Yorubaland comprises Lagos, Ogun, Oyo, Osun, Ondo, Ekiti and Kwara States. Attempts have been made to point out the areas of disagreement between conventional co-operative societies and Islamic co-operative societies with a view to making Yoruba Muslims live their lives according to the dictates of Islam as contained in the Holy Qur‟ᾱn and the Sunnah so as to gain Allah‟s pleasure not only in this world but also in the hereafter. The paper highlighted some areas where there are rules which Muslims must follow but in the conventional setting, there are no specific patterns of behaviour in those areas particularly in the area of interest. It also discussed the evolution of co-operative societies worldwide and in Yorubaland. Therefore, it reviews poverty to the extent that it hits the Yoruba Muslims. It concluded that many Muslims have been victims of insomnia, hypertension and stroke due to bankruptcy but with the availability of the Islamic Co-operative Societies in every nook and crannies of the Yorubaland, they have been securing loans with ease.