordà). For the Catalan cooperative movement, religious endorsement is an example of ethics.
The public face of CoopHalal explaining to co-operators that they operate according to Sharia law.
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Somtribu is an integral cooperative based in Navata (Alt Empordà) that promotes a housing model in Licence to use with community, ecological and ethical values. Its main project consists of the Restoration of an old building to turn it into six homes with communal spaces»and oriented towards living in community «without speculative logics».
Ethics with Ua loan under the principles of Islamic law
The €260,000 loan to Somtribu to refurbish the spaces was provided by an Islamic bank operating under the guise of a cooperative. According to both Somtribu and CoopHalal on their respective portals, the operation was carried out under the principles of Islamic law (Sharia), which prohibits the charging of interest and the financing of activities forbidden by Islam (haram).
Instead of a conventional loan, a formula is applied. participation and resale which in practice entails a benefit for the entity granting the credit. This benefit is integrated into the financial circuit. halal to offer more credit to financial activities “ethically acceptable” according to Islamic doctrine. In addition, it contributes to to strengthen and disseminate the economic and cultural values of Islam and it can be used to finance Islamic proselytism.
The fascination of co-operativism with religious values
The Catalan cooperative model is based on the secularism, democratic participation and ideological independence. The entry of a financing validated by a religious committee It introduces a change in the rules of the game. With the entry of Islamic capital into Catalan cooperativism, economic rules are not based solely on ethical or solidarity criteria. Now they also include doctrinal prescriptions Derivatives of Islamic law sold as ethical enter the equation.
Far from being a marginal entity, Cooperative Halal has been fully integrated into the Catalan cooperative fabric. The Islamic financial services cooperative has signed agreements of inter-cooperation with historic entities in the sector, such as Ash Cooperative, specialising in ethical and solidarity insurance.
Their acceptance within the movement was particularly visible during the CoopCat Awards 2024. At that event, the cooperative We are a tribe received one of the industry's awards. Somtribu did To publicly thank CoopHalal for the support received. in the form of credit, and the president of the entity, Najia Lotfi, He went up on stage to share the award and give a speech. The applause he received, despite saying that his operations are based on Sharia.video) symbolised the full acceptance of Islamic finance within the Catalan cooperative movement.
Sharia has made a place for itself within Catalan co-operativism.
CoopHalal participates in meetings, joint funding rounds and promotional events with other ethical finance organisations, presenting itself as another player in the Catalan social economy. With a discourse based on ethics and the impossible promise of providing interest-free credit They have made a name for themselves in the world of the social economy.
In the face of Legal impossibility of establishing an Islamic bank in the Spanish State have adopted the Legal form of a cooperative. Far from being an impediment, it allows them to operate under the umbrella of the co-operative movement and Access to spaces reserved for social organisations. This structure opens the door to them environments linked to solidarity, ethical economy and social innovation, where Its religious discourse is presented as a simple variant of an alternative financial model..
This growing presence also includes institutional support. The Barcelona City Council, through its strategy of’Social and Solidarity Economy, hHe has publicly recognised the incorporation of Islamic finance within the framework of the cooperative economy. of the city. This convergence blurs the line between secular co-operatism and religious funding, and allows doctrinal principles of Islamic law to circulate within the cooperative space under the umbrella of the discourse on “ethical finance.”.
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