What is the definition of a friendly society?

Answer 1

A friendly society (otherwise known as a mutual society) is a 'not for profit' financial organisation owned by its members. An example of such an organisation is a credit union. Credit unions offer a variety of financial services, loans and savings accounts being the major source of income that keeps the organisation running. Essentially, the members that are saving money into their accounts are providing loans to other members who apply for them. Profits made are used to run the organisation and to go back to savers as dividends.

Answer 2

A friendly society is a non-profit organization that provides mutual aid and support to its members, often through the provision of insurance benefits. These societies were historically formed to help individuals and families in times of sickness, disability, or death. They focus on promoting the well-being and social welfare of their members through collective contributions and mutual support.