Coophahal, a Barcelona-based co-op offering financial services under Islamic principles, is looking to expand to Madrid and Granada.
Created in 2015 in Barcelona, Coophalal is a platform for investors and entrepreneurs who want to follow the principles of Islamic finance.
“Money should only serve as an intermediary and not be an end in itself. Our finances follow the principles of ‘sharia’: interest loans are forbidden,” said CEO Najia Lotfi.
Coophalal aims to be an alternative for both Muslim and non-Muslim savers and investors who aspire to participate in economic activity “under the principles of solidarity, justice and social responsibility”, says Ms Lotfi.
With a successful repatriation of remains insurance product generating a surplus, the co-op now plans to launch two new financial products, one in the field of health and the other in education.
Coophahal is also planning to expand beyond Catalonia, having detected interest in major cities including Madrid and Granada.
