RE-DEFINING THE FEATURES AND CLASSIFICATIONS OF COOPERATIVES USING ISLAMIC COOPERATIVE’S PARAMETER
The Rochdale Principles of Cooperative, an English
oriented theory propounded by Rochdale Pioneers, has
albeit became the adopted principles for the establishment
and operations of Cooperative societies. Rochdale
principles determined the features of Cooperative societies
while the various existing Cooperatives culminated into
different types and classifications. This is notwithstanding
the fact that, Cooperative societies originated from the
cultural and traditional practices of various society. The
cultural and traditional features of Cooperative are deemed
to have been incorporated into the Rochdale Principles.
However, with the re-introduction of Islamic finance,
Islamic Cooperative inclusive, no attempt has so far been
made to justify the existing classifications and features of
Cooperatives as determined by the Rochdale principles,
despite the addition of Islamic Cooperative societies. This
research therefore, through doctrinal examination of
literature, re-visit the features and classifications of
Cooperatives by incorporating the features of Islamic
Cooperatives and identifying the additional classification
of Cooperatives in a different dimension. This is to bring
Islamic Cooperative Societies into the same limelight with
the existing principles of cooperatives.
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