NOSPETCO???!

[Dalib]

Assalamu alaikim brothers and sisters,

I believe many people know about NOSPETCO investment scheme where you invest N450,000 and you get 40,000 every month. I really want to take part in this scheme but my fear is not the fear of many people. My fear is that is it permissible in Islam or not. I know that buying shares is permitted in Islam with the condition that you receive an agreed percentage of the profit. In the case of this scheme you just recieve 40K every month. But if thier staff are on strike or there is any loss in the business you lose. You may recieve only 30K. So please what do see about this scheme from the Islamic point of view. For comments about this scheme visit: http://deoluakinyemi.com/2007/01/11/nospetco-how-much-longer/
http://www.dipotepede.com/2006/08/28/nospetco/

[fulanee]

Sallamu alaikum,
                      Dalib NOSPECTO is not paying interest but profit, the CEO of the company is a muslim he said so in an interview. Am also an investor with the company getting to a year now.We even foward our comments to some muallims in University of Medina,they said theres nothing wrong in the bussiness.
  BEWARE SUCH KINDDA BUSSINESS ARE RISKY  DN`T INVEST WAT U CN`T AFFORD TO LOOSE.
   IF U`R A RISK TAKER AS I AM, GO AHEAD AND GOODLUCK.  ;D

[neozizo]

Sallamu alaikum,
                      Dalib NOSPECTO is not paying interest but profit, the CEO of the company is a muslim he said so in an interview. Am also an investor with the company getting to a year now.We even foward our comments to some muallims in University of Medina,they said theres nothing wrong in the bussiness.
  BEWARE SUCH KINDDA BUSSINESS ARE RISKY  DN`T INVEST WAT U CN`T AFFORD TO LOOSE.
   IF U`R A RISK TAKER AS I AM, GO AHEAD AND GOODLUCK. 

A pre-determined fixed profit? ???
The priciple of Islamic partnership allows the sharing of profit or loss at an agreed ratio amongst the partners(a  depature by the NOSPECTO scheme is that no mater what amount of profit/loss they make,u r guaranteed a fixed amount also in the event of strike,conflict,or even folding up of the company,a contributors capital is totaly gone)
Remember that the type of business(oil marketing) is unlike say real estate where variables like cost of doing bussiness and income are constant over a period of time.Here the factors are so volatile that a predetermined profit is out of the question.
Anoher thing is that experts in oil marketing have that the volume of bussiness carried out by NOSPECTO does not justify the returns they give.
A friend of mine was @ their head office in Lagos and he told me their set-up lacks the kind of organisation that would inspire confidence....

On the flipside i know alot of people who have been involved with the scheme for  a while now and dont have any cause for complain or alarm......yet.