New Delhi, 29 March 2010: A meeting of the desirous Sponsors of a
national NGO on Interest-free Microfinance was held in India
International Islamic Cultural Centre at New Delhi on 28th August,
2010. Twenty one eminent scholars, professional and social activists
attended the meet chaired by Mr. Sherif Ahmed Cadri from Kerela. After
detailed discussion and deliberations on issues relating to
socio-economic upliftment of poor mass, it was unanimously resolved to
launch a national NGO to be registered in the name of “SAHULAT
MICROFINANCE SOCIETY” with its headquarter at New Delhi and Branch
Offices in different regions of the country. The Society shall be a
voluntary, non-political, non-profit making social service
organisation established to provide interest-free micro-finance
options for removing socio-economic disparities and to achieve justice
and equity for educationally and financially backward sections of the
public at large. The Bye-laws and Rules & Regulations of the Society
were thoroughly discussed in the meeting and were unanimously adopted.
The Society shall be a facilitating and promoting agency for launching
interest-free microfinance cooperative movement all over the country.
The target for the next five years has been to establish atleast 500
microfinance units at different places all over the country. A five
year Perspective Plan and Budget has been approved. As per the
projected plan, during the next five years, the proposes 500
cooperative units to provide micro-credits to about 7.7 lacs of
micro-enterprisers and poor persons without charging any interest. The
Perspective Plan with financial projection was thoroughly discussed by
financial experts and management professionals in the light of several
years’ experiences of other interest-free microfinance institutions
running in the country. It has been resolved to achieve a 16-point
target relating to registration of the NGO and Cooperatives, survey,
training & research, establishment of microfinance cooperative
branches at ten places and setting up administrative and managerial
units of the NGO during the preparatory year 2010-11. The Action Plan
and the Budget for 2010-11 was also approved.
The idea of launching the national NGO was actually mooted by Prof. K
A Siddique Hassan, Chairman of the Human Welfare Trust as part of the
Vision 2016 of the Trust which has envisioned a multi-pronged
development plan for socio-economically backward families of the
country. The Trust had constituted a Task Force under the guidance of
renowned Islamic Economist Prof. Nejatullah Siddiquee in February,
2009. Convener of the Task Force Mr.Arshad Ajaml presented the
Action-Completion Report of the Task Force. During the last one year,
the Task Force met several times to finalize the blue print of the
proposed NGO and the roadmap for launching interest-free microfinance
institutions, organized orientation and training camps at the national
and State levels, conducted a research study by Mr. Palath on
Interest-free Microfinance Institutions in African, Middle-East and
South Asian countries, considered the status report by Dr. Rahmatullah
on existing interest-free institutions running at 221 places in the
country, finalized the working model of Interest-free Microfinance
Cooperative institution prepared by Mr. Arshad Ajmal. Efforts of the
Task Force were appreciated by assembled Sponsors.
With unanimous voice of the assembled Sponsors forming the General
Body, Prof. Hassan has been elected as President and Mr. Arshad
Ajmal as Vice-President besides 11 members of the Governing Body of
the national NGO. Mr. Amir Ali, Manager of Islamic Bank, Muscat
offered Rs.11 lacs for establishment cost of the NGO and Interest-free
Microfinance Cooperative Branches and also offered his services for
raising fund for sponsoring new Cooperative branches at some more
places. Mr. Kaul from BSICS stressed that the proposed microfinance
cooperative units should develop a ‘transformational relationship’
with poor beneficiaries rather than ‘transactional relationship’. He
viewed that various developmental components of Vision 2016 should
converge with the microfinance activities as inclusive strategy
towards enabling the poor mass to get livelihood opportunities. Mr.
Shashi Bhushan shall prepare a blue print of the functional
description of the NGO Secretariat and the job description of the CEO
required for implementing the Perspective Plan of SAHULAT.
Following sponsors attended the formation meeting of SAHULAT and
formed the General Body of SAHULAT Microfinance Society to be
registered as a national NGO under Societies Registration Act, 1860.
Maximum number of General Body members as fixed under the provisions
of the Byelaws is 40.
1. K.A.SIDDIQUE HASSAN (KERELA)
2. SHERIF AHMED CADIRI P.M. (Kerela)
3. ARSHAD AJMAL (Bihar)
4. K.K. AlLIKUNJ (Kerela)
5. MD. SALAUDDIN KHAN (Bihar)
6. MD.ASLAM PARVEZ (W. Bengal)
7. ABUZAR KAMALUDDIN (Bihar)
8. AMIR AFAQUE AHMAD FAIZI (Bihar)
9. SHAHEED RAMZAN C.P (Kerela)
10. SHASHI BUSHAN (Andhra Pradesh)
11. ANOOP KAUL (Delhi)
12. TAHIR BEG (UP)
13. NASIMA KHAN (Delhi)
14. RAHMATTULLAH (Maharashtra)
15. ABDUR RAHMAN (Assam)
16. MOHMMAD ABBAS ANSARI (Maharashtra)
17. S. RAFI AHMAD (Karnatka)
18. MD. ABDUR RASHEED (Maharashtra)
19. H.ABDUR RAQEEB (Tamil Nadu)
20. AUSAF AHMAD (UP)
21. AMEER AHMAD (Kerela)
